Under MiCAR, which took full effect on December 30, 2024, issuance and service provision around EMTs and ARTs require authorization. Finland transitioned its existing national Virtual Currency Provider rules into the new EU-aligned Crypto-Asset Market framework, with a transition deadline of June 30, 2025. After this date, only entities authorized as Crypto-Asset Service Providers (CASPs) by the FIN-FSA can operate. DeFi and DAOs remain outside MiCAR's scope and continue in a regulatory grey zone.
