Cross-border assignments and foreign clients made Nordic Law decide to accept Bitcoin, announced the firm in a recent statement. The Helsinki-based firm announced that:
"We have also for a long time assisted various domestic entities active within the virtual currency markets, whereby we have especially assisted in legal questions pertaining to tax issues. In that regard, we have had an opportunity to get acquainted with virtual currencies and the current legal environment regarding virtual currency, which unfortunately is quite inadequate."
Finland is one of the countries with a friendly attitude toward Bitcoin. The central bank, Bank of Finland, sponsored a recent research paper that praises Bitcoin, mostly as a system protected from potential bad actors.
" Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional," stated the paper's authors.
Northern European countries are rather liberal toward cryptocurrencies. In Sweden, a small amount of Bitcoin was auctioned off by a local debt collector firm to cover liabilities.
And the neighboring countries, Lithuania, Latvia and Estonia, have also been established as a local hub for fintech and cryptocurrency projects.
Finland has a total of 801 offerings on LocalBitcoins.com, just one tenth of the offers in France, but still a robust number. Most of the offers are located in the capital, Helsinki. The city also has a concentration of full nodes running the Bitcoin blockchain, an indicator of interest in cryptocurrencies.
To add to the picture of a Northern Europe open to the idea of cryptocurrencies, recently NASDAQ Nordic opened the trade for exchange-traded notes (ETN) tracking the price of Ethereum.