We have equivalently signs here in finland, though often you'll see bike paths marked by simple painted bikes on the ground. In recent years I've started seeing it designated by a red colored pavement. These are nice, but really curbs seem to be the only thing that reliably separates bikes and pedestrians.
We also have "pedestrian zones/roads" marked by these signs.
The sign is deceptive, as they actually mean that bikes are explicitly allowed. The signs designate squares and wide areas where cars are NOT allowed.