Without critical newspaper headlines and without debate, Parliament has passed legislation on crypto assets. Norwegian and foreign players can now apply for licenses and compete in a common European market with 450 million inhabitants.
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The law was announced in Norsk Lovtidend on Tuesday after the Storting passed it in two rounds, on 15 and 20 May. The announcement marks the formal time at which the law is made public and available to all, and is the final step before entry into force.
Among the Norwegian crypto players, a lot of emphasis has also been placed on the fact that a Norwegian legal regulation will help to make cryptocurrency trading stowereint, something that recent surveys show that as many as 550,000 Norwegians do.
The Storting's decision means that the EU's MICA Regulation (Markets in Crypto-Assets) will now become part of Norwegian legislation. The Act provides a comprehensive and far stricter regulatory framework for crypto asset issuers and crypto service providers, with licensing requirements, oversight and comprehensive rules for consumer protection and combating financial crime.
Today, there are 13 Norwegian companies with a VASP (Virtual Asset Service Provider) license. This license has so far been subject to relatively simple requirements, mainly related to money laundering regulations and registration with the Financial Supervisory Authority. With the new law, the requirements are significantly tightened: market participants must now seek a concession, meet capital requirements, have better governance and control, and comply with comprehensive consumer protection rules. The Financial Supervisory Authority will have clearer and more extensive supervisory responsibilities.
The bill was considered in the Finance Committee, which gave an overall and positive attitude. No hearing bodies had objections to the main lines and the issue has gone through Parliament without public debate or critical media coverage. This reflects broad political consensus on the need for regulation and harmonisation with the EU.
The new law gives Norwegian players the opportunity to compete on equal terms with European companies in a large market. Consumers receive increased protection, and the market becomes more predictable and transparent. International crypto companies can establish themselves in Norway, provided they meet the new requirements.
For crypto service providers that were already in business in accordance with the applicable law before December 30, 2024, a transition period applies until December 30, 2025. This means that existing players have until the end of the year to adapt and seek a concession under the new rules. After this date, all players must have a concession under the Crypto Assets Act in order to continue their business! 5.
With this, Norway has gained a modern and common European framework for cryptocurrency - without political drama, but with major consequences for both industry and consumers
Without critical newspaper headlines and without debate, Parliament has passed legislation on crypto assets. Norwegian and foreign players can now apply for licenses and compete in a common European market with 450 million inhabitants.
The law was announced in Norsk Lovtidend on Tuesday after the Storting passed it in two rounds, on 15 and 20 May. The announcement marks the formal time at which the law is made public and available to all, and is the final step before entry into force.
Among the Norwegian crypto players, a lot of emphasis has also been placed on the fact that a Norwegian legal regulation will help to make cryptocurrency trading stowereint, something that recent surveys show that as many as 550,000 Norwegians do.
The Storting's decision means that the EU's MICA Regulation (Markets in Crypto-Assets) will now become part of Norwegian legislation. The Act provides a comprehensive and far stricter regulatory framework for crypto asset issuers and crypto service providers, with licensing requirements, oversight and comprehensive rules for consumer protection and combating financial crime.
Today, there are 13 Norwegian companies with a VASP (Virtual Asset Service Provider) license. This license has so far been subject to relatively simple requirements, mainly related to money laundering regulations and registration with the Financial Supervisory Authority. With the new law, the requirements are significantly tightened: market participants must now seek a concession, meet capital requirements, have better governance and control, and comply with comprehensive consumer protection rules. The Financial Supervisory Authority will have clearer and more extensive supervisory responsibilities.
The bill was considered in the Finance Committee, which gave an overall and positive attitude. No hearing bodies had objections to the main lines and the issue has gone through Parliament without public debate or critical media coverage. This reflects broad political consensus on the need for regulation and harmonisation with the EU.
The new law gives Norwegian players the opportunity to compete on equal terms with European companies in a large market. Consumers receive increased protection, and the market becomes more predictable and transparent. International crypto companies can establish themselves in Norway, provided they meet the new requirements.
For crypto service providers that were already in business in accordance with the applicable law before December 30, 2024, a transition period applies until December 30, 2025. This means that existing players have until the end of the year to adapt and seek a concession under the new rules. After this date, all players must have a concession under the Crypto Assets Act in order to continue their business! 5.
With this, Norway has gained a modern and common European framework for cryptocurrency - without political drama, but with major consequences for both industry and consumers
