GreenMerc withdraws its appeal against the rejection of a Swedish MiCA licence for Trijo's parent Ijort Invest. It will instead use Finnish Northcrypto's licence in Sweden and move customers over from Trijo, who need take no action.
"Nothing will change from the customers' perspective. This is simply a change to the legal and regulatory structure. Customers will not need to migrate or take any action — we will handle everything on our side," Ari Liukko, chief executive of GreenMerc, tells Kaupr.
MiCA, the EU's regulation for crypto-assets, lets a company authorised in one EU/EEA country offer the same services across the rest of the EU/EEA. The mechanism is known as passporting, and allows a group to let one licensed subsidiary cover several markets. GreenMerc is now using that option to serve the Swedish market under the licence held by its Finnish sister company Northcrypto.
The board of GreenMerc AB (publ) has approved that its subsidiary Ijort Invest AB, the parent company of Trijo, withdraws its appeal against the decision by Sweden's financial supervisory authority, Finansinspektionen. Ijort Invest was denied a Swedish MiCA licence on 8 June, and the appeal was filed with the regulator on 29 June.
The decision was published on 16 September as inside information under the EU Market Abuse Regulation (MAR), which requires listed companies to disclose information that may affect their share price.
According to GreenMerc, the decision follows from the board setting the group's long-term regulatory direction. The Swedish business will from now on be run through the Northcrypto structure and within Northcrypto's existing authorisation.
Northcrypto Oy received its first MiCA authorisation from the Finnish Financial Supervisory Authority in November 2025, covering custody and administration of crypto-assets on behalf of clients and transfer services. In May 2026 the authorisation was extended to include execution and transmission of orders.
When GreenMerc appealed the rejection in June, the group was pursuing two tracks at once. With the appeal withdrawn, the Northcrypto track remains.
Already this summer, Trijo notified customers that accounts and deposits are moving to Northcrypto, as Kaupr reported in its story on how GreenMerc moves Swedish Trijo customers to Finnish Northcrypto. In the email, Trijo wrote that login, app, balance and trading history carry over automatically, and that the brand remains.
Asked by Kaupr what the new decision means for customers, Liukko says they will not notice any difference, and that the company handles everything without customers needing to do anything.
GreenMerc writes that the decision creates the conditions to further develop both the business and its cooperation with Marginalen Bank. The announcement does not say what the cooperation consists of, or how it will be expanded.
Sources: GreenMerc, Trijo, Finansinspektionen, Kaupr
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