The MiCA process became one where capital and compliance decided who got licensed. Kaupr has counted 38 companies across the Nordics and Baltics that have received MiCA approval, 35 of them pure CASPs — while others were rejected or shut down.
The MiCA process became one where access to capital and "having your house in order" decided which companies got licensed and which didn't. But the process also reveals that the different countries in the Nordics and Baltics have had very different processes, levels of crypto expertise, and views on the sector in relation to innovation. The picture across the Nordics and Baltics has therefore been mixed.
We compiled our first overview on June 25. Below follows a complete picture as of July 2, after the deadline passed, including new MiCA approvals, companies that were rejected, or that shut down.
Norway got started later than its neighbours because MiCA had to be adopted as EEA regulation, but caught up in May and June when all the leading crypto exchanges got licensed. Finland was at the other end of the scale and managed to process all applications by the end of 2025. Sweden was the strictest: Safello remains the only company in Sweden to have received a MiCA licence by the time the deadline passed. Denmark has seen a steadier stream of approvals, but stands out in that most Danish MiCA companies aren't pure crypto exchanges. Iceland received its first approval on June 25.
In the Baltics, the divide was even sharper. Estonia went from zero licences to its first only on July 1 — a delay that led the established exchange Kriptomat to shut down along the way. Latvia was at the opposite end, and has been by far the most active country in the entire region, with nine approved companies. Lithuania spans a wide range, from international players like Nuvei to local issuers of e-money tokens.
Because Norway had to adopt MiCA as an EEA member, the application process started later in Norway than in other Nordic countries. But over May and June, all the leading crypto exchanges received MiCA licences.
MiCA status: Approved, May 2026.
TÝR Markets received a MiCA licence (CASP, Article 63) from the Financial Supervisory Authority of Norway in May — the first of the Norwegian crypto brokers. TÝR Markets is a newcomer to the Norwegian market.
Read more: TÝR Markets blir første norske kryptomegler med MiCA-godkjenning
MiCA status: Approved, May 2026
The Nordic region's largest crypto exchange, with over 400,000 users, received a MiCA licence from Norway's Financial Supervisory Authority in May and is now planning its entry into the Swedish market.
Read more: Firi på vei inn i Sverige med mål om å bli nummer én
MiCA status: Approved, June 2026
The Oslo-based crypto broker received a MiCA licence from the Financial Supervisory Authority in June, and is targeting institutional clients across the Nordics.
Read more: K33 targets big Nordic clients, not bound by borders
MiCA status: Approved, June 2026
The publicly listed platform received a MiCA licence from the Financial Supervisory Authority just before the deadline on June 30. The same day, NBX also took over the customer base of competitor JuJu.
Read more: NBX gets MiCA licence, can offer services across EEA
MiCA status: Approved, June 2026
Received MiCA approval from the Financial Supervisory Authority in late June, and is the smallest Norwegian company to secure a full CASP licence.
Read more: Bare Bitcoin får MiCA-lisens: «Et kvalitetsstempel for et lite selskap»
MiCA status: Approved via Article 60 notification (existing investment firm)
AK Jensen is an established Norwegian asset management company.
Read more: AK Jensen først ute med MiCA-tillatelse i Norge
MiCA status: Approved issuer of asset-referenced tokens (ART) under MiCA Title III (Article 16)
The Mint is behind the Greenland Reserve Coin, a commodity-backed stablecoin.
Read more: The Mint AS lanserer Europas første MiCA-registrerte eiendelsrefererte token
MiCA status: Out of the market
JuJu disappears as an independent player in the Norwegian crypto market, after NBX took over the company's customer base of 4,000 customers.
Read more: Norwegian Block Exchange completes acquisition of JuJu AS customer base
MiCA status: Out of the market
Norway's first bitcoin exchange service closed permanently on June 16. Founder Sturle Sunde chose not to apply for a MiCA licence. Customers are offered a transition to Bare Bitcoin.
Read more: Bitmynt, Norges første bitcoin-vekslingstjeneste legger ned før MiCA
Sweden was early to grant Safello a MiCA licence, but by the end of the transition period on June 30, 2026, Safello was still the only crypto company in Sweden to have received one.
MiCA status: Approved, October 2025
Safello was, in October, the first Swedish crypto company with a CASP licence, and as of June 30, 2026, also the only one.
Read more: Safello vil bli institusjonenes førstevalg for krypto i det svenske finansmarkedet
MiCA status: Transferring customers to sister company Northcrypto
After parent company Ijort Invest was rejected for a MiCA licence in Sweden (see below), the GreenMerc group is moving Trijo's Swedish customers to Finnish sister company Northcrypto from June 30.
Read more: GreenMerc moves Swedish Trijo customers to Finnish Northcrypto
MiCA status: Rejected, July 2026
Finansinspektionen rejected the application on July 2. Goobit is now considering the path forward for BTCX, including a possible appeal.
Read more: Finansinspektionen rejects Goobit AB's MiCA application, Goobit / BTCX venter fortsatt på MiCA-lisens i Sverige
MiCA status: Rejected for the second time
QB Europe was rejected for a MiCA licence by Finansinspektionen as far back as July 2025. According to Finansinspektionen, the company has now been rejected again, and has appealed the decision.
MiCA status: Rejected and appealed, June 2026
Finansinspektionen has rejected the application from Ijort Invest, the parent company of crypto exchange Trijo. The company will appeal the rejection.
Read more: GreenMerc press release, June 24, 2026
In Denmark, MiCA announcements have been spread over a longer period. Denmark stands out in that most of the companies that received MiCA aren't pure crypto exchanges.
MiCA status: Approved, June 2026
Received a CASP licence from the Danish Financial Supervisory Authority in June, while also raising one million euros in fresh capital.
Read more: Januar sikrer MiCA-lisens og henter én million euro
MiCA status: Approved, June 2026
The Danish crypto payments provider, which has operated under national regulation for 15 years, was approved as a Crypto-Asset Service Provider in June.
Read more: Coinify on LinkedIn
MiCA status: Approved, December 2025
GCEX, a London-based digital prime broker, received a full MiCA licence from the Danish Financial Supervisory Authority in December 2025.
Read more: GCEX Secures MiCA Licence in Denmark as EU Crypto Regulation Takes Shape
MiCA status: Approved, January 2026
Penning combines regulated crypto trading with portfolio management approved by the Danish Financial Supervisory Authority.
Read more: Danske Penning får MiCA-lisens for handel og forvaltning av krypto
MiCA status: Approved, April 2026
Northstake provides staking services to institutional clients.
Read more: Northstake får MiCA-lisens: Dansk kryptoleverandør godkjent for regulert staking i EU
MiCA status: Approved, October 2025
Lunar is the first and so far only Nordic bank to have received a MiCA licence to offer crypto services.
Read more: Lunar becomes first Nordic bank with a MiCA licence
Finland had both the earliest and shortest transition period in the Nordics, and managed to process all applications by the end of 2025.
MiCA status: Approved, October 2025. Expanded, May 2026
Holds a licence for custody, order execution and order transmission. Now also taking on customers from its Swedish sister company Trijo.
Read more: GreenMerc's subsidiary is granted authorisation under MiCA
MiCA status: Approved, June 2025
The first Finnish crypto company to receive a MiCA licence. Has since passported the licence to Sweden.
Read more: Finske Coinmotion vil gjøre regulert krypto mainstream i Sverige
MiCA status: Approved, September 2025
A Finnish digital asset specialist that, among other things, offers DeFi portfolio services.
Read more: Tesseract Investment press release
MiCA status: Approved, December 2025
Received a MiCA licence in December, and already held a MiFID licence. Offers both crypto and equities.
Read more: Kvarn Capital Oy innvilget CASP-lisens av det finske finanstilsynet
MiCA status: Approved, December 2025
The company runs ATM solutions that make it possible to buy and sell bitcoin and other cryptocurrencies.
Iceland received its first MiCA approval on June 25, according to a secondary source.
MiCA status: Approved, June 2026 (secondary source)
Received a MiCA CASP licence from Iceland's central bank. The first pure CASP approval in the country.
Read more: TheBigWhale – Myntkaup MiCA License
MiCA status: Licensed e-money institution (EMI), issuer of the e-money token EURe
Estonia went from not having a single MiCA licence to getting its first on July 1. At the same time, the established exchange Kriptomat shut down along the way while waiting for MiCA.
MiCA status: Approved, July 2026
The first company in Estonia with a standalone MiCA licence. Received CASP authorisation from Estonia's Finantsinspektsioon, along with an e-money institution licence (EMI).
Read more: Globe Newswire / FinTelegram, July 1, 2026
MiCA status: Approved
Able to offer crypto services via Article 60, through its existing licence as an investment firm — not a standalone CASP licence.
Read more: FinTelegram
MiCA status: Approved
Able to offer crypto services via Article 60, through its existing banking licence.
Read more: FinTelegram
MiCA status: Wound down operations, June 2026
The Estonian crypto exchange announced on May 19 that it was shutting down, because no MiCA licences had yet been granted in Estonia. Customers are being moved to Kraken. Founder Dejan Davidović later said that the company withdrew its application after a drawn-out process in which board members were repeatedly rejected by the regulator.
Read more: Kriptomat founder spent three years on compliance, met unpredictable regulator, Kriptomat is closing. Our customers are moving to Kraken
Latvijas Banka has been by far the most active regulator in the region, having granted MiCA licences to nine companies by June 30.
MiCA status: Approved, December 2025
The first company in Latvia with a MiCA licence.
Read more: BlockBen makes history as the first MiCA-licensed company in Latvia
MiCA status: Approved, December 2025
Also received a payment institution licence in May 2026.
Read more: Latvijas Banka
MiCA status: Approved, May 2026
CASP and payment institution licence at the same time.
Read more: Latvijas Banka
MiCA status: Approved, May 2026
Neverless offers custody and exchange of crypto assets.
Read more: Latvijas Banka
MiCA status: Approved, May 2026
The fifth company in Latvia with a MiCA licence. CASP and payment institution licence at the same time.
Read more: Latvijas Banka
MiCA status: Approved, June 2026
Via an existing licence as an investment firm.
Read more: Latvijas Banka
MiCA status: Approved, June 2026
AlphaRoute offers a full range of crypto services, including a trading platform.
Read more: Latvijas Banka
MiCA status: Approved, June 2026
Bleap offers exchange of crypto for cash and crypto for crypto.
Read more: Latvijas Banka
MiCA status: Approved, June 2026
Read more: Latvijas Banka
In Lithuania, approvals have come steadily throughout the period, spanning from international players like Nuvei to local issuers of e-money tokens.
MiCA status: Approved, December 2025
A subsidiary of the Canadian fintech group Nuvei, holding a MiCAR CASP licence and payment institution licence from the Bank of Lithuania, enabling passporting for regulated crypto and e-money token services across the EU.
Read more: Nuvei Liquidity granted MiCAR and payment institution licences in Lithuania
MiCA status: MiCAR-licensed issuer of e-money tokens (EMT), licence number 93
A Lithuanian e-money institution authorised by the Bank of Lithuania, issuer of the euro stablecoin BLUEUR. Acquired by Checkout.com (date unconfirmed).
Read more: Blue EMI – E-money tokens
MiCA status: Lithuanian e-money institution (EMI), not a CASP
Regulated by the Bank of Lithuania, also holding a Czech VASP licence. Issuer of the euro stablecoin EURW.
Read more: Newrails launches MiCA-compliant euro stablecoin on Monad
MiCA status: Approved, May 2025
Robinhood Europe, a subsidiary of Nasdaq-listed Robinhood Markets, was the first company in Lithuania with a MiCA CASP licence.
MiCA status: Approved, December 2025
CoinGate is a MiCA-licensed crypto payments provider with strict AML/KYC requirements.
Read more: MiCA License Granted
MiCA status: Approved, February 2026
Micar Assets, majority-owned by Myriad Capital, received a CASP licence from the Bank of Lithuania in February 2026.
Read more: Big News: UAB "Micar assets" Officially Licensed Under MiCA!, Bank of Lithuania: kriptoturto paslaugų teikėjo licencija UAB Micar Assets
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