The transition period for the introduction of MiCA in Norway is likely to be extended by six months to June 30, 2026, and Norwegian crypto exchanges will have to be patient before they can seriously take advantage of the opportunities that MiCA entails.
All the main Norwegian crypto exchanges have applied to the Financial Supervisory Authority for a VASP license, namely Bare Bitcoin, Firi, K33, NBX and Tyr Markets. JuJu, which has not yet submitted its application, tells Kaupr that it will take advantage of the extended transition period and submit an application within an extended deadline.
The Norwegian Financial Supervisory Authority has recommended an extension of the transition period, the deadline for which the consultation expires today (9 December).
This is the FSA's answer to Kaupr's question about the rationale for the postponement proposal: “The proposal has been put forward in order to ensure the proper implementation of the application process. The reason for this is that the scope and complexity of the application process for a permit under MiCA Article 63 has proved to be significantly greater than employed, and the FSA has assessed that several applications will not be able to be completed by 30 December 2025.”
The proposal implies that until the FSA has processed the companies' MICA application, crypto exchanges can operate further based on their national approval as an exchange service. In its response to Kaupr, the FSA also writes: “An extension of the transition period will be necessary to prevent unnecessary interruptions of operations by existing players.”
The Norwegian Financial Supervisory Authority is thus on a different line from the Finnish Financial Supervisory Authority, which, when the Finnish transition period expired on 30 June this year, had only had time to process one application.
The Financial Supervisory Authority further writes that ongoing application processes continue as normal.
As we write at the beginning, all the larger and medium-sized Norwegian crypto exchanges have ambitions to apply for a MICA license. However, several smaller players, such as Balder Solutions, Bitgate Services, Bitcoin and Bitcoins Norge gleam with their absence in the Financial Supervisory Authority's inbox. Kaupr has also failed to clarify whether any of these are still working on an application, as JuJu, among others, does.
In addition to the Norwegian crypto exchanges, the Norwegian crypto market is likely to undergo major changes when other Nordic and global players also make use of a MICA license approved in another EU/EEA country. Such a MICA license can, through a more simplified passporting, provide a basis for competing in a market with 450 million inhabitants, including Norway.
