MiCA transitional period comes to an end

As from 1 July 2026, crypto-asset service providers ("CASPs") operating in the EU generally need to hold an authorisation under the Markets in Crypto-Assets Regulation ("MiCA"). Firms that have not obtained the required authorisation by the end of the transitional period must, in principle, cease providing crypto-asset services.

The Norwegian Financial Supervisory Authority has relayed ESMAs message on this point, and Norwegian entities not having a license by 1 July must wind down operations. So far only three Norwegian entities have been licensed, in order TÝR Markets, Firi, and K33 Markets. 

The Danish Financial Supervisory Authority has not issued any statements following ESMAs message or in connection with the expiry of the transition period, however, similar to Norway, entities not having received a license by 1 July must also wind down operations. In the Danish market, there seems to have been a broader uptake in MiCA activity, with – to our knowledge – four CASPs have so far been granted authorisation under MiCA, namely GC Exchange A/S, Penning ApS, Northstake A/S, Lunar Bank, with several other Danish entities having had their applications for authorization rejected.

In Sweden, the position is somewhat more nuanced.

Under the Swedish MiCA implementation act (Sw. Lag (2024:1159) med kompletterande bestämmelser till EU förordning om marknader för kryptotillgångar), a firm that was carrying on crypto-asset services prior to 30 December 2024 could continue to operate until 30 September 2025. If having applied for authorisation before 1 October 2025, it may continue to provide crypto-asset services until its application has been finally determined, by the Swedish Financial Supervisory Authority (the "SFSA"), including any appeals process.

Swedish firms that have submitted a timely MiCA application are not necessarily required to cease operations on 1 July 2026 merely because the SFSA has not yet issued its final decision. This will only be applicable with respect to operations in Sweden, and servicing customers in other EU member states would as a rule require a license.

The Swedish market remains in a relatively early stage of MiCA implementation. To date, the SFSA has received seven CASP applications. Only one Swedish crypto-asset service provider has so far been granted authorisation under MiCA, namely Safello, which received its authorisation in October 2025.

The SFSA has also demonstrated that authorisation is far from automatic. In 2025, the authority rejected the application submitted by QB Europe AB, a decision that has subsequently been appealed. The case provides an early indication of the level of scrutiny that applicants can expect under the new MiCA regime.

The EU-wide MiCA transition period formally ends on 1 July 2026.  Swedish firms that submitted their applications within the statutory deadline may continue operating pending a final determination of their application. Nevertheless, the approaching deadline marks an important milestone in the transition from Sweden's previous AML-registration regime to a fully authorised and supervised MiCA framework.