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Baltic & Nordic crypto exchange news - 25 May 2026

Latvijas Banka issues its fourth MiCA CASP licence to Neverless SIA; ESMA and Finanssivalvonta reiterate the 1 July deadline; Norway formally extends its transition period to 30 June; 37 days until full MiCA implementation

Toms Ābeltiņš

26 May 20266 min read

On Monday 25 May, Latvijas Banka officially announced its fourth MiCA-compliant crypto-asset service provider licence, granted this month to Neverless SIA. Meanwhile Norway cements a six-month transition extension, Lithuania approaches its 31 December deadline, and the whole of Europe counts down 37 days to full MiCA implementation.

On Monday, May 25, 2026, the most defining development for the Baltic and Nordic crypto industry was Latvijas Banka's announcement of the fourth crypto-asset service provider (CASP) licence granted since the MiCA scheme entered into force in 2024. At the same time, the market is preparing for the final 37 days before the EU MiCA transition period closes on July 1, with Norway formally extending its national transition by six months and Lithuania closing in on its stricter December 31 deadline.

Latvijas Banka issues fourth CASP licence - Neverless SIA

The Supervisory Committee of Latvijas Banka officially confirmed on May 25 that on May 20 it had decided to grant a CASP licence to Neverless SIA. This is already the fourth such decision since the scheme launched in 2024 and the eighth fintech licence issued by Latvijas Banka so far this year.

Under the authorisation, Neverless SIA is allowed to offer a broad range of crypto-asset services. These include custody and administration of crypto-assets on behalf of clients, the exchange of crypto-assets for funds, the exchange of crypto-assets for other crypto-assets, portfolio management on crypto-assets, and transfer services for crypto-assets on behalf of clients.

By obtaining authorisation in a single EU member state, a CASP can - under MiCA's passporting mechanism - provide services across the entire European Union. This is an important positioning milestone for Latvia: together with Paybis, Striga and the previously licensed operators, the country now anchors a stable group of four regulated CASPs, giving Latvia a credible position in the sector even as it continues to trail Lithuania and Estonia on overall fintech company numbers.

ESMA final guidelines - fewer than 40 days until the transition ends

In its April 2026 statement on the end of the MiCA transition periods, the European Securities and Markets Authority (ESMA) reminded the market that by July 1, 2026, all unlicensed crypto-asset service providers must have credible and immediately executable wind-down plans in place and actually implemented. That means offboarding clients and transferring assets to authorised providers or self-custody wallets.

In a separate release this month, the Finnish Financial Supervisory Authority (Finanssivalvonta) confirmed that the final ESMA guidelines on the knowledge and competence assessment of CASP staff will become applicable from July 28, 2026. In practice, this means that even exchanges that obtain full MiCA authorisation by July 1 will, only weeks later, face stricter requirements for the qualifications of client-facing staff and compliance officers.

Norway officially extends transition period to June 30

Norway's Financial Supervisory Authority (Finanstilsynet) has formally extended the national MiCA transition period by six months, pushing it from December 30 to June 30. The extension allows existing virtual asset service providers (VASPs) to continue operating on the basis of their national exchange service registration while Finanstilsynet processes their MiCA licence applications.

All major Norwegian operators - Bare Bitcoin, Firi, K33, NBX and Tyr Markets - have already submitted their MiCA applications. Firi, the largest Nordic crypto exchange with more than 400,000 verified users and roughly €1 billion in annual trading volume, has filed a parallel MiCA application with the Danish Financial Supervisory Authority (Finanstilsynet DK). Its primary licence is still expected to be Norwegian.

Lithuania ramps up pressure on unlicensed operators

The Bank of Lithuania (Lietuvos bankas) continues to actively warn every remaining unregistered crypto-asset service provider operating in the country. According to the regulator's own estimates, only around 30 out of more than 370 registered crypto firms have actually applied for a licence. After December 31, unlicensed platforms operating in Lithuania will be deemed illegal - the regulator can impose fines, force shutdowns and block websites, while in serious cases company executives may face up to four years in prison.

Lietuvos bankas' communication emphasises that firms winding down need timely communication with clients. They must inform users of the wind-down schedule and provide clear instructions on how to move funds and crypto-assets to licensed service providers or self-custody wallets.

Estonia context - the last cycle under the old framework

The Estonian Financial Supervisory Authority (Finantsinspektsioon) and the Financial Intelligence Unit (Rahapesu Andmebüroo) continue to supervise legacy virtual asset service providers under Estonia's national crypto law until July 1, 2026. After that date, every operator must hold a MiCA authorisation in order to keep serving EU clients.

Unlike Latvia, where a fourth MiCA licence decision has just been issued, Estonia is moving in the opposite direction: the regulator has actively withdrawn or suspended hundreds of previously registered licences and, just last week, partially suspended the operating licence of Zondacrypto (BB Trade Estonia OÜ).

Summary for market participants

In the final weeks before the transition period ends, two opposing dynamics are simultaneously reshaping the Baltic and Nordic industry.

Latvia is showing a steady, if cautious, pace of new CASP licences, allowing the country to position itself as a credible MiCA jurisdiction for smaller and specialised operators. Meanwhile, Lithuania's looming December 31 deadline and Estonia's last-minute clean-up indicate that by mid-summer, the regional regulatory landscape will be sharply consolidated - only fully MiCA-compliant operators will remain.

Market participants should verify that the crypto exchange they use is not merely registered as a legal entity, but has actually received its MiCA licence. Publicly available registers on the websites of Latvijas Banka, ESMA and the national financial supervisory authorities are the most reliable source for this check.

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