Crypto exchanges in the Baltics and Nordics - 30.05.2026

On Saturday, 30 May 2026, the Baltic and Nordic crypto market enters the final five weeks of the MiCA transition period - 32 days remain until 1 July. Regulators' offices are closed over the weekend and the flow of public announcements pauses, but market participants use Saturday and Sunday to take stock of the past week's developments and prepare for the final intensity of June. In Friday's trading session Bitcoin held in the 76,800 to 77,600 US dollar range, while the regional crypto sector's regulatory agenda approaches its decisive deadline.

Weekly snapshot - the numbers heading into the final five weeks

At the end of the week ESMA's interim CASP register still lists 207 authorised operators across the European Economic Area, of which 18 operate in the Baltic or Nordic region with local or passported licences. Three new MiCA CASP licences were issued during the week - one in Germany and two in France - but there were no new decisions in the Baltic and Nordic region. The Latvijas Banka licence granted to Neverless SIA on 25 May and the Norwegian Finanstilsynet licence granted to TÝR Markets AS on 18 May remain the most recent in the region.

In the final five weeks of the transition period, another 20 to 40 new MiCA CASP licences are expected across the EEA, but the count for regional regulators in the Baltics and Nordics is likely to remain limited to five to seven new licences in total. Latvijas Banka and Lietuvos bankas have publicly noted that the review process takes several months and that applications filed after 1 April will not be formally completed before the 1 July deadline.

Norway - TÝR Markets begins passport activity, Firi continues to wait

Norway has had a week with two interlinked storylines. On the one hand, TÝR Markets AS this week began active commercial operations in the Swedish and Danish markets on the basis of the MiCA passport mechanism, following its 18 May Finanstilsynet authorisation. It is the first national Norwegian crypto exchange to operate under the EEA passport regime and, in industry experts' view, it is an important precedent - confirmation that a small regional jurisdiction can provide full access to the entire EEA market without the need to relocate operations to Germany, Malta or Ireland.

On the other hand, Firi - the region's largest crypto exchange with more than 400,000 verified users - is, as of Saturday, still in the Finanstilsynet review phase. Market participants expect the decision either in the first week of June or in mid-June. Firi's management publicly stresses that the exchange's operating structure is already fully aligned with MiCA requirements and that only the formal administrative procedures remain. Even so, the regulator is following its standard review schedule and is not rushing the announcement.

Other Norwegian operators - Bare Bitcoin, K33 and NBX - remain in the application review phase. NBX, which retains its listing on the Oslo exchange, is preparing for an extraordinary general meeting in the first week of June to discuss an additional capital raise in connection with securing a MiCA licence. The Norwegian Finanstilsynet's transition-period extension to 30 June remains in force and national operators continue to operate on the basis of their prior VASP authorisation.

Estonia - the wait for the Zondacrypto decision continues

In Estonia the weekend passes in anticipation of the Estonian Financial Intelligence Unit's decision on BB Trade Estonia OÜ - the Zondacrypto operator - regarding the assessment of its remediation plan following the 30-day cure deadline imposed in early May. As of Saturday the regulator has not publicly announced any decision. Market participants expect the decision in the first week of June, and three principal scenarios remain in play - full reinstatement of the authorisation, partial restriction of activity with an additional review schedule, or full revocation of the authorisation.

In the wider Estonian context the market continues to shrink. In Estonia's Finantsinspektsioon's most recently published data, five active VASP operators are registered, only one of which holds a full MiCA CASP licence. The Estonian crypto sector, which before 2023 was one of the largest in the European Union with more than 300 registered operators, continues to consolidate gradually into a minimal but fully regulated core.

Latvia - Latvijas Banka approaches a fifth CASP licence

In Latvia, Latvijas Banka continues its gradual processing of CASP applications. Following the fourth licence recently granted to Neverless SIA, industry sources indicate that the fifth formal decision could be announced in the first or second week of June. Latvijas Banka is processing five active formal applications and 12 pre-submission consultation files, and statements from the Financial Innovation Division continue to emphasise a careful but consistent approach.

Latvia's approach with a 12-month national transition period to 30 December continues to give the regulator capacity headroom for a careful assessment of each application. This differs from Lithuania's choice of a narrower six-month transition period as well as from the full 18-month grandfathering periods in Estonia and Malta. Latvia has chosen a middle path that is regarded positively in the region - the regulator has received recognition from both domestic and international industry organisations for a professional yet not overly cautious approach.

Lithuania - the 31 December deadline approaches

Lietuvos bankas continues to oversee the largest regional market consolidation process. Of roughly 800 virtual asset service providers registered under the previous national regime, MiCA CASP applications have been filed by only around 30 operators, and three have received a full licence - Robinhood Europe, Nuvei Liquidity and Decentralized (the Coingate brand). Lietuvos bankas's Friday statement again urged investors to check the MiCA status of their service provider ahead of 1 July.

Operators that do not plan to continue under the MiCA regime must initiate procedures to return client funds and wind down commercial operations by Lithuania's chosen national transition deadline - 31 December. That means in the second half of 2026 the Lithuanian market is likely to shrink to a core of five to ten fully regulated operators, and Vilnius's role as a key Baltic crypto-sector hub will change substantially.

Finland and Sweden - the regional leading position

In Finland, Coinmotion and Northcrypto continue to operate on previously granted MiCA CASP licences. Coinmotion this week confirmed execution of its Swedish market expansion plan and a strategic partnership with two Swedish pension fund managers. That broadens access to MiCA-regulated digital asset products within private pension portfolios and gives Finland a unique position in the region - the only jurisdiction where the crypto sector is integrated with traditional pension products.

In Sweden, Safello's application processing continues under Finansinspektionen's oversight. As of Saturday no decision has yet been announced, but market participants expect a decision in the first week of June. At the same time, the listing of Bitwise's SEK-denominated crypto ETPs on Nasdaq Stockholm continues to attract growing investor interest - the company has publicly announced the development of an additional three ETP products focused on staking yields and diversified portfolios.

Denmark - calm preparation

In Denmark, Finanstilsynet continues to use the full 18-month grandfathering period. As of Saturday Denmark has no domestically issued MiCA CASP licences - the market is largely served by operators passporting in from Norway (Firi pending), Finland (Coinmotion) and several other EEA states. The Danish regulator's approach remains consultative and oriented towards industry dialogue, in line with Denmark's traditionally moderate and dialogue-based regulatory culture.

European context - the MiCA review consultation and IG/Bitpanda

In the broader European context, the European Commission's MiCA-regime review consultation opened on 20 May continues. The consultation will remain active until 31 August, and its results will form the basis for the first substantive review of the MiCA regime in 2027. Regional industry organisations - the Nordic Fintech Association and the Baltic Banking Association - are preparing formal submissions setting out positions on deposit guarantees for stablecoin issuers, the practical application of the passport mechanism and the standards of competent authorities' cooperation in cross-border crisis situations.

At the same time, the IG Group and Bitpanda partnership announced on 21 May continues to generate discussion in the region. IG Europe plans to expand crypto trading services across Europe using Bitpanda's MiCA-licensed infrastructure. It is another example of how traditional financial firms are using the MiCA-regulated crypto sector to broaden their product range without building a full crypto competence core in-house.

Market context and summary

In Saturday evening trading Bitcoin was changing hands near 77,200 US dollars, holding the past week's consolidation pattern in the 76,000 to 78,000 US dollar range. Ethereum was trading near 2,020 US dollars. The regional crypto sector's market reaction remains muted - investors continue to focus on global macroeconomic factors, in particular the US Federal Reserve's June meeting on benchmark interest rate policy.

The regional picture over the weekend is stable, with rising intensity in the final weeks of the transition period. The main focus remains on Finanstilsynet's Firi decision, the final Zondacrypto status in Estonia, Latvijas Banka's fifth CASP licence and the outcome of Safello's application in Sweden. In early June these four decisions will shape the structure of the regional crypto sector after the 1 July MiCA deadline.

Investors using Baltic or Nordic crypto exchanges should still, before 1 July, verify the operator's MiCA licence status on ESMA's interim CASP register or in the respective national regulator's register. It is the only firm guarantee that the service provider will be able to continue operating after the end of the transition period and that client funds will be protected under the single EU regime.

Sources

• ESMA - Markets in Crypto-Assets Regulation (MiCA) overview
• LSM - Latvian central bank issues fourth crypto licence (25.05.2026)
• Finanstilsynet - Týr Markets AS får tillatelse som CASP-foretak (18.05.2026)
• Kaupr - MiCA in the Nordics and Baltics: Who Has a Crypto Licence?
• Kaupr - Finnish Coinmotion wants to make regulated crypto mainstream in Sweden
• LRT - Not a 'crypto haven': new regulation drastically shrinks Lithuania's crypto asset sector