News

Crypto Jul 27: Kraken eyes bank licence in Lithuania

On Monday, July 27, Bitcoin held above 65,000 dollars and Ethereum around 1,944 dollars as the market cautiously awaited the Fed meeting. No new regulatory approvals in the Baltic and Nordic exchange landscape, but Kraken is pursuing a banking licence in Lithuania and Norway’s Firi is entering the Swedish market.

Toms Ābeltiņš

28 July 20266 min read

Monday, July 27: Bitcoin opened around 1.6 percent higher at roughly 65,300 dollars and held above 65,000, while Ethereum began trading at about 1,953 dollars, roughly 4.3 percent above Sunday. The market was calm but cautious as participants awaited the U.S. Fed meeting on July 28 and 29. There were no new regulatory approvals in the Baltic and Nordic exchange landscape on Monday, but two stories continue to unfold: Kraken is pursuing a full EU banking licence in Lithuania, building on its MiCA CASP and e-money institution authorisations, while Norway’s exchange Firi is entering Sweden as its third Nordic market. The ESMA MiCA register held around 309 licensed CASPs as of July 24.

Monday, 27 July 2026, was a calm and cautious day for the crypto market. Bitcoin opened around 1.6 percent higher at roughly 65,300 dollars and held above the psychologically important 65,000 dollar level, while Ethereum began trading at about 1,953 dollars, roughly 4.3 percent above Sunday. There were no new regulatory approvals in the Baltic and Northern European exchange landscape on Monday, but two important stories continue to unfold in the region: Kraken's push toward a banking licence in Lithuania and the Norwegian exchange Firi's entry into the Swedish market.

Market: a quiet day ahead of the Fed meeting

On Monday, market participants were carefully awaiting the U.S. Federal Reserve meeting scheduled for 28 and 29 July. Bitcoin's price fluctuated between roughly 65,000 and 65,300 dollars during the day and stood at around 64,850 dollars in the evening, roughly 0.3 percent above the previous day. Ethereum held a stable position at around 1,944 dollars, supported by interest from corporate buyers.

Two factors improved sentiment. First, a pause in strikes between the U.S. and Iran in the Strait of Hormuz region allowed the price of Brent crude to fall more than seven percent to around 87 dollars a barrel, easing inflation concerns. Second, U.S. spot Bitcoin exchange-traded funds saw positive inflows in July, the first since April, signalling a cautious return of institutional investors. At the same time, a sharp correction on 23 and 24 July that erased much of the month's gains was still fresh in the market's memory, so participants remained cautious. Analysts noted that the Fed's decision on a possible interest rate increase, the first in three years, could set the market's direction in the coming weeks.

Kraken pursues a banking licence in Lithuania

The region's most significant development in recent days is tied to Lithuania. The international exchange Kraken is advancing its European expansion by pursuing a full EU banking licence in Lithuania specifically. It is taking this step on the basis of its already obtained MiCA CASP authorisation and a newly acquired electronic money institution licence, which the exchange's parent company Payward Europe received in Lithuania in early July. If the process succeeds, Kraken could become one of the first large crypto exchanges to operate with a full banking licence in the EU.

Lithuania has long been the region's strongest fintech base, and the Bank of Lithuania already supervises licensed service providers such as Robinhood Europe and the payment gateway CoinGate. Industry experts predict that the largest consolidation wave in Lithuania will take place in the second half of 2026, when around five to ten strong operators formally operating under the MiCA framework will remain in the market. For users in the region, this means the choice will become clearer but also narrower, as preference will go to large, well-capitalised players.

Firi expands into Sweden

In the Nordics, the expansion of the Norwegian exchange Firi continues. With more than 400,000 users, Firi is the largest crypto exchange in the Nordics and the first trading platform operator to receive authorisation under Article 63 of the MiCA framework from Norway's supervisory authority Finanstilsynet. With this authorisation, Firi is entering Sweden as its third Nordic market after Norway and Denmark.

Using the MiCA passporting mechanism, a licence issued by one national regulator allows operation across the entire European Economic Area, that is, the 27 EU member states plus Norway, Iceland and Liechtenstein. Firi's case is a good illustration of how local Nordic exchanges are using the new regulation to expand across borders and compete with global players such as Coinbase, Kraken and Bybit, which operate in the EU market under authorisations from various national regulators.

MiCA register: around 309 licensed CASPs

Following the end of the transition period on 1 July, the MiCA register continues to fill up gradually. As of 24 July, the ESMA register contained about 309 licensed crypto-asset service providers, a small increase from around 308 firms on 16 July. Germany retains the leading position geographically with the largest number of licensed CASPs, followed by other large EU economies.

Across the Baltic and Nordic region, roughly twenty CASP licences have been issued in total, a relatively small share of the overall number. Latvia retains the region's licensing leadership, reaching ten issued CASP authorisations in July, including for Bleap, Hodleris and Nodu Digital. Regional users should remember that only a small share of all licensed companies are allowed to operate full trading platforms, as exchanges face the strictest approval process. That is why, before depositing funds, it is always worth confirming that the chosen platform actually appears in the ESMA register.

What it means for regional users

Monday's overall picture offers three main conclusions. First, the market remains calm but cautious, as all traders' eyes are on the Fed meeting, and the interest rate decision could set the direction for the coming weeks. Second, Kraken's push toward a banking licence in Lithuania confirms that the region is becoming increasingly attractive to large international players, which in the long term opens up access to stronger and more stable services for regional users. Third, Firi's expansion into Sweden shows that local Nordic exchanges are able to successfully use the MiCA passporting mechanism to grow and compete, which ultimately means a wider choice of legally operating platforms for regional users.

Norriwire Briefing