MiCA explainer

Crypto Cards 23.07.2026: Baltics and Nordics

Thursday, 23rd July: No primary event to report in the last 24 hours, so this is an explanatory article on crypto cards in the Baltic and Nordic markets. We cover the impact of MiCA e-money tokens, issuer authorisations, fees, and tax implications.

Toms Ābeltiņš

23 July 20267 min read

In the last 24 hours (22nd-23rd July), there have been no new primary developments in the Baltic and Nordic crypto exchange, CASP, hardware wallet, card, and tax tool segments. Therefore, this is an accurately dated explanatory article on an ongoing topic: crypto cards serving users in LV, LT, EE, FI, SE, NO, and DK in 2026. We examine how the MiCA e-money token (EMT) regime, effective from 30th June 2024, impacts stablecoin-backed cards, which issuers (Crypto.com, Kraken Krak, Bybit EU, etc.) with EU authorisations serve the region, how to compare total fees and euro settlements, and why spending with a card is a taxable disposal in most countries within the context of DAC8/CARF reporting.

In the last 24 hours (22nd-23rd July), there have been no new primary developments in the Baltic and Nordic crypto exchange, CASP, hardware wallet, card, and tax tool segments. In previous days, we covered the region's CASP map, the physical security of hardware wallets, and DAC8/CARF tax reporting. Today, we are publishing an accurately dated explanatory article on an ongoing topic not yet covered separately in our segment – crypto cards serving Baltic and Nordic users in 2026, and how the MiCA e-money token regime and tax reporting are changing the landscape.

Why an explanation, not news, today

Date hygiene remains a priority: it's better to publish an honest explanation than to present an old event as fresh news. Within the last 24-hour window (from 00:00 on 22nd July to 00:00 on 23rd July Baltic time), we could not confirm any directly dated regulatory or product events significant to our segment. Therefore, this article is an explanation (not news) with precise context and a watchlist section at the end. All mentioned background events are dated; older events are clearly labelled as context, not news.

What is a crypto card and how does it work in the region

A crypto card is a Visa or Mastercard network debit card linked to a crypto or e-money account. At the point of spending, the service provider sells the necessary amount of crypto (or uses a stablecoin/euro balance) and settles with the merchant in fiat currency. For a Baltic and Nordic user, three questions are practically most important: whether the card settles in euros (reducing currency conversion costs in the Eurozone - LV, LT, EE, FI), what the total commission for crypto spending is, and whether the issuer has a valid EU authorisation (MiCA CASP and/or e-money licence).

The card issuer and exchange are often legally separate: the crypto account may be with a CASP, but the card itself is issued through an e-money institution (EMI). This means that card availability in a specific country depends not only on the exchange's MiCA status but also on the card programme's passporting rights within the EEA.

MiCA and the impact of e-money tokens (EMT)

In the context of crypto cards, the most important MiCA element is the regulation of e-money tokens (EMT) and asset-referenced tokens (ART), which became applicable in the EU from 30th June 2024. In practice, this means that stablecoins used for payments can only be offered to EU users if the issuer has the relevant MiCA authorisation. For this reason, several platforms have restricted the offering of non-compliant stablecoins (e.g., certain USD stablecoins) to EEA users or have reoriented towards euro settlements. For cards based on a stablecoin balance, this is a direct issue of availability; for cards with direct crypto-to-fiat conversion at the point of spending, the EMT issue is less critical.

The second MiCA layer is the authorisation of the card service provider itself. In 2025-2026, several issuers available in the region obtained MiCA CASP authorisations in individual EU countries and operate with passporting rights across the entire EEA, which also covers the Baltics and Nordics.

Cards serving regional users in 2026

The following is a general overview, not a recommendation; always check current terms and availability in your specific country before use.

According to publicly available 2026 data, the following cards are available to EEA (including Baltic and Nordic) users: Crypto.com Visa (Visa; euro settlements; MiCA CASP together with a separate EU e-money licence); Kraken "Krak" card (Mastercard; euro; Kraken's EU entity obtained MiCA authorisation via Ireland in 2025); Bybit EU card (Mastercard; euro; Bybit EU obtained Austrian FMA authorisation in 2025); as well as Bitpanda, Nexo, OKX, Gnosis Pay, MetaMask, and Ledger card programmes, which are indicated as having MiCA or e-money authorisations in the EEA. The fee structure varies: some cards have no annual fee but apply a conversion markup and/or a non-euro currency fee (indicatively from approximately 0.2% to over 1% per transaction).

Context, not news: several cards have already left the EEA market. The Binance Visa debit card in the EEA was discontinued in December 2023; Monolith's non-custodial Visa card ceased operations in October 2024; Trastra became insolvent in 2025. These are historical background events, not news from the last 24 hours, and they show that the region's card offering is dynamic – it's always worth re-checking availability.

Fees and euro settlements - what to check

Market participants should practically compare four parameters: settlement currency (euro settlement in the Eurozone reduces conversion costs; Swedish, Norwegian, and Danish users using SEK, NOK, or DKK will incur additional currency exchange), total spending commission (conversion markup plus potential non-base currency fee), annual or issuance fee, and cashback programme terms, which often require token staking. The lowest nominal commission does not always mean the lowest total cost if the conversion markup is high.

Taxes: spending with a card is a disposal

A significant and often underestimated aspect: in most jurisdictions in the region, spending crypto with a card is considered a disposal of a crypto-asset, which can result in a taxable capital gain – even if the user simply buys a coffee. For example, in Estonia, tax liability arises at the moment crypto is converted to fiat currency or used to purchase goods and services, and is subject to personal income tax. Precise rates, thresholds, and accounting methods differ in each country (LV, LT, EE, FI, SE, NO, DK), so specific figures are deliberately not generalised here – they should be checked with a tax advisor or a tax tool.

This aspect is reinforced by the DAC8 and CARF framework, which we wrote about on 22nd July: from 1st January 2026, crypto service providers will collect user and transaction data, and the first reporting to national authorities will take place in 2027. Practically, this means that card spending will also increasingly be visible to tax administrations, making accurate record-keeping more important.

Watchlist and next checkpoints

The nearest dated deadline in the segment is 28th July 2026, when ESMA guidelines on CASP staff knowledge and competence begin to apply – this also affects card programmes operating through CASPs. Ongoing issues to monitor: the granting of MiCA EMT authorisations to stablecoin issuers (affecting the availability of stablecoin-backed cards in the EEA) and announcements of new or discontinued card programmes in the region. We will return to the classic news format for the next dated event in this segment.

Summary for market participants

Firstly, before choosing a card, check the issuer's current EU authorisation (MiCA CASP and/or e-money licence) and availability in your country. Secondly, compare total costs, not just the annual fee – the conversion markup and currency exchange outside the euro are crucial. Thirdly, note that spending with a card is a taxable disposal in most countries in the region; keep records now, considering DAC8/CARF reporting. Fourthly, follow the application of the 28th July ESMA competence guidelines and stablecoin EMT authorisations, as these directly impact card availability.

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