Crypto exchanges in the Baltics and Nordics - 29.05.2026

On Friday, 29 May 2026, the Baltic and Nordic crypto market closed the week with mounting pressure ahead of the end of the MiCA transition period - only 33 days remain until 1 July. The European Commission's open MiCA review consultation continues, while national regulators across the Baltic and Scandinavian region accelerate the processing of CASP applications. In Norway, Firi and other national operators are still awaiting decisions from Finanstilsynet; in Estonia, the market is tracking developments in the Zondacrypto case following the end of the 30-day cure window; and in Latvia, Latvijas Banka continues its gradual processing of five active CASP applications.

Regional snapshot - 33 days to the MiCA deadline

As of Friday, ESMA's interim CASP register lists 207 authorised operators across the EEA, of which 54 have received a full MiCA licence in 2026. This dynamic confirms that another wave of 30 to 50 new licences is expected during the final five weeks before the end of the transition period, with most expected to be issued by Germany, France, the Netherlands, Ireland and Malta - historically the largest passport-out markets in the European Union. The Baltic and Nordic region has approximately 18 issued MiCA CASP licences in total as of Friday - a historically smaller share compared with the region's crypto sector size before the MiCA regime entered into force.

Regional regulators continue to indicate unanimously that, in the final weeks of the transition, market participants no longer have a realistic opportunity to submit new applications and complete the review process before 1 July. Operators who have not yet submitted by this point are effectively planning either to wind down or to migrate to another jurisdiction with a grandfathering regime.

Norway - Firi awaits a decision, TÝR Markets expands

In Norway, market attention on Friday remained fixed on Firi - the region's largest crypto exchange with more than 400,000 verified users. The exchange has been in the Finanstilsynet review phase since spring 2026, and as of Friday the regulator has not yet publicly announced a decision. Market participants expect Firi's authorisation to be issued in the next 2 to 4 weeks, leaving the exchange time to align its commercial structure with the full MiCA regime before the 30 June deadline.

At the same time, TÝR Markets AS - which on 18 May became the first Norwegian operator to receive a full MiCA CASP authorisation - announced this week that it will expand commercial operations to Sweden and Denmark via the MiCA passport mechanism. This is a significant precedent for the Norwegian crypto sector - the first national exchange to operate in Scandinavia under the EEA passport regime under MiCA. The Norwegian FSA's announcement on extending the transition period to 30 June remains in force and gives national operators additional headroom to complete applications.

Other Norwegian operators - Bare Bitcoin, K33 and NBX - remain in the application review phase. NBX, still listed on the Oslo exchange, this week announced an extraordinary general meeting in early June to consider an additional capital raise to support MiCA licensing.

Estonia - Zondacrypto after the 30-day window

Estonia's Financial Intelligence Unit continues to evaluate the remediation plan of BB Trade Estonia OÜ - the Zondacrypto operator - following the 30-day cure deadline imposed in early May. As of Friday, the regulator has not publicly announced whether the licence will be reinstated, partially restricted or fully revoked. Market participants expect a decision in the coming week, and it will be a significant precedent for how Estonia's regulator interprets the practical enforcement of MiCAR rules on transaction structuring and customer disclosure.

In the broader Estonian context, further market consolidation continues. There are now only five active VASP operators in Estonia, of which only one has received a full MiCA CASP licence. Estonia's Finantsinspektsioon has not publicly reported progress on the review of other CASP applications, and industry experts estimate that two or three further CASP licences will be issued in Estonia over the coming months.

Latvia - Latvijas Banka's consultative approach continues

As of Friday, Latvijas Banka maintains a steady approach to the gradual issuance of CASP licences. Following the fourth licence granted to Neverless SIA on 25 May, the regulator continues to process a further five formally submitted applications and 12 pre-submission consultation files. According to a statement from Latvijas Banka's Financial Innovation Division, the average review time is around 4 to 6 months, meaning that only a few of the currently submitted files will receive a formal decision before the end of the national 30 December transition period.

Latvia's approach - which stands out in the Baltic region with its 12-month grandfathering period - continues to provide the regulator with time and capacity for a thorough assessment of each application. This is a deliberate choice - Latvijas Banka publicly states that its priority is market integrity and consumer protection rather than maximising the number of licences issued.

Lithuania - the largest market consolidation in the region

As of Friday, Lietuvos bankas continues to report the largest number of registered crypto operators in the Baltic region - approximately 800 registered virtual asset providers under the previous national regime. However, MiCA CASP applications have been submitted by fewer than 30 operators, and only three currently hold a full licence - Robinhood Europe, Nuvei Liquidity and Decentralized (the Coingate brand).

Lietuvos bankas continues to engage with unlicensed operators, and the regulator repeatedly urges investors to confirm, before 1 July, that their service provider has filed a CASP application. Operators that do not intend to continue under MiCA must initiate customer fund return and wind-down procedures by 31 December - the end of Lithuania's chosen national transition period.

The largest consolidation wave for Lithuania is therefore expected in the second half of 2026, when a core of five to ten operators formally operating under MiCA will remain in the market. In economic terms this means a significant reduction in the tax base for crypto sector processing services in Vilnius, but at the same time deeper integration with the broader EU capital market via the passport mechanism.

Finland - Coinmotion and Northcrypto retain leadership

In Finland, Coinmotion and Northcrypto continue to operate under MiCA CASP licences previously granted in September and November 2025 respectively. On Friday, Coinmotion confirmed execution of its Swedish market expansion plan - the exchange currently serves more than 170,000 clients in Finland and Sweden, with plans to launch in Norway and Denmark in the second half of 2026.

Coinmotion's approach - profiling itself as a regulated investment platform rather than simply a crypto exchange - continues to attract attention from institutional investors and financial advisers. This week, Coinmotion announced a strategic partnership with two Swedish pension fund managers, which will expand access to MiCA-regulated digital asset products within private pension portfolios.

Northcrypto's plan to expand its licence to include trading services remains under review by Finanssivalvonta. Once approved, Northcrypto will become the second fully MiCA-licensed Finnish crypto exchange operating under the EEA passport regime.

Sweden - Safello application and institutional products

In Sweden, Safello's application is still being processed under Finansinspektionen's supervision. As of Friday, the regulator has not publicly announced a decision, but market participants expect Safello's authorisation to be issued in the first week of June. This would give Sweden its first nationally licensed MiCA CASP - currently only passported operators from other EEA states are active in Sweden.

At the same time, Bitwise continues to expand its Nordic regional activity with SEK-denominated crypto ETPs on Nasdaq Stockholm, listed in January this year. This gives Swedish retail and institutional investors access to Bitcoin, Ethereum and Solana fund products via traditional brokerage accounts and the ISK tax regime. Under Regional Director Marco Poblete, the firm this week confirmed plans for three additional ETP products focused on staking yields and diversified portfolios.

Denmark - a calm MiCA adjustment

In Denmark, Finanstilsynet continues to make use of the 18-month grandfathering period and, as of Friday, has not publicly announced any full MiCA CASP licences. The market remains concentrated around Firi (passporting from Norway), Coinmotion (passporting from Finland) and a handful of smaller national operators. The Danish regulator has emphasised a consultative approach focused on industry dialogue - reflecting Denmark's traditionally moderate, dialogue-based regulatory culture.

European Commission MiCA review - the regional perspective

The European Commission's MiCA review consultation, opened on 20 May, remains in progress and will run until 31 August. This week, several industry associations - including the Nordic Fintech Association and the Baltic Banking Association - announced the preparation of formal submissions. Key themes that regional participants plan to address include the question of deposit insurance for stablecoin issuers (raised by UniCredit's Elena Carletti earlier this week), the practical operation of MiCA passporting for operators in smaller jurisdictions, and cooperation mechanisms between competent authorities in cross-border crisis situations.

The outcome of the consultation could form the basis for MiCA's first substantive review, formally scheduled for the first half of 2027. For regional CASPs, this is an important moment to make their views heard and to ensure that the needs of smaller markets are reflected in future legislative work.

Market context and summary

In Friday's trading session, Bitcoin oscillated between USD 76,200 and USD 77,800, maintaining last week's consolidation pattern. Ethereum traded near the USD 2,030 mark. Market reaction to regional MiCA news remained muted - investor focus is mainly on global macro factors and the US Federal Reserve's commentary on June meeting rate policy.

The region's overall picture on Friday is stable, but with rising intensity in the final weeks of the transition period. In Norway, Firi sits just ahead of the most important regulatory decision. In Estonia, Zondacrypto's fate is being decided. In Latvia, Latvijas Banka's gradual work continues with five active application files. Lithuania still sees the region's largest consolidation moving towards the 31 December deadline. Finland retains a stable Coinmotion and Northcrypto leadership. Sweden is awaiting its first nationally licensed CASP. Denmark continues a calm, dialogue-based approach.

Investors using Baltic or Nordic crypto exchanges are still advised, before 1 July, to verify the operator's MiCA licence status in ESMA's interim CASP register or in the relevant national regulator's register. That is the only reliable 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 unified EU regime.

Sources

• 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 - Transition scheme for crypto exchanges in Norway is likely to be extended by six months
• Finanssivalvonta - The European regulatory framework on crypto-asset service providers is complete (May 2026)
• Kaupr - Finnish Coinmotion wants to make regulated crypto mainstream in Sweden