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Exchange News 28.07.2026: Exchanges Focus on Institutions

Daily (slim) overview with watchlist: New KTH study shows Nordic crypto exchanges - with Safello as an example - are reorienting from retail clients to institutional and banking clientele, influenced by MiCA.

Toms Ābeltiņš

28 July 20265 min read

A KTH study published on 27th July examines how Nordic crypto exchanges are increasingly targeting institutional and banking clients, using Sweden's MiCA-licensed Safello as a case study. In context and on the watchlist: Goobit's MiCA appeal and NBX's path to becoming a digital asset bank.

Tuesday, 28th July 2026. This is a daily (slim) overview with a watchlist, as over the past 24-48 hours, our segment - crypto exchanges and CASP service providers serving the Baltics and Nordics - has seen one clearly datable, fresh key event: a KTH study published on 27th July on how Nordic crypto exchanges are increasingly reorienting from retail clients to institutional and banking clientele, with the Swedish exchange Safello as a case study. Around this, we group more recent but ongoing regional signals, which we present as context and a watchlist, rather than as separate fresh news.

KTH Study: Nordic Exchanges Reorient Towards Institutions

The main news for the segment came from Stockholm: on 27th July, a Master's thesis from the KTH Royal Institute of Technology was published, in which Nando Alexander Schmidt and Adam Michael investigate the development of the "crypto-as-a-service" model in the Nordics. The study is based on 12 interviews with employees from crypto exchanges, banks, and family offices, and uses the Swedish MiCA-licensed exchange Safello as its central case study.

The main finding is structural: retail broker revenues depend on transaction volume and fluctuate with market cycles, while compliance costs remain fixed. Therefore, exchanges are increasingly turning to institutional services, which provide predictable revenues through fixed fees and long-term contracts. The researchers identify two models: B2B2C, where exchange services are embedded in banking products for end-clients, and direct institutional use, where family offices, hedge funds, and pension funds manage their own crypto operations.

The study names MiCA as the "single most important factor" enabling this transition, as the regulation normalises crypto companies in the eyes of banks. However, the authors emphasise a crucial nuance: responsibility for KYC and anti-money laundering cannot be outsourced - the buyer (bank or fund) retains full responsibility for compliance. As key success factors in the Nordic market, the researchers cite local presence, trust, and reputation, which are more important than price.

Context: Why This Matters to Regional Users

This study academically confirms a trend we have repeatedly covered in separate articles: after the end of the MiCA transition period on 1st July 2026, regional players are bringing crypto and traditional banking services closer together. The choice of Safello as a case study is no coincidence - it is the first Swedish MiCA-licensed exchange and one of the most prominent examples of how a licensed CASP can become an infrastructure provider for banks, rather than just a trading platform for individuals. The practical implication for regional users: some licensed exchanges' resources may shift towards the institutional side, while retail offerings will increasingly appear "embedded" in familiar banking or fintech applications, rather than as a separate crypto platform. The authors also note that banks still lack the technical infrastructure and specialists for digital assets - a hindrance that makes this transition gradual rather than rapid.

Watchlist: Two Ongoing Regional Stories

Beyond the KTH study, two ongoing events in the region are worth following but are not fresh in today's sense. Firstly, the appeal by Swedish exchange Goobit (BTCX) against Finansinspektionen's MiCA rejection on 2nd July is still under review by both the supervisor itself and the Stockholm Administrative Court; until a decision, BTCX continues to operate under transitional provisions, and the outcome could set a precedent for how proportionate the supervisor's assessment must be. Secondly, Norwegian exchange NBX continues its move towards becoming a digital asset bank following its 20th July announcement of Tieto Banktech as its core banking software partner, with a multi-currency Visa card planned for Q4 2026. We keep both stories on the watchlist as they develop and may provide fresh news in the coming weeks.

Market Background

The broader market background on 27th July remained moderately positive: Bitcoin traded around the $65,000 level (daily open around $65,333, +1.6% against Sunday), and Ethereum around $1,950 (+4.3%). The rise was partly attributed to easing geopolitical tensions and cautious anticipation ahead of the US Federal Reserve's rate decision. A detailed market overview is provided in a separate daily market series; here it serves only as background for segment events.

What This Means for Regional Users

The main conclusion of the day is that the business model of Nordic crypto exchanges is maturing after MiCA: the competition for retail clients at any cost is gradually transforming into a battle for institutional and banking clients, where reputation, compliance capacity, and local trust are more important. When choosing a platform, regional users should understand which direction it is heading: some exchanges are primarily becoming infrastructure providers for banks, while others remain focused on direct retail offerings. In parallel, the Goobit and NBX stories on the watchlist remind us that a MiCA license is not a one-off stamp but a process - both legally (Goobit's appeal) and in terms of products (NBX's path to a bank). The background market around $65,000 for Bitcoin calls for the usual caution.

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