MiCA explainer

Lithuania's CASP Map 16.07.2026: What Remains After MiCA

Wednesday, July 16: No new primary segment event in the last 24 hours, so we offer an explanation of Lithuania's crypto industry consolidation and a regional CASP license map two weeks after the MiCA deadline.

Toms Ābeltiņš

16 July 20267 min read

In the last 24 hours (July 15), there have been no new, independently datable primary events in the Baltic and Nordic crypto exchange and CASP segment. Therefore, this is a clearly labelled explanatory article, not a news roundup. We examine how Lithuania's crypto industry has shrunk two weeks after the July 1st MiCA transition deadline – from approximately 850 registered companies in 2022 to a handful of MiCA CASP authorisations – and compare the regional license map (LV, EE, FI, SE, NO, DK). All figures are presented as background information with dates, not as breaking news.

In the last 24 hours (July 15), there have been no new, independently datable primary events in the Baltic and Nordic crypto exchange, CASP, hardware wallet, card, and tax tool segment. Key threads from previous days – Kraken's potential move towards a banking license in Lithuania and the ESMA CASP register growing to 280 positions – were already covered in the July 14 and 15 editions. Therefore, today we offer an explanatory article rather than a news roundup: we examine Lithuania's crypto industry consolidation two weeks after the July 1 MiCA transition deadline and what it means for the entire region. All figures and dates are presented as background and historical context, not as breaking news.

Why an Explanation, Not News

NorriWire's editorial principle is honest dating: we do not package an event older than 48 hours as yesterday's news. When there are no new, independently datable regulatory or product events in our segment within a 24-hour period, we choose to provide an in-depth explanation of an ongoing topic rather than artificially maintaining a daily news format. Today's topic is Lithuania – historically the region's largest home market for crypto companies, which has experienced the most rapid contraction during the implementation of MiCA.

From Approximately 850 to a Handful: Lithuania's Figures

According to a compilation by Fintech in Baltic (published January 19, 2026), Lithuania had approximately 850 crypto-asset companies registered at the end of 2022, operating under the previous, relatively easy-to-obtain Virtual Asset Service Provider (VASP) register. By 2024, this figure had decreased to around 324. Following the full application of MiCA, the number of new, stricter CASP authorisations is measured not in the hundreds, but in single and double digits.

Fintech in Baltic data indicates that in 2025, 102 MiCA license applications were submitted by 55 companies, with approximately 30% reaching the regulator only in the last quarter of the year, close to the deadline. The Bank of Lithuania has cited unclear shareholder structures and reputational assessments, insufficient documentation of the origin of funds, lack of management competence and reputation, weak governance systems, incomplete Anti-Money Laundering (AML) documentation, and in several cases, "empty shell" companies without real operations as the most common reasons for rejection or delays.

Interpretation here requires caution. A sharp drop in numbers is neither inherently good nor bad news: it can be seen as a regulatory cleansing of low-quality or fictitious players, but also as a signal of a high compliance threshold that may deter some legitimate small businesses. Both interpretations exist in parallel, and the precise final number of authorised CASPs in Lithuania is worth checking directly in the ESMA register, as media compilations vary by date.

Regional CASP Map: Where Each Country Stands

To put Lithuania's consolidation into context, a regional overview is useful. The data below is based on Kaupr's publicly available compilation (as of May 25, 2026) and mirrors of the ESMA register, and should be viewed as a historical snapshot, not an official current list.

Lithuania. Among the authorised entities are Robinhood Europe UAB (May 29, 2025), CoinGate (December 16, 2025), Myriad Capital (February 26, 2026), and the Simplex/Nuvei structure; Revolut Europe UAB is reported to be in process. This is a stark contrast to the historical number of VASPs in the hundreds.

Latvia. In May 2026, several service providers received authorisation, including Nexdesk SIA, Neverless SIA, and Paybis (SIA Paybis Europe), as well as BlockBen SIA. Latvia has thus moved from a historically low number of licenses to several active authorisations.

Estonia. Historically, Estonia was the region's largest VASP registration hub, but it proceeded cautiously during the MiCA transition; by summer 2026, Estonian service providers, including structures of banking groups, appear in the ESMA register mirrors. The precise authorisation date for each company is worth checking in the register.

Finland. Finland is one of the most active – authorised entities include Coinmotion Oy (June 2025), Tesseract Investment Oy (September 15, 2025), Northcrypto Oy (November 25, 2025), as well as Kvarn and Bittimaatti.

Norway. Finanstilsynet has issued CASP authorisations to TÝR Markets AS and Firi AS (effective May 2026), while K33 Markets, after receiving authorisation in July 2026, began using MiCA passporting in neighbouring markets.

Sweden and Denmark. In Sweden, Safello AB is authorised, while Goobit Group (exchange BTCX) was considering an appeal after Finansinspektionen's refusal (July 13). In Denmark, GCEX, Penning ApS, Northstake A/S (April 2026), and Lunar Bank have received authorisations.

Counter-Movement: Kraken and the Ambition for a Full Banking Licence

Against this backdrop of consolidation, a counter-vector is emerging. According to media reports (initially around July 7, with continued coverage on July 14), the international exchange Kraken is seeking to obtain a full banking licence in Europe, choosing Lithuania as its home jurisdiction. An important caveat remains: there is no official confirmation from Kraken or the Bank of Lithuania, and a specific application date has not been published, so we are assessing this as a developing, unconfirmed story.

If such a licence were granted, it would allow for taking deposits and lending – a significant step beyond the current MiCA authorisation focused on crypto assets. Commentators cite Revolut as a precedent, which obtained a specialised banking licence in Lithuania in 2018 and later expanded it. The significance of this story for the region is twofold: at the same time as Lithuania is filtering out its legacy of low-quality VASPs, it is purposefully aiming to attract large, regulated players with full banking ambitions.

Watchlist and Next Checkpoints

Points to follow in the coming weeks: whether Kraken or the Bank of Lithuania will provide official confirmation regarding the banking licence application; whether new Baltic or Nordic service providers will appear in the ESMA CASP register above the current approximately 280 positions; how the Goobit/BTCX appeal in Sweden will progress; and whether the number of Estonian authorisations will approach the dynamics seen in Lithuania and Latvia. A practical recommendation for market participants: always check the licence status of specific companies directly with the relevant regulator or the ESMA register, as media compilation dates vary and status changes week by week.

Norriwire Briefing