MiCA CASP status in the Baltics and Nordics — mid-May 2026

Brief Summary

Over eight days since our previous report (2026-05-07), the Baltic and Nordic MiCA CASP landscape has seen one significant update: Latvijas Banka granted the third Latvian MiCA CASP licence on 12 May 2026 to Paybis Europe — and more importantly, it is the first Latvian company to hold both a MiCA CASP and PSD2 EMI licence under a single legal entity.

Our register shows 21 fully authorised MiCA CASPs across the Baltics and Nordic region as of 15 May 2026 (previously 20). Latvia's entries have grown from 2 to 3. The position in other regions remains unchanged. With 47 days remaining until 1 July 2026, the end of MiCA's transition period, any service provider without a full CASP licence will lose the right to operate in the EU market after that date.

Key Event: Paybis Europe — 3rd Latvian MiCA CASP

Latvijas Banka granted dual licences on 12 May 2026 to SIA Paybis Europe:

• MiCA CASP licence — 6 of the 9 service categories under MiCA Regulation Article 75 (custody, fiat/crypto exchange, execution of client orders, advice, transfer of funds services)
• PSD2 EMI licence — the first Latvian company holding both authorisations

The Paybis group was founded in 2014, with headquarters in Warsaw. In 2025, its user base grew from 4.6 million to approximately 7 million, and USDT volume increased by +423.93%. Detailed analysis is available in our separate article.

By Country — Full Regional Breakdown as of 2026-05-15

Latvia (3 MiCA CASP — increased from 2)

The Bank of Latvia previously reported (late January) 5 additional MiCA applications in the queue and 12 companies in pre-licensing consultations. Paybis is the first of this "second wave" of firms to complete the process. The remaining applications are still under review.

Lithuania (6 MiCA CASP — unchanged)

Context: Lithuania's Bank received only around 102 MiCA applications in 2025, which is less than 10% of the 324 VASPs registered at the end of 2024. Unlike its previous reputation as an "easy access" licensing hub, Lithuania is now positioning itself as a jurisdiction that favours quality over quantity.

Estonia (1 MiCA CASP — unchanged)

• Lightyear Europe AS (2025-11-17) — Tallinn neobroker founded by former Wise employees, provides custody services, order execution and order reception/transmission, with 30 EEZ passport rights.

In Estonia, the VASP regime ends on 2026-07-01 with no automatic transition — all 43 existing VASPs wishing to continue operating after this date must reapply. In our register, LHV Bank and Striga remain as transitional entries.

Finland (5 MiCA CASP + 2 pre-MiCA — unchanged)

In addition to these, there are also Bittiraha (Coinmotion group, pre-MiCA) and Holvi (EMI, not CASP). FIN-FSA has already completed most of the transition process — Finland's first CASP was granted even before the rest of the Baltic region.

Sweden (1 MiCA CASP + 3 in transition — unchanged)

• Safello AB (2025-10-13) — Sweden's only MiCA CASP, with more than 425,400 users, publicly listed on Nasdaq First North Growth Market.

In transition: Goobit/BTCX (publicly listed, MiCA application submitted and operating under MiCA Article 143), Trijo (pre-MiCA VASP), Klarna (bank, not CASP). Detailed analysis available in our Swedish market update article.

Norway (1 MiCA CASP + 3 in transition — unchanged)

• AK Jensen Norway AS (2026-02-02) — Norway's first MiCA CASP (under MiCA Article 60, as notified by Finanstilsynet).

Norway is using the maximum MiCA Article 143(3) transition period until 30 June 2026, which means the largest Norwegian crypto players — Firi (largest Nordic exchange by users), NBX, Bitcoins Norge — continue operating in transition mode. Finanstilsynet confirmed in April this year that 6 more applications are in the queue (Tyr Markets, Firi, K33 Markets, NBX, Fjord Estate, Bare Bitcoin), but the average application processing time (6–9 months) suggests many will not complete the process by 30 June.

Denmark (4 MiCA CASP + 1 in transition — unchanged)

There is also Coinify (pre-MiCA, in transition). Denmark is following the most stable and structured path — all licensed market participants with full passport rights.

Iceland (0)

An EFTA/EEZ country to which MiCA regulations apply. The regulator Fjármálaeftirlit has not yet publicly authorised any service provider. Status unchanged since our first audit in May 2026.

Overall numerical breakdown

⬆️ = growth since 7 May 2026 report

Specific risk and opportunity signals

Opportunity signals

• Dual-licence model (Paybis Europe) — MiCA CASP + PSD2 EMI within a single legal entity opens the door for other fintech-focused companies to operate in a hybrid model. We expect that future Latvia or Denmark CASP applicants could adopt this approach.
• Stable Swedish retail market player — Safello with Q1 2026 losses (−3.3m SEK), but a user base of 425,400+ in its first Finland expansion phase (launched 2026-02-03). A first example of how the EU passport is being used across the Baltic and Nordic region.
• Danish institutional staking — Northstake (licensed 2026-04-07) with regulated staking and custody services is a unique product in the region; it is expected to attract institutional flows that previously used platforms outside the EU.

Risk and warning signals

• Norway deadline risk — Finanstilsynet has extended the transition period until 2026-06-30, but average processing times of 6–9 months for 6 Norwegian applications in the queue mean that most Norwegian transition-regime players will miss the deadline. This creates an opportunity for expansion by AK Jensen or other EU-licensed competitors using the passport (for example, Bitvavo, Coinmotion).
• Sweden warning list — Finansinspektionen has already issued 4 public warnings in 2026 against bogus companies, including NorthCrypto Oy (clone), impersonating Finnish Northcrypto. Before depositing funds with any online crypto service, verify the domain in the Finansinspektionen register.
• Estonia 1 July risk — In Estonia the VASP regime ends with no automatic conversion. 43 VASPs wishing to operate after this date must apply afresh — some of them (for example, Striga, LHV Bank using Bitstamp infrastructure) will retain operating capacity, but others will be shut down.

Our assessment — key trends up to the 1 July 2026 deadline

Consolidation: After the 1 July deadline, the Baltics and Nordic region is expected to see approximately 25–30 fully authorised MiCA CASP (from the current 21, plus roughly 5–8 new entrants). The largest near-term growth is expected in Norway and Latvia.

Latvia's market positioning: With Paybis joining, Latvia's position as a medium-sized MiCA jurisdiction will strengthen. It is not as aggressive as Lithuania with 6 CASP, but it has a higher quality bar for each individual player. The Bank of Latvia Innovation Hub and free pre-licensing consultancy remain competitive advantages.

Segmentation by market niche: We observe clear regional segmentation — DK (institutional staking and brokerage services), LT (B2B and E-money under Article 60(4)), LV (B2C retail, B2B token issuance and now also B2B2C white-label solutions), FI (developed retail), SE (publicly listed retail products and ETP alternatives). This is a healthy signal, as each jurisdiction is finding its own specialism.

ESMA Interim Register synchronisation: Paybis (authorised 12 May 2026) was not yet included in the ESMA CSV file as of 15 May 2026. It is expected to appear in the next ESMA update (which typically happens weekly) along with the Legal Entity Identifier (LEI). Our register will be updated automatically.

How to use our CASP register

Our complete CASP register with all 32 entries, categorised by:

• Licence status (MiCA CASP, pre-MiCA VASP, other)
• Registration country (LV, LT, EE, FI, SE, NO, DK, IS)
• Service categories (custody, exchange, transfer, advice etc.)
• EU passport availability

Also available are a complete exchange list with 32 entries, a crypto card register with 16 entries, and a hardware wallet catalogue with 19 entries.

Related

• Paybis Europe — detailed analysis of Latvia's third MiCA CASP
• Previous status as of 7 May 2026 with 20 MiCA CASP
• Swedish crypto exchange updates 2026
• What is a stablecoin? Complete guide for 2026
• Hardware wallet guide
• Complete list of MiCA-licensed exchanges
• Complete CASP register

Sources

• ESMA — Interim MiCA Register CSV (CASPS.csv)
• Latvijas Banka — Paybis Europe licences announcement (2026-05-13)
• Bank of Lithuania — Authorisation of crypto-asset service providers
• Finantsinspektsioon — The operating licence in crypto-asset markets
• Finanssivalvonta — Crypto-asset activities
• Finansinspektionen — Our registers + Investor Alerts