With MiCA officially in force across the EU, Nordic countries are now in full implementation mode.
While the regulation is the same across Europe, each Nordic country is approaching MiCA in its own unique way and if you are a crypto provider in the region, keeping up is essential.
Let’s break down what’s happening in Denmark, Sweden, and Finland:
DENMARK:
In Denmark, the Financial Supervisory Authority (Finanstilsynet) is in charge of handing out MiCA licenses. Crypto service providers have until 30 December 2025 to get their CASP applications in during the transition period.
What makes Denmark stand out is that they are taking a stricter approach than many other EU countries. The FSA wants to see two things very clearly:
1. True Decentralisation:
If a project claims to be decentralised, the FSA will expect proof and their definition is strict. There should be no single party controlling governance, smart contracts, or major system decisions. They even published a DeFi paper outlining what qualifies as genuinely decentralised.
2. Real presence in Denmark
The FSA also wants companies to prove they have an actual and substantial connection to Denmark. Having your headquarters and management located in the country is part of that requirement.
On top of that, CASPs still need to meet MiCA’s usual standards which includes:
● Capital requirements
● AML and compliance systems
● Operational controls
Denmark has not published an official list of approved CASPs yet, but estimates suggest around eight licenses have been issued so far.
SWEDEN:
Sweden is closely aligned with the general EU MiCA rollout. The Swedish Financial Supervisory Authority (Finansinspektionen, or FI) is leading the work, and they’ve been very active in guiding the market.
Timeline and Transitional Rules
● MiCA was applied in phases throughout 2024.
● Titles on e-money tokens and asset-referenced tokens took effect 30 June 2024.
● CASP-related rules became applicable 30 December 2024.
If you were operating before 30 December 2024, Sweden allows you to keep running but you must submit your MiCA application by 30 September 2025. If you apply on time, you can continue operating while FI reviews your application.
Regulator Engagement
FI has been very hands-on:
● They released a market survey asking firms to declare their interest in becoming CASPs.
● They’ve been publishing guidance and updates throughout the transition.
● They’ve warned consumers that crypto remains risky even under MiCA.
So while Sweden is following EU rules closely, FI’s active communication suggests many firms are still preparing or finalising compliance.
FINLAND:
Finland is taking perhaps the most proactive approach in the region. The Finnish Financial Supervisory Authority (FIN-FSA) introduced one of the shortest transitional periods in the EU which is just 6 months.
This means Finnish crypto providers had to move very quickly to comply.
Key Points About Finland’s Rollout
● CASP rules officially applied from 30 December 2024, just like the rest of the EU.
● FIN-FSA immediately published detailed guidance, templates, and application instructions.
● Existing providers were given only six months to transition which is much faster than the 12 months allowed in many other countries.
Because of this tight timeline, Finland is currently experiencing a surge in application activity and regulator review. FIN-FSA has said publicly that it is accelerating its processing to handle the volume.
In summary:
While MiCA is harmonised across the EU, the Nordic countries are showing different styles of implementation:
Denmark is taking a strict and structured approach while Sweden is following the EU framework closely but with active guidance and consumer protection.
On the other hand, Finland is pushing for fast compliance with one of Europe’s shortest transition periods.
If you are a crypto business operating in the Nordics, these updates matter because timelines, expectations, and supervisory styles all differ slightly from country to country.
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