Crypto-assets regulaton in Norway

The crypto industry is constantly evolving. New players are entering the market, the pace of innovation is increasing - and so is the risk. At the same time, the need for protection against crypto fraud and scams is increasing. To meet this development, EU has developed harmonized rules for crypto-assets - the MiCA regulation. Through MiCA, a comprehensive and harmonized regulatory framework for crypto-assets is being introduced in Norway for the first time. This means clear frameworks for issuance, trading and services, greater predictability, a safer market for both service providers and investors, and greater opportunities for serious players.

Are you unsure whether MiCA applies to your business or how to deal with the new requirements? Are you planning a business that may be subject to MiCA? We help you navigate the new regulation.

1) WHAT IS MiCA?
The Markets in Crypto-Assets Regulation (in short MiCA) is a European framework for crypto-assets and crypto-asset services. MiCA has been implemented in Norwegian law by the Crypto-Assets Act, which entered into force on 1 July 2025.

The crypto market has previously been fragmented and unclear, and MiCA establish a common harmonized regulatory framework in the EU. The key objectives are to promote innovation without compromising investor protection, market integrity and financial stability.

MiCA is supplemented by a number of delegated acts providing more detailed rules on key aspects of the regulation.

2) WHAT AND WHO REGULATES MiCA?
MiCA applies to persons and companies involved in the issuance, public offering or admission to trading of crypto-assets. MiCA also applies to providers of crypto-asset services (e.g. investment advice or operation of a trading platform). MICA also contains rules on market abuse for crypto-assets that have been admitted, or have applied for admission to trading, on a trading platform.

Crypto-assets are defined as “digital representations of value or of a rights that is able to be transferred and stored electronically using distributed ledger technology or similar technology.” MiCA distinguishes between three categories of crypto-assets:

i. E-money tokens (EMTs): tokens in the form of e-money, which are stated to have a stable value related to one official currency;

ii. Asset-based tokens (ARTs): tokens that seek stable value related to other values ​​or rights, or combinations thereof, e.g. official currencies and various investment objects;

iii. Other crypto assets : which do not fall into the categories above, e.g. cryptocurrencies such as Bitcoin and Ethereum.

For certain types of crypto-assets, exceptions to the regulations apply, including financial instruments and crypto assets that are unique and cannot be exchanged for each other (e.g. digital art).

In short, MiCA regulates persons involved in:

i. Issuance of crypto-assets or offering them publicly;

ii. Listing of crypto-assets for trading on regulated trading platforms;

iii. Services related to crypto-assets, so-called "crypto asset service providers" (CASP); and

iv. Investments in crypto-assets on regulated trading platforms, through rules on insider trading and market abuse.

Below is a brief introduction to the rules for service providers (CASP) (iii) and investors in crypto-assets(iv).

3) CRYPTOASSETTE SERVICE PROVIDERS (CASP)
In order to provide crypto asset services on a commercial basis, a permit is generally required under the MiCA Regulation. "Commercial basis" means an activity that generates revenue or reduces costs for the provider of the service.

The services largely correspond to licensed services under the regulations for investment firms, including:

• Crypto-asset investment advice

• Portfolio management of crypto assets

• Marketing of crypto assets on behalf of the provider

• Operation of trading platform for crypto-assets

Permission to provide crypto-asset services is granted by the Norwegian Financial Supervisory Authority (NFSA). There are a number of requirements for the content of the application, in addition to ongoing obligations for the service provider.

Companies that already have a permit for other regulated activities can use a simplified regime to provide crypto asset services by sending a notification to the NFSA.

AGP assists with the drafting of both notifications and applications, including subsequent follow-up of the process with the NFSA.

4) MiCA FOR CRYPTO INVESTORS AND MARKET PARTICIPANTS
Unlike traditional finance, crypto trading has not previously been subject to similar prohibitions and protections as in the MAR regulations. MiCA has introduced market abuse rules that largely mirror the rules in the MAR, including:

• Requirement for correct and timely disclosure of inside information

• Prohibition of insider trading

• Prohibition of unlawful disclosure of inside information

• Prohibition of market manipulation

Violation of these provisions may result in significant penalties.

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AGP assists investors and other affected by the market abuse rules in MiCA.

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AGP is a law firm specializing in transactions, capital markets and corporate. We regularly assist companies, shareholders and board members in both listed and unlisted companies.

This article is marketing material and does not constitute legal advice.

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