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New crypto regulations have come into force in Norway, bringing it into line with the EU’s Markets in Crypto Assets (MiCA) framework.
The regulations, which supplement Norway’s Crypto Assets Act, adopt a number of European Commission regulations and amend the country’s Financial Institutions Regulations to mandate compliance with the requirements for a white paper, as determined in Article 51 of MiCA.
They also clarify the legal status of e-money tokens, which, as defined in MiCA, are to be considered electronic money pursuant to the Financial Institutions Act, bringing stablecoins within the scope of Norway’s e-money rules.
MiCA governs the activities of crypto-asset service providers (CASPs) and issuers of crypto-assets, establishing common European rules for the issuance, public offering, and admission to trading of crypto-assets, the provision of services related to crypto-assets and market abuse in the crypto-asset market.
The introduction of MiCA across the EU means the crypto market will be subjected to similar requirements as the traditional market for financial instruments and means of payment.
Despite Norway’s position formally outside the EU, the introduction of the regulations ensures the country remains in step with the EU’s regulatory framework.
It also marks a significant shift in Norwegian crypto regulation, which had previously been limited to light-touch know your customer (KYC) rules and regulations governing the providers of crypto exchange and custody services.
Standards
The implementation of MiCA-aligned regulation in Norway will see issuers of crypto assets being required to meet standards in transparency.
It will also allow crypto-asset providers with MiCA licenses from other European Economic Area (EEA) countries to provide services in the Norwegian market.
The expeditious introduction of the MiCA-aligned regulations in Norway underscores its regulatory harmonisation within the EEA. This will be welcome news for crypto businesses and investors, providing them with legal clarity and protection under the broad, unified MiCA regime.
Contrast with UK
The progress that has been made in the EU and now Norway is in contrast to the UK, which has lagged behind on crypto regulation.
However, in May 2025, as covered by Vixio, finance minister Rachel Reeves announced a new framework for regulating crypto-assets, intended to promote their safe use.
The draft statutory instruments introduced by the Labour government represent an attempt to bring crypto exchanges, dealers and agents within the scope of regulation and to provide clear rules that allow innovation and drive growth.
The goal is to apply to crypto firms operating in the UK the same levels of scrutiny faced by firms in more traditional areas of financial services, with new standards on transparency, consumer protection and operational resilience.
HM Treasury intends to legislate for the new crypto-asset regulatory regime by the end of 2025, if parliamentary time allows.
As with Norway’s adoption of MiCA-aligned rules, the UK’s proposed new crypto-asset regulatory framework signifies that crypto has not only entered the financial mainstream but is seen as critical to powering governments’ economic growth objectives.
