The Norwegian FSA Proposes Extending MiCA Transition Period to June 2026
The Norwegian Financial Supervisory Authority (Finanstilsynet) has issued a consultation note proposing an extension of the transitional period under Norway’s Crypto Assets Act (kryptoeiendelsloven). If adopted, the plan would push the current deadline from 30 December 2025, to 30 June 2026, providing existing virtual asset service providers (VASPs) more time to operate legally while awaiting approval under the EU Markets in Crypto-Assets (MiCA) Regulation Article 63 licensing process. Below is a summary of the proposal and its implications for crypto businesses in Norway.
Key Points:
Extended Transition for Registered VASPs: Finanstilsynet proposes extending the transition period for existing VASPs registered under Norway’s Anti-Money Laundering Act from the original deadline of 30 December 2025 to 30 June 2026. This means providers of virtual currency exchange or custody services already registered with Finanstilsynet can continue operating until mid-2026 (or until they receive or are denied a MiCA license, whichever comes first) under the temporary exemption.
Alignment with EU MiCA Allowances: The new June 2026 date represents the maximum transition period permitted under MiCA Article 143(3). By utilizing the full period, Norway’s timeline would align with the MiCA framework’s intent and mirror the approach taken in other EU jurisdictions. (Under current Norwegian law, the grace period was set to end in Dec 2025, shorter than MiCA’s allowed 18-month transition.)
Rationale – High Volume & Complexity of Applications: The regulator acknowledges that the number and complexity of MiCA license applications have turned out greater than initially anticipated. As of 20 October 2025, Finanstilsynet had received numerous CASP (crypto-asset service provider) applications and anticipates more shortly, resulting in a far heavier workload than anticipated. Many applications are extensive and complex, and a significant portion is unlikely to be fully processed by the original 30 Dec 2025, deadline.
Practical Implications for Firms: Extra time to prepare: The proposed extension gives firms additional breathing room to submit high-quality, complete MiCA applications, including making any necessary organizational or compliance adjustments. This reduces the risk of operational disruptions – without an extension, firms facing delayed approvals might have been forced to halt services when the original deadline hit. Finanstilsynet emphasizes that a longer transition period enables a thorough, properly managed application process (allowing fixes to applications rather than rushing to denial), which benefits both the companies and the regulator.
Consistency with Other EU/EEA Countries: Norway is not alone in seeking the full transition period. Several EU/EEA countries – including France, Italy, Denmark, Iceland, and Latvia – have already opted to use the full MiCA transitional window until 1 July 2026. Notably, Italy and Latvia initially set shorter 12-month transitions but later extended them to 18 months, recognizing the need for more time. Finanstilsynet’s proposal would bring Norway in line with the standard practice across these jurisdictions.
