Norwegian Government Unveils Proposal to Implement MiCA in National Law
Click image to see the proposal.
On 7 March 2025, the Norwegian Ministry of Finance introduced Prop. 55 LS (2024–2025), a legislative proposal to incorporate EU’s MiCA Regulation into Norwegian law. This represents a milestone in establishing a comprehensive regulatory framework for cryptocurrency in Norway. Officially titled “Lov om kryptoeiendeler (kryptoeiendelsloven)”, the proposed act seeks to modernize Norway´s crypto market by integrating EU’s MiCA Regulation into Norwegian law.
Direct Transposition of MiCA
Under the Ministry’s plan, MiCA would be directly transposed into Norwegian law through an incorporation clause in the proposed act—similar to those used in other financial market regulations. This method ensures that the MiCA Regulation, as amended and included in the EEA Agreement, automatically applies in Norway. Additionally, the proposal empowers the Ministry to issue supplementary regulations necessary to implement the Commission’s measures under MiCA.
It is anticipated that the Norwegian parliament will consider and approve the proposal before the summer recess, with the new act likely taking effect on July 1, 2025.
Current legislation
Current Norwegian regulation on virtual currencies only applies to providers of exchange or custody services for virtual currencies. Since 2018, providers of exchange or custody services that are registered as businesses in Norway, operate from Norway, or target the Norwegian market have been subject to registration obligations under the Anti-Money Laundering Act. These providers must be registered with the Norwegian Financial Supervisory Authority (Finanstilsynet), which supervises their compliance. Authorization to operate in the Norwegian market cannot be based on permission or registration from another jurisdiction. Additionally, the definition of “virtual currency” in the Anti-Money Laundering Act differs somewhat from the definition of “crypto assets” in MiCA.
Unregulated services
Issuers of virtual currency and providers of related other than exchange and custody, are not specifically regulated under current Norwegian law. Instead, they are governed by general Norwegian law, including tort law, contract law, sales law, and criminal law. Also, Norway currently lacks specific legislation for asset-referenced tokens and e-money tokens.
Transitional measures (Grandfathering)
In Prop. 55 LS (2024–2025), and with reference to Article 143(3) of MiCA, the Ministry proposes a 12‐month transition period for providers of exchange and custody services starting on 30 December 2024. This timeframe is intended to enable swift regulation of crypto asset services while also giving market participants and supervisory authorities sufficient time to adapt. Accordingly, providers of virtual currency exchange and custody services currently registered with Finanstilsynet under the Anti-Money Laundering Act may, pursuant to section 19 (2) of the proposed act, continue operating until 30 December 2025, or until they have either received or been denied authorization under Article 63 of the Crypto-Asset Regulation, whichever comes first.
Once the new act takes effect, likely 1 July, 2025, non-local actors holding a MiCA license will be able to passport their services into Norway.
For more detailed insights or tailored advice on how Prop 55 LS might impact your operations, please contact us. We are here to help you navigate the evolving landscape of digital asset regulation.
