MiCA implementation in Sweden

Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector.

Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Sweden under the new MiCA provisions.

Current requirements (prior to MiCA implementation)

Companies intending to operate in the provision of virtual asset trading services are required to register with FI as a legal person who intends to engage in currency exchange to a significant extent or other financial activities according to the Act (1996:1006) on currency exchange and other financial activities.

Registration process include the following:

1) Submission of an application to FI

2) FI assesses if statutory requirements are met, such as:

2.1. There is reason to believe the business will be conducted properly under anti-money laundering regulations.

2.2. The suitability requirement in Section 3 for owners and management is met.

3) Payment of an application fee 65 000 SEK (5767 euros).

4) The Authority must make a registration decision within 3 months of receiving a complete application (Chapter 2, Section 8)

5) If statutory criteria are met, a registration shall be finished allowing the company to provide services related to trade in virtual currencies (Chapter 2, Sections 6 and 8)

Has the jurisdiction enacted a law/draft law implementing MiCA?

Act on Assessment of cases pursuant to MiCAR

Act on supplementary provisions to the Market in Crypto-Assets Regulation (“Supplementary Act”)

In November 2023, a new legislative act – Act on Assessment of cases pursuant to MiCAR, was published. The act came into force on June 30, 2024, but will be repealed as soon as the Supplementary Act comes into force on 30 December 2024.

Who is the regulator under the law/draft law implementing MiCA?

Swedish Financial Supervisory Authority (“SFSA”)

Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities

Meet requirements set out in MiCA.

The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements

The crypto-asset service provider shall use an appropriate application or notification form. Annexes can be attached to the form. ESMA has published draft authorisation application and notification forms.

The authorisation application and notification forms and their appendices should be sent to the FIN-FSA’s registry: kirjaamo(at)finanssivalvonta.fi or by post to the address FIN-FSA, Registry, P.O. Box 103, 00101 Helsinki. Further information on, for example, email encryption and the registry’s contact details.

The processing of an application for authorisation and notification is subject to a fee in accordance with the action tariff. The action fee is charged for both positive and negative decisions. If the processing of the case is cancelled because the applicant withdraws the application, a fee is charged for the processing costs incurred up to that point.

Is there a transition period before the full implementation of MiCA?

Providers of crypto-asset services with existing operations in accordance with Swedish law prior to 30 December 2024 may continue to operate until 30 September 2025. If such an undertaking has submitted an application for authorisation before 1 October 2025, it may continue to operate until the application for authorisation has been finally assessed.

The possibility of applying a simplified procedure for the authorisation of crypto-asset service providers under Article 143(6) of the MICA Regulation will not be used.

The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.

Not stated in the Act

Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements

The FIN-FSA may intervene against a person who fails to fulfil its obligations by issuing an order to take a certain action or cease a certain conduct within a certain time or by issuing a reprimand. The same shall apply where a person provides services under the MICA Regulation without authorisation.

A decision on an injunction or prohibition may be accompanied by a penalty payment.

Other useful information regarding the implementation of MiCA

Not stated


Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.


The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.