MiCA explainer

CASP Licence Map 23.10.2026: Latvia Takes the Lead

A snapshot of the Baltic and Nordic segment: The EEA MiCA register shows ~377 CASPs as of 19.10.2026, with Latvia becoming the regional leader in 2026 with nine CASP and four EMI licences.

Toms Ābeltiņš

23 October 20265 min read

There have been no new datable events in the segment over the past 24 hours, so we offer an explanation with precise dates. The EEA MiCA register shows ~377 CASPs as of 19.10.2026, with growth still driven by German banks via Article 60. In the Baltics, Latvia has taken the lead (9 CASP + 4 EMI in 2026), while Lithuania and Estonia remain selective.

This is an explanatory note (not a daily news item) on an ongoing topic: what the CASP licensing map looks like in our segment - the Baltics (LV, LT, EE) and Northern Europe (FI, SE, NO, DK) - in mid-October 2026. Over the past 24 hours, there have been no new, conclusively datable regulatory events in this segment: neither Baltic nor Nordic regulators have published new CASP authorisations for the exchanges, wallets, cards, or tax tools we monitor. Therefore, today we offer an in-depth snapshot with precise dates, rather than presenting older events as fresh news. All figures are provided with a snapshot date, as third-party register trackers lag behind the official ESMA register by a few days.

Overall Register Picture: Around 377 CASPs as of 19.10.2026

The EEA-wide MiCA register continues to grow slowly. An Outrun Advisory snapshot dated 19 October 2026 indicates 377 authorised Crypto-Asset Service Providers (CASPs) across the 27 EEA countries. For comparison, a mid-August snapshot showed approximately 325-329 entries. This means around fifty entries have been added in less than two months, but, as in the summer, net growth is largely driven by German credit institutions appearing in the register via the MiCA Regulation's Article 60 notification procedure, rather than new crypto exchanges. For example, on 16 October 2026, several German cooperative banks were added to the register. Conclusion for the reader: the total number in the register is growing, but this does not automatically mean the arrival of new exchange or wallet services in our region.

Latvia Emerges as Regional Leader

In the Baltics, Latvia clearly stands out. According to publicly available summaries from early to mid-October (an analytical overview dated 5 October 2026, updated on 13 October), Latvia issued nine separate MiCA CASP licences and four electronic money institution (EMI) licences in 2026 - more than Lithuania and Estonia combined. Among the firms authorised by the Bank of Latvia are Paybis Europe, Neverless, AlphaRoute, Bleap, Hodleris, Nodu Digital, Noah LV, and Atrya Technologies. Characteristically, several of these simultaneously obtain both a CASP and a payment or EMI licence from the same regulator - for example, Neverless, which received its MiCA licence in May, additionally obtained a payment institution licence on 1 October 2026. This indicates a move by firms to build payment infrastructure, not just trading platforms. The Bank of Latvia cites free pre-application consultations and a relatively predictable process as advantages.

Lithuania and Estonia: Selected, but Few Players

Lithuania, historically a champion of registrations by number of firms, has become distinctly selective under the MiCA regime. The Bank of Lithuania granted authorisation to Micar Assets, UAB in early 2026 (news dated 3 March), and earlier licensees include Robinhood Europe, CoinGate (UAB Decentralized), and Nuvei Liquidity. In Estonia, where the transition period ended on 1 July 2026, the Finantsinspektsioon has granted only a few authorisations; Lightspark Payments Europe is mentioned as the sole separate CASP with a simultaneous EMI licence. In both countries, the conclusion is similar: strict entry filters have left few, but serious, players.

Nordic Countries: Mostly Completed Transition

In the Nordic countries, licensing largely took place by summer, so there have been no new regional CASPs in recent weeks. For accuracy, the main dated facts are: Finland completed its applications by the end of 2025 (Northcrypto approved in October 2025, Kvarn Capital Oy - dated 2 December 2025). In Sweden, as of 30 June 2026, the only licensed firm was still Safello (approved in October 2025), but Goobit AB's application was rejected on 2 July 2026. In Denmark, authorisations were spread out - Lunar (October 2025), Januar and Coinify (June 2026). In Norway, TÝR Markets and Firi were authorised in May 2026, and NBX on 30 June; Bitmynt ceased operations on 16 June 2026. In Iceland, Myntkaup received the first MiCA approval on 25 June 2026. These are contextual data with precise dates, not fresh events from the last 24 hours.

Context and Disclaimers

Several considerations should be read with caution. Firstly, some figures (e.g., the list of firms as of 30 June) come from compilations where the authors themselves note certain EMI or additional licence lines as "only approved," so the actual number may be slightly higher. Secondly, third-party trackers lag behind the official ESMA register by a few days to a week, so a separate new regional firm could theoretically appear in the next refresh. Thirdly, register growth at the EEA level is still driven by banks via Article 60, which distorts the perception of "crypto" growth. Therefore, it is more accurate to say that at the time of the snapshot, Latvia is the regional leader in terms of the number of CASP licences issued, rather than drawing categorical conclusions about the entire future.

What to Watch Next

Key checkpoints in the coming weeks: whether any Baltic or Nordic regulator publishes a new CASP authorisation with a clear date; whether Latvia maintains its lead, or if Lithuania and Estonia accelerate their pace; whether the dominance of banks in EEA additions via Article 60 continues; and whether new crypto card or tax tool solutions emerge that directly serve users in this region. If any of these points materialise with a conclusive date, we will return to it in a separate daily review.

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