Norway VASP Registration

Norway Business Fit

Fit
Consider Norway if you will provide crypto-asset services to clients and operate there.

Limits
Token issuance, including asset-referenced and e-money tokens, payments and financial instruments require separate classification.

Choose Your Regulatory Route

Norway belongs to the European Economic Area (EEA).

For an electronic money institution (EMI), Article 60 covers custody and transfers only of its own e-money tokens (EMTs).

Under Article 65, the home regulator forwards information within 10 working days. Services may start when the home regulator confirms transmission, or no later than the 15th calendar day after submission.

Regulated Crypto-Asset Services

• Custody: holding and administering clients’ crypto-assets.
• Trading platforms: operating a crypto-asset trading platform.
• Exchange for funds: buying or selling crypto-assets for money.
• Crypto-to-crypto exchange: exchanging one crypto-asset for another.
• Execution: executing clients’ orders.
• Placing: marketing crypto-assets to buyers for an offeror or related party.
• Reception and transmission: receiving orders and passing them to another executor.
• Advice: advising clients on crypto-assets.
• Portfolio management: managing clients’ crypto-asset portfolios.
• Transfers: transferring crypto-assets for clients.

Application Support From Gofaizen & Sherle

Gofaizen & Sherle can help you:

• Identify which planned services need regulatory permission
• Prepare application documents and governance policies
• Develop controls against money laundering and terrorist financing (AML/CFT)
• Respond to the regulator’s questions

You provide the information and put controls into practice. An authorized filer submits the application through Altinn, Norway’s filing portal. Third parties supply their own documents. Finanstilsynet makes the decision.

Ongoing compliance and corporate services are included only if agreed in the contract.

Scope and Costs

Information and Documents You Need

Documents

Use Finanstilsynet’s current form and checklist, referencing:

• Founding documents, LEI and operating plan
• Evidence of owners’ and managers’ suitability
• Policies for governance, AML, complaints, outsourcing, technology security, business continuity, client assets and your specific services

Business Presence

Maintain a Norwegian registered office and provide some services there. Effective management must be in the EEA, with at least one EEA-resident director.

Financial Safeguards

Article 63 applicants use the highest applicable threshold, without adding amounts together:

Maintain the higher of this threshold or one-quarter of annual fixed overheads. Use the previous year’s overheads, or projected first-year overheads for a new business.

Eligible own funds, insurance, a comparable guarantee or a combination must meet Article 67 conditions. These additional safeguards do not apply to Article 60 financial entities.

Review Times and Delays

Article 63 Authorization

Finanstilsynet follows these review stages:

• Acknowledges receipt within 5 working days
• Checks completeness within 25 working days of receipt
• Assesses a complete application within 40 working days
• Notifies you within 5 working days after its decision

If information is missing, Finanstilsynet sets a response deadline. Norwegian guidance allows 5–20 working days.

A written request made by the 20th working day of assessment pauses the review until you respond, for up to 20 working days. Later requests do not pause it again.

Article 60 Notification

Eligible financial entities must notify Finanstilsynet at least 40 working days before starting services.

• Finanstilsynet checks completeness within 20 working days
• If information is missing, it sets a deadline of no more than 20 working days
• The 40-working-day period pauses until that deadline expires. Later requests cause no further pause

Services cannot start while the information remains incomplete.

Business setup, application preparation, funding, technology and bank review take additional time. These regulatory deadlines do not guarantee a launch date.

Norway’s Regulatory Framework

Norway’s Crypto Assets Act implemented MiCA on July 1, 2025, supervised by Finanstilsynet. MiCA governs permission and conduct. AML/CFT rules require applicable risk-based checks and reporting, the Transfer of Funds Regulation (TFR) requires sender and recipient information for covered transfers.

The Digital Operational Resilience Act (DORA), effective in Norway from July 1, 2025, addresses technology resilience.

Providing advice alone does not trigger AML coverage under the CASP definition. MiCA and other possible AML grounds still apply.

Current Authorization Status

Duties After Authorization

Management
Keep governance, complaints and conflict controls, with records. Remain responsible for outsourced work.

Compliance
Where AML applies, verify customers and ultimate owners, monitor transactions and report suspicions. Meet TFR requirements for covered transfers. Transfers involving wallets outside a service provider need a risk assessment and at least one suitable extra safeguard.

Operations
Protect client assets and funds. Maintain applicable DORA controls and reporting.

Finance
Maintain required financial safeguards and meet crypto-asset tax-reporting duties where applicable.

Risks of Unauthorized Operations

An expired registration does not allow you to accept new clients. Finanstilsynet must withdraw Article 63 authorization for serious MiCA breaches or ineffective AML/CFT controls. Other grounds may also justify withdrawal. Article 60 follows different rules.

Weak security or poor asset protection can cause clients to lose money.

Banking and Payment Arrangements

CASP authorization does not guarantee a bank account or allow you to provide payment services. Each bank or payment provider decides whether to accept your business.
Prepare:

• Details of ultimate owners and sources of funds
• Expected transaction flows
• Evidence of your regulatory permissions

An ordinary corporate account does not replace the client-fund safeguards required under Article 70. Payment services need a separate permission.

Business Taxation

Ordinary corporate net income is taxed at 22% in 2026. Businesses liable for financial activity tax face 25% income tax plus an additional 5% payroll tax, subject to activity thresholds and exceptions.

VAT depends on the service and token function. Exchange/payment exemptions require an asset accepted as alternative payment with no other purpose. CASP fees are not all automatically exempt.

Assess payroll, reporting, withholding, tax residence and permanent establishment. Foreign customers alone do not make income tax-free.

Norway and Alternative Jurisdictions

Norway offers an EEA route under MiCA. The alternatives below do not grant MiCA passporting.