Regulators' Attitudes Towards MiCA In Scandinavia

To date, only one out of a total of seven CASP applications in Sweden has been approved by the Swedish FSA. Of the applications not approved, two were withdrawn by the applicants, while four were rejected by the Swedish FSA.

These results are unprecedented, and Sweden's CASP applications stand out from a Scandinavian perspective as well. In Denmark, seven CASP applications have been approved by the Danish FSA and three have been rejected (to our knowledge). In Norway, the picture is even more favorable, with six CASP applications approved by the Norwegian FSA and none rejected (to our knowledge).

There is no obvious explanation for this discrepancy, but it is clear that the Swedish FSA has taken a far more restrictive approach than its regulatory peers in Denmark and Norway. For many CASPs, the DORA framework has proven one of the most challenging requirements to meet – but this holds true across all three Scandinavian countries, not just Sweden. It also seems unlikely that the