Denmark
MiCA Snapshot
Denmark has hard‑wired the EU Markets‑in‑Crypto‑Assets Regulation (MiCA) into its financial‑services rulebook. Denmark offers a clear, single‑regulator path for MiCA compliance, but insists on tangible substance in the country and a careful distinction between centralised and fully decentralised business models. Early engagement with Finanstilsynet is essential to secure a licence — and an EU‑wide passport — before the grandfathering clock runs out.
A single authority model applies. Finanstilsynet (the Danish Financial Supervisory Authority) is the competent authority for every MiCA title, as confirmed in Denmark’s Article 93 notification to ESMA. National powers and fee provisions were created by Act No. 481 of 23 May 2024, which amended the Financial Business Act, the Payments Act and the Capital Markets Act to embed MiCA and the Digital Operational Resilience Act (DORA) in domestic law.
Denmark has chosen MiCA’s maximum 18‑month grandfathering period, allowing CASPs that were already operating lawfully before 30 December 2024 to continue until 1 July 2026 or until a licence is decided, whichever comes first. Finanstilsynet has informally asked grandfathered firms to file complete licence applications by 30 June 2025 so that authorisations can be processed in time for passporting.
Application packs for ART/EMT issuers and for CASP licences are now available on Finanstilsynet’s website. They demand detailed governance, AML and ICT documentation, together with the notification required under MiCA Article 60 for already‑regulated financial institutions. A decisive local nuance is the “real presence” requirement: applicants must show a substantial operational footprint in Denmark (head‑office management, key staff and decision‑making located in the country) or risk refusal under Article 63.
MiCA excludes services that are provided in a fully decentralised manner. To prevent misclassification, Finanstilsynet issued a 25 June 2024 guidance paper that sets out technical and governance criteria for judging whether a crypto‑asset activity is genuinely decentralised and therefore outside MiCA’s scope. Firms are urged to self‑assess rigorously and to consult the authority early; offering a service without a licence on the mistaken assumption of decentralisation will be treated as an unlawful activity.
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Final ESMA/EBA technical standards are expected in the second half of 2025; Finanstilsynet will update its forms immediately afterwards.
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Grandfathered Danish CASPs that miss the mid‑2025 application window risk a capacity crunch as the 1 July 2026 cut‑off approaches.
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Supervisory priorities for 2025‑26 include ICT resilience (aligned with DORA), robust safeguarding of client assets, and a data‑driven approach to market‑abuse surveillance.
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Behind Licentium
Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
