How the rules are made

A simplified map of how crypto rules travel from Brussels to the five Nordic countries, and who supervises and enforces them. Every box links to its legal source and, where we have one, to the entry in our org chart. Choose a country to follow its route.

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1. EU level

   The European Commission proposes a regulation; the European Parliament and the Council adopt it under the ordinary legislative procedure. ESMA and EBA then fill in details and supervise parts of it.

   proposesEuropean Commission

   EUR-Lex

   adoptsEuropean Parliament

   EUR-Lex

   adoptsCouncil of the EU

   EUR-Lex

   Regulation (EU) 2023/1114MiCA

   Markets in crypto-assets: licences for crypto-asset service providers, rules for issuers and stablecoins.

   applies from 30 December 2024 · EUR-Lex

   Regulation (EU) 2023/1113Transfer of Funds Regulation

   'Travel rule': information about sender and recipient must follow crypto transfers.

   applies from 30 December 2024 · EUR-Lex

   Regulation (EU) 2024/1624AMLR

   EU anti-money-laundering rulebook, including crypto-asset service providers.

   applies from 10 July 2027 · EUR-Lex

   Regulation (EU) 2022/2554DORA

   Digital operational resilience (ICT risk) for financial firms, including crypto-asset service providers.

   applies from 17 January 2025 · EUR-Lex

   EUESMA

   Keeps the MiCA register and drafts technical standards.

   EUR-Lex · ESMA · org chart

   EUEBA

   Supervises issuers of significant stablecoins (asset-referenced and e-money tokens).

   EUR-Lex · org chart

2. Into national law

   Sweden, Denmark and Finland are EU members: EU regulations are binding and directly applicable there. A national act adds what the regulation leaves to each country, such as which authority is in charge. (EUR-Lex)

   The EEA Joint Committee decided on 20 February 2025 (Decision No 41/2025) to incorporate MiCA into the EEA Agreement; Norway and Iceland then gave it effect in national law. (Alþingi)

   National actLov om kryptoeiendeler (LOV-2025-05-27-20)

   Norway · EEA route · Lovdata

   National actLag (2024:1159)

   Sweden · EU member · Sveriges riksdag

   National actLov om finansiel virksomhed § 332 c

   Denmark · EU member · Retsinformation

   National actLaki 402/2024

   Finland · EU member · Finlex

   National actLög nr. 101/2025

   Iceland · EEA route · Alþingi

3. Parliament and ministry

   General description As a rule, the ministry responsible for financial markets prepares the bill and the national parliament adopts it.

   ParliamentStortinget

   Norway · Lovdata · org chart

   MinistryFinansdepartementet

   Norway · org chart

   ParliamentRiksdagen

   Sweden · Sveriges riksdag

   MinistryFinansdepartementet

   Sweden · org chart

   ParliamentFolketinget

   Denmark · Retsinformation

   MinistryErhvervsministeriet

   Denmark · org chart

   ParliamentEduskunta

   Finland · Finlex

   MinistryValtiovarainministeriö

   Finland · org chart

   ParliamentAlþingi

   Iceland · Alþingi

   MinistryFjármála- og efnahagsráðuneytið

   Iceland · org chart

4. Supervisor

   The national competent authority authorises crypto-asset service providers and supervises them.

   Act 402/2024 supplements MiCA; under its section 2, Finanssivalvonta supervises compliance. (Finlex)

   SupervisorFinanstilsynet

   Norway · Lovdata · org chart

   SupervisorFinansinspektionen

   Sweden · Sveriges riksdag · org chart

   SupervisorFinanstilsynet

   Denmark · Retsinformation · Finanstilsynet (DK) · org chart

   SupervisorFinanssivalvonta

   Finland · Finlex · Finanssivalvonta · org chart

   SupervisorSeðlabanki Íslands – Fjármálaeftirlit

   Iceland · Alþingi · org chart

5. Enforcement

   Suspicious transactions are reported to the financial intelligence unit (FIU), which is part of the police or prosecution service. In each country the national tax authority is responsible for taxation, including of crypto-assets.

   Suspicious transactions are reported to Hvidvasksekretariatet, the Danish FIU within NSK. There is no separate crypto tax act; Skattestyrelsen applies the general tax rules to crypto-assets. (Hvidvasksekretariatet, Skattestyrelsen (skat.dk), Skattestyrelsen (info.skat.dk))

   Suspicious transactions are reported to the Financial Intelligence Unit (Rahanpesun selvittelykeskus) within the National Bureau of Investigation (Acts 444/2017 and 445/2017). (Finlex, Finlex)

   FIU / policeØkokrim

   Norway · Lovdata · org chart

   Tax authoritySkatteetaten

   Norway · Skatteetaten · org chart

   FIU / policeFinanspolisen (Polismyndigheten)

   Sweden · Sveriges riksdag · org chart

   Tax authoritySkatteverket

   Sweden · Skatteverket · org chart

   FIU / policeHvidvasksekretariatet

   Denmark · Hvidvasksekretariatet · org chart

   Tax authoritySkattestyrelsen

   Denmark · Skattestyrelsen (skat.dk) · Skattestyrelsen (info.skat.dk) · org chart

   FIU / policeRahanpesun selvittelykeskus (KRP)

   Finland · Finlex · Finlex · org chart

   Tax authorityVerohallinto

   Finland · Verohallinto (vero.fi) · org chart

   FIU / policeSkrifstofa fjármálagreininga lögreglu

   Iceland · Alþingi · org chart

   Tax authoritySkatturinn

   Iceland · Skatturinn · org chart

Simplified overview, not legal advice. Dates are when the EU regulation applies in the EU; national dates can differ (in the EEA they follow incorporation). Checked 4 October 2026.