Norway implemented the EU's Markets in Crypto-Assets Regulation (MiCA) through the Crypto Asset Act (Kryptoeiendelsloven) effective July 1, 2025, establishing comprehensive regulatory framework for stablecoins. MiCA divides stablecoins into Electronic Money Tokens (single fiat-currency backed) and Asset-Referenced Tokens (multi-asset, commodity, or crypto-backed). All stablecoin issuers must obtain licenses, maintain full reserve backing, publish whitepapers, undergo regular audits, and comply with market conduct rules. Transition period for existing providers extended to June 30, 2026. Framework emphasizes consumer protection, financial stability, and market integrity.
Applicable Laws:
Law on Crypto Assets / Lov om kryptoeiendeler (Kryptoeiendelsloven): LOV-2025-05-23-30 - https://www.stortinget.no/no/Saker-og-publikasjoner/Vedtak/Beslutninger/Lovvedtak/2024-2025/vedtak-202425-056/?all=true
