Danishchallenger bank Lunar has become the first financial institution in Scandinaviato receive a Crypto-Asset Service Provider (CASP) license under the EU’sMarkets in Crypto-Assets regulation. The authorization covers Lunar Block, thebank’s in-app crypto trading platform launched in 2022.
Lunar Secures First MiCACrypto License in Scandinavia
The MiCA license replacesLunar’s previous registration with Denmark’s financial regulator,Finanstilsynet, and extends the bank’s ability to offer crypto services acrossthe European Union without obtaining separate approvals in each market.
Lunar Blockoperates as a closed platform within the bank’s main app, allowing users inDenmark, Sweden, and Norway to buy and sell cryptocurrencies. The service isintegrated with Lunar’s banking infrastructure, which includes standard depositaccounts, payment cards, and business banking tools.
“Regulationis vital to turning new ideas into dependable services,” Ken VillumKlausen, Lunar’s founder and chief executive, said in a statement. “As achallenger bank, we believe in the power of innovation and that crypto assetscan play a pivotal part in the digital asset landscape.”
Otherchallenger banks in Europe are also seeking similar licenses. In September, Zurich-basedSygnum obtained one, while Robinhoodis expanding its services in Europe under the MiCA framework. Revolut, thelargest neobank, isstill in the process of applying.
Nordic Neobank ExpandsCrypto Offering
Lunarreached 1 million users in March 2025 and is processing 121 milliontransactions annualy, making it one of the larger digital banks operating inthe Nordic region. The bank holds a Danish banking license obtained in 2019 andemploys roughly 400 people across Denmark, Sweden, and Norway.
The cryptoplatform was designed with transparent fee structures and in-app controls,according to the bank. Users can trade with minimum transaction sizes startingat 10 kroner, with pricing tied to trade volume rather than subscription tiers.
Oneadvantage of the MiCA license is passporting, which allows authorized firms tooperate across all EU member states. For Lunar, this means the bank can extendLunar Block to users in markets like Germany, France, and the Netherlandswithout repeating the licensing process.
The bankhas not, however, announced specific expansion plans yet. Moreover, ithas not disclosed what share of its user base actively trades crypto throughLunar Block or how much revenue the platform generates.
This article was written by Damian Chmiel at www.financemagnates.com.
