A Norway-based crypto broker registered with the Norwegian Financial Authorities. The client had rapidly scaled its operations to meet growing demand in the crypto sector but faced increasing regulatory scrutiny from both national and European regulators.
Crypto/ Digital Assets
Strengthening Regulatory Readiness for a Norwegian Crypto Broker
A Norway-based crypto broker registered with the Norwegian Financial Authorities. Operating in a rapidly evolving regulatory environment, the firm provides digital asset trading services to both retail and institutional clients. As part of the European Economic Area (EEA), Norway is subject to EU financial services regulations, including upcoming frameworks such as the Markets in Crypto-Assets (MiCA) Regulation.
The client had rapidly scaled its operations to meet growing demand in the crypto sector but faced increasing regulatory scrutiny from both national and European regulators. Despite being authorised, the firm lacked several foundational compliance components, including a dedicated Compliance Officer, documented Enterprise-Wide Risk Assessment (EWRA), and formalised training programmes. Policies and procedures (P&Ps) were in place but were not sufficiently aligned with current and incoming EU regulatory expectations. With MiCA regulations on the horizon, the broker needed to move quickly to upgrade its compliance posture.
Lysis Group was engaged over a 4–5 month period to support the client’s transformation into a robust, regulation-ready operation. Our approach included:
• Regulatory Policy Review: We conducted a comprehensive assessment of the firm’s existing P&Ps, benchmarking them against both Norwegian requirements and evolving EU standards, particularly MiCA.
• Mandatory Training Programme: We developed and delivered tailored training modules to upskill staff on AML, CFT, conduct risk, and regulatory obligations—ensuring alignment with the firm’s risk exposure and business model.
• MiCA Readiness Advisory: Our consultants provided strategic advisory on MiCA-readiness, including forward-looking insights into governance, operational resilience, and regulatory reporting requirements.
• Compliance Officer Placement: We supported the firm in identifying and onboarding a suitable Compliance Officer, including defining the role and responsibilities in line with EU best practices.
• EWRA Development: We created a customised Enterprise-Wide Risk Assessment methodology for the client, embedding it into their compliance framework and supporting the initial execution to ensure proper adoption.
The engagement resulted in a significantly enhanced compliance function, with clear governance structures, a documented and defensible risk framework, and a fully staffed compliance team. The firm is now well-positioned to operate under the forthcoming MiCA regime and has built a foundation for sustainable growth in a regulated environment. The project also enabled the board to demonstrate proactive risk management and regulatory alignment to Norwegian authorities and potential partners.
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