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Norwegian Legal Summary of 2023: FinTech

The Norwegian Fintech industry experienced notable growth and maturation in 2023, expanding to more than 180 companies. Despite many Fintechs being in their early stages, prominent players such as Vipps, Signicat, and Zwipe have garnered international recognition, indicating a promising future for the sector.

Norway fully integrated the provisions of PSD2 and the Payment Accounts Directive into its legal system with the entry into force of the new Financial Agreements Act on January 1, 2023.

The Norwegian Central Bank made significant strides in its exploration of digital central bank currency, completing the fourth phase of its initiative. This phase focused on testing and validating technical solutions, with findings reported on December 18, 2023, indicating successful outcomes. Although promising, the bank recognizes the need for additional testing before making a conclusive recommendation. Concurrently, the bank has released a separate report on the potential impact such digital currency might have on monetary policy and the management of liquidity.

Our firm acted as legal advisor to Bitpanda GmbH, a broker of virtual assets, in its successful bid to obtain a VASP (Virtual Asset Service Provider) license in Norway. Bitpanda GmbH is the first non-local firm to be granted a Norwegian VASP license.

Our firm’s dedication to excellence continues to be acknowledged. Chambers has named us the premier Fintech law firm in Norway for the sixth year in a row. This achievement speaks to our team’s passion and dedication to the Fintech sector. Also, notably, partners Morten Wilhelm Winther and Espen Tøndel maintain their individual tier 1 rankings, underscoring their unmatched Fintech expertise in the Norwegian legal landscape.