NAGA Wins EU Crypto License Days Before MiCA Deadline

NAGA Group announced on June 24 that its European subsidiary, NAGA X Ltd, has received authorization under the EU's Markets in Crypto-Assets Regulation (MiCA). The license, granted by Cyprus's Securities and Exchange Commission (CySEC) under registration number 009/23, allows the fintech to offer regulated crypto-asset services across the bloc.

The approval lands just before the July 1, 2026 end of MiCA's transitional period, after which crypto-asset service providers without full authorization must stop serving EU clients. Under the license, European customers can buy, sell, exchange and custody crypto-assets in a regulated framework, NAGA said. The company stressed the move formalizes an existing offering rather than launching a new one, noting crypto services have been part of its lineup for years.

CEO Octavian Patrascu called the authorization an important milestone: "We view regulatory excellence as a key enabler of long-term growth."

Digital assets are one part of NAGA's push to combine trading, investing, payments and crypto in one app. The group launched Naga One late last year, positioning it against all-in-one platforms from Revolut and Warsaw-listed XTB. NAGA said it has more than 2.5 million registered users across over 100 countries, supported by 10 local offices. The app includes a Visa card with fiat and crypto conversion; the company's European entity sits within a group that added licenses after its 2024 merger with CAPEX.com.

MiCA crowd grows

NAGA is one of several brokers to clear the MiCA gate recently. Trading.com, sister brand of CFD broker XM, took a CySEC license last month, and Just2Trade's crypto arm J2TX registered with the same regulator in March. Pure crypto firms have also been active: Kraken switched on services across the 30 EEA countries under its MiCA license, Virtu Financial's Irish unit obtained a CASP authorization in early June, and Coinbase, OKX and Bitpanda have all secured approvals via member states.

NAGA's route fits the broker-into-crypto pattern. MiCA's Article 60 allows investment firms already under MiFID-style oversight to notify their supervisor for equivalent crypto services rather than applying from scratch, a path suited to established financial firms.

The regulatory win arrives amid a soft patch in NAGA's finances. The group cited "structural headwinds" for 2025, when EBITDA dropped to €3.3 million from €9 million a year earlier, blaming low volatility and weaker copy-trading activity. There were signs of recovery in early 2026: NAGA recorded its first profitable first quarter in April, with net profit of €0.5 million. The company completed a 10-for-1 reverse share split in December 2025, and its stock still trades well below 2021 levels.

Management has guided 2026 revenue of €68 million to €75 million and EBITDA of €10 million to €15 million. NAGA trades on the Frankfurt exchange under ticker N4G and runs the multi-asset Naga One app, which bundles stock and ETF investing, social trading, crypto and banking features.