NAGA Wins EU Crypto License Days Before MiCA Deadline

NAGA Group announced that its European subsidiary, NAGA X Ltd, has obtained authorization under the European Union's Markets in Crypto-Assets Regulation (MiCA). The license, granted by the Cyprus Securities and Exchange Commission (CySEC) on June 24, arrives just days before the July 1 deadline when unlicensed crypto firms must cease serving EU clients or face enforcement.

CEO Octavian Patrascu described the authorization as a key milestone, stating that regulatory excellence is a long-term growth enabler for the group. The company emphasized that the license demonstrates its ability to meet demanding regulatory standards, marking a formal move to bring its existing crypto services under the harmonized EU framework.

The license permits European clients to buy, sell, exchange, and custody crypto-assets within a regulated environment. NAGA noted that crypto offerings have been part of its portfolio for years, so the authorization primarily aligns those services with MiCA's uniform rules rather than launching a new product line.

Digital assets form one component of NAGA's broader "superapp" strategy, which combines trading, investing, payments, and crypto into a single platform branded Naga One. The app, launched late last year, competes with all-in-one offerings from rivals like Revolut and XTB. NAGA reports over 2.5 million registered users across more than 100 countries, supported by ten local offices. The platform also includes a Visa card with fiat and crypto conversion features.

The regulatory win comes as NAGA navigates a softer financial period. The group cited structural headwinds for a drop in EBITDA to €3.3 million in 2025 from €9 million a year earlier, blaming low volatility and reduced copy-trading activity. However, early 2026 showed improvement: NAGA posted its first profitable first quarter in April, with net profit of €0.5 million, aided by a leaner cost structure. Management has guided for full-year 2026 revenue of €68–75 million and EBITDA of €10–15 million.

NAGA's stock trades on the Frankfurt exchange under ticker N4G. The group completed a 10-for-1 reverse share split in December 2025. Its multi-asset app now bundles stock and ETF investing, social trading, crypto, and banking features.