Nuvei Wins EU Crypto License — a Quiet Doorway to Pan‑European Crypto Services

Nuvei lands a MiCAR CASP licence and the ability to operate across the EU

Nuvei (NVEI) announced on Dec. 17, 2025 that it has been granted a Crypto-Asset Service Provider (CASP) licence under the EU’s Markets in Crypto‑Assets regulation, commonly called MiCAR. The company said the licence gives it the right to passport crypto services across all EU member states, opening the door to one‑stop regulatory coverage for digital-asset activity in the bloc.

In its release, Nuvei emphasised the licence will let it offer custody, trading and crypto payment services to merchants and institutional clients in the EU. Company executives framed the approval as a key step in combining Nuvei’s existing payments rails with regulated crypto services, and described the move as part of a broader strategy to deepen partnerships with banks, card networks and large merchants.

How this changes Nuvei’s business map

For investors, the headline is simple: the licence removes a significant regulatory barrier to selling crypto products to European customers under one legal roof. That matters because Nuvei started as a payments processor and has been expanding into crypto tools for merchants and financial clients. With a CASP stamp, it can now try to sell custody-as-a-service, exchange access, and integrated crypto payments to the same merchant base that already uses its payment gateway.

Concretely, this could add several revenue streams. Custody and asset servicing typically bring recurring fees tied to assets under custody. Trading and exchange services generate transaction fees and spreads. Crypto payment rails can drive merchant processing volume and cross-sell higher-margin services, like settlement in fiat or managing crypto receipts. Nuvei’s existing merchant network gives it a ready market to pilot these offerings, which shortens the go‑to‑market path versus a pure crypto player starting from scratch.

Operationally, Nuvei will need to scale custody infrastructure, strengthen AML/KYC and reporting systems, and possibly partner with established custodians while its own systems mature. Versus specialists like Coinbase (COIN), Nuvei’s advantage is a large merchant footprint and payments know‑how; its disadvantage is less brand recognition in retail crypto trading and potentially higher one‑time costs to build or buy custody tech.

Why MiCAR and passporting matter for market access and compliance

MiCAR is the EU’s attempt to create a single rulebook for crypto assets. A CASP licence under MiCAR carries expectations: firms must meet capital and governance standards, keep client assets segregated and safe, follow strict consumer disclosure rules, and submit to reporting and supervision. It’s not a light permit — the regulator wants to see controls that would reduce the kind of custody failures that have plagued the industry.

Passporting is the practical power here. Instead of seeking separate approvals in each EU country, a firm licensed in one member state can notify other states and operate across the bloc. That dramatically lowers the legal friction and timelines for market expansion. Compare that with the UK, which has taken a more piecemeal approach post‑Brexit, and the US, where crypto oversight is still split among agencies and state regulators — a much more fragmented picture for a company seeking wide coverage.

That said, being passported doesn’t erase compliance costs. Firms must meet local rules on consumer protection and tax reporting, and regulators can still scrutinise conduct in each market. MiCAR reduces licensing red tape but raises ongoing supervision and capital expectations.

Investor view: where the licence helps — and where the risks remain

This licence is a positive de‑risking event for Nuvei’s EU ambitions. It turns a potential regulatory obstacle into a competitive advantage: Nuvei can now propose a compliant, integrated payments-plus-crypto solution to large merchants and banks. For investors, that means the company has a clearer path to monetise crypto services in Europe and a better case for premium multiples if execution follows.

But the financial impact won’t be instant. Building custody trust, onboarding institutional clients, and scaling transaction volumes take time. Nuvei will face upfront costs: technology investments, insurance and capital buffers, and higher compliance headcount. Those will weigh on margins in the near term. The licence raises the revenue ceiling, but it also raises the breakeven bar.

Valuation-wise, the licence justifies a more optimistic growth story only if Nuvei converts its merchant base into active crypto users at scale. If it succeeds, recurring custody and transaction fees could lift long‑term revenue growth materially. If volumes stay low or competition forces fees down, the licence could turn into a costly exercise with limited return. Other risks: crypto market volatility, new EU rules that tighten obligations further, and operational incidents such as custody breaches.

On balance, the news is cautiously positive: it meaningfully widens the addressable market and reduces a key regional hurdle, but the market should expect execution risk and near‑term margin pressure.

What investors should watch in the next 3–12 months

Over the next year, look for concrete signs that Nuvei is turning the licence into revenue: product launch dates for custody and exchange services in the EU; initial merchant or bank partner announcements; assets under custody figures; and transaction volume metrics for crypto payments. Quarterly commentary about additional passporting steps or new member‑state acceptances will also be important.

Key KPIs: assets under custody, number of active crypto merchants, transaction volumes in euros, fee rates per transaction, and incremental compliance or capital spending. Material partnerships with large banks, card networks or major merchants would be the fastest way to validate the commercial case.

For shareholders, the near‑term outlook is a tradeoff: more growth potential against higher costs. The licence matters — it’s a necessary condition for EU scale — but execution will decide whether it becomes a source of durable value or an expensive regulatory checkbox.

Sources

• prnewswire.com