From Retail Brokerage to Institutional Business-to-Business Enablement : Transition Drivers and Adoption Requirements for Crypto-as-a-Service

Sammanfattning

This thesis examines the strategic transition of regulated, retail-native crypto brokers from B2C brokerage towards institutional B2B and B2B2C enablement in the form of Crypto-as-a-Service (CaaS), using Safello as a blueprint case within the Swedish and broader Nordic context. Although recent literature has examined B2C-to-B2B transitions in FinTech and the regulatory implications of the Markets in Crypto-Assets Regulation (MiCA), neither addresses the transition of crypto brokers specifically, nor the requirements that shape institutional procurement of CaaS in a Nordic setting. The study adopts a qualitative case study design, combining semi-structured interviews with representatives from crypto brokers and institutional actors, complemented by industry events and secondary regulatory and industry material. The empirical material is analyzed through a combined analytical framework drawing selectively on the Multi-Level Perspective and the Technology-Organization-Environment framework, structured across landscape, niche and actor levels. The findings indicate that regulatory developments drive the emergence of CaaS by establishing legitimacy and clearer operating conditions, while internal pressures within the broker niche, including the structural limitations of the B2C model and accumulated crypto-specific capabilities, reinforce the shift. On the buyer side, adoption is shaped by reputational risk, persistent knowledge gaps, a strong preference for local partners with established track record and the non-transferable nature of Anti-Money Laundering (AML) and Know Your Customer (KYC) liability under EU law. CaaS therefore emerges as regulation-enabled, but trust- and knowledge constrained.