Latvijas Banka invites crypto-asset service providers to pre-licensing consultations

On 30 December, the new Markets in Crypto-Assets Regulation (MiCA) will come into effect, introducing a unified legal framework and a unified licensing regime for the crypto-asset industry across the European Union (EU).

Latvijas Banka will accept applications and issue licences for crypto-asset service providers starting from January 2025.

Pre-licensing consultations

In the meantime, Latvijas Banka invites crypto-asset service providers to participate in free pre-licensing consultations. Experts at Latvijas Banka will offer guidance on the applicable regulations and required documents and will conduct an initial assessment of the company's compliance with regulatory requirements.

The pre-licensing phase helps companies prepare high-quality licence applications, ensuring a swift and efficient official licensing process. The pre-licensing consultations are free of charge, and the meetings with a dedicated expert team at Latvijas Banka are easy to arrange. There is no limit to the number of consultations and meetings.

Guides on obtaining authorisation

Latvijas Banka has also created comprehensive guides on obtaining authorisation to provide crypto-asset services and issue tokens. These guides offer a clear overview of how to prepare and submit an application to Latvijas Banka, which documents are required, and the timeline for the application's assessment.

Additionally, Latvijas Banka has created an overview of the classification of crypto-assets within the MiCA framework, specifying the crypto-assets MiCA applies to and outlining the exceptions where other regulations may apply.

The MiCA Regulation ensures equal opportunities for crypto-asset service providers across EU countries, regardless of where the company obtained its licence. Thus, obtaining a licence in Latvia will allow a crypto-asset service provider to offer services throughout the EU under the passporting mechanism.

Webinar

Latvijas Banka's experts will provide detailed information about obtaining a licence for providing crypto-asset services in Latvia in a webinar on 30 September. To receive an invitation, please register by 27 September by completing the application form. The webinar will be conducted in English.

Both companies planning to obtain a licence for providing crypto-asset services and consulting service providers are cordially invited to join the webinar.