On 12 May, the Supervision Committee of Latvijas Banka decided to issue to SIA Paybis Europe a licence for the provision of crypto-asset services and a licence for the operation of a payment institution. This is the first crypto-asset service provider in Latvia to also obtain authorisation for the provision of payment services at the same time.
A licence for the provision of crypto-asset services enables a company to provide the following services:
- providing custody and administration of crypto-assets on behalf of clients,
- exchange of crypto-assets for funds,
- exchange of crypto-assets for other crypto-assets,
- execution of orders for crypto-assets on behalf of clients,
- providing advice on crypto-assets,
- providing transfer services of crypto-assets on behalf of clients.
Meanwhile, a licence for the operation of a payment institution enables SIA Paybis Europe to execute payments, including making transfers to payment accounts.
SIA Paybis Europe is the third company in Latvia to receive a licence in accordance with the requirements of the European Union (EU) Markets in Crypto-Assets Regulation (MiCA). Along with the entry into force of the MiCA Regulation, a unified legal framework for the crypto-asset sector, including the requirement for crypto-asset service providers to obtain authorisation, has been introduced in the EU. Upon obtaining authorisation in one EU country, a crypto-asset service provider may provide services throughout the entire EU in accordance with the mechanism for notifying cross-border activities.
Companies seeking a licence from Latvijas Banka are encouraged to follow the licensing guides prepared by Latvijas Banka. These guides provide detailed information on the licensing process and requirements, including the documents to be drawn up and submitted to Latvijas Banka, the application review deadlines, among other details.
To ensure a smooth licensing process, Latvijas Banka encourages companies to take advantage of pre-licensing consultations. During these consultations, Latvijas Banka’s experts offer guidance to companies on the applicable legal framework and conduct an initial assessment of the company’s compliance with regulatory requirements. Collaboration during the pre-licensing stage helps companies prepare high-quality licence applications and ensures that the licensing process proceeds smoothly. Consultation requests can be submitted via Latvijas Banka’s website.
The number of licensed fintech companies is gradually increasing in Latvia. In 2025, Latvijas Banka issued eight licences to companies in the fintech segment, while seven licences have already been issued this year.
