Latvia issues first MiCA licenses as fintech grows
Latvia is aiming to become the next MiCA hub in the Baltic region. The country’s authorities report fintech revenues of nearly €400 million and the issuance of the first licenses for crypto-asset activities.
Despite its small size and population of around 2 million, Latvia is seeking to secure a strong position in Europe’s cryptocurrency industry. In doing so, the country is drawing on the experience of neighboring Estonia, which has become home to many globally successful startups.
According to Invest in Latvia, around 130 companies currently operate in the country’s fintech sector, employing more than 3,600 people. The combined annual turnover of these companies is approaching €400 million, and they have paid more than €90 million in taxes to the state.
Latvia’s Minister of Economics, Viktors Valainis, called for positioning Latvia as a place where fintech companies can grow and scale both regionally and globally.
“We all want Latvian companies not only to strengthen the local economy, but also to become technology firms capable of exporting,” he said at an event at Riga Business School (RBS), organized by the Latvian Fintech Association and the Baltic Financial Centre (BFC).
Business momentum builds
The key objective is to leverage Latvia’s advantages in the crypto space, particularly in light of the ongoing licensing process under the EU’s new Markets in Crypto-Assets (MiCA) regulation.
“Latvia can become a significant European fintech hub not simply because of ambition, but because the foundation is already in place,” said Mārtiņš Kazāks, Governor of the Bank of Latvia.
This week, Latvijas Banka issued the first licenses under the MiCA regulatory framework.
Under these licenses, Nexdesk SIA will be authorized to provide crypto custody and crypto-asset administration services on behalf of clients. Meanwhile, BlockBen SIA will offer a broader range of services, including custody, transfer, and exchange of crypto-assets into fiat or other crypto-assets, token placement on its own platform, and the issuance of crypto-assets (including utility tokens) for businesses.
These services will be available across the European Union under the MiCA regulation.
As we wrote, Revolut secures MiCA license from Cyprus to offer crypto across Europe
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