MiCA CASP authorisation in Latvia (Latvijas Banka)

Why teams look at Latvia

Latvia is a Baltic fintech base with an integrated regulator. Since 1 January 2023, the former Financial and Capital Market Commission has been part of Latvijas Banka (the Bank of Latvia), which now supervises the financial market. Under MiCA’s crypto-asset service provider regime, applying from 30 December 2024, Latvijas Banka is the authorising authority. Latvia has positioned itself as an accessible, structured route for crypto firms.

This page is informational and does not replace legal, regulatory, or tax advice. Confirm current requirements, forms, fees, and timelines directly with Latvijas Banka before acting.

The authorisation route

A firm that is not already an EU-authorised financial entity applies to Latvijas Banka for authorisation as a CASP under Article 62. A firm already authorised under EU financial law can use the lighter Article 60 notification.

Under Article 63 Latvijas Banka has 25 working days to confirm completeness and then 40 working days to decide once the file is complete.

What Latvijas Banka expects

Local substance

A registered office in Latvia and management effectively based there under Article 59(2).

Governance and fit-and-proper

Collective crypto-asset competence and sufficient time under Article 68, with assessment of directors and qualifying shareholders.

Custody and client assets

Segregation, reconciliation, a custody policy, and strict liability for loss under Article 75 where you hold client crypto-assets or the means of access.

Prudential safeguards

Own funds, an insurance policy, a comparable guarantee, or a mix under Article 67, at the higher of the class minimum or one quarter of fixed overheads.

Capital and the Article 67 question

The minimum is 50,000 euro, 125,000 euro, or 150,000 euro depending on the services you are authorised for, or one quarter of the previous year’s fixed overheads if higher. If you are weighing insurance against capital, build the evidence first: see the CASP insurance evidence pack and own funds vs insurance.

Transitional path

Firms operating under Latvia’s pre-MiCA regime transition onto MiCA through a process Latvijas Banka manages within a national transitional window. Confirm the current cut-off date and the exact transition steps with Latvijas Banka.

Transitional dates have moved at the member-state level. Confirm any date against current Latvijas Banka guidance before planning around it.

FAQ

Is a Latvia CASP licence valid across the EU?

Yes. A CASP authorisation passports to all 27 member states under Article 65. You authorise in Latvia and notify the host states before providing services there.

Who regulates crypto in Latvia now?

Latvijas Banka. It absorbed the former Financial and Capital Market Commission on 1 January 2023 and is the MiCA competent authority.