Eternity Law International — News — Crypto license in Latvia

Crypto license in Latvia

Published:
January 11, 2024

By establishing a firm and getting a crypto-license in Latvia, you open doors to offering services for crypto-exchange and storage of cryptoassets within provisions of law basis of the European Union and other countries. Our professional experts have already helped hundreds of clients successfully obtain permits to work with crypto-currencies in Latvia and others; it contributes to the active development of their projects in the EU countries. A Latvian crypto-license will be a credible tool for your business-project, since for firms dealing with crypto-currency, having this permit is a key factor.

We are ready to offer you fully-covering professional support in implementing any of your commercial ideas. Our team has an extensive list of ready-made licenses for sale, in particular, EMI, Forex, gamble permits and much more.

Peculiarities of the Latvian crypto-industry

Latvia is a convenient space for getting a crypto-license, which is valid within the EU, and is a favorable basis for the creation and development of crypto-projects and Fintech businesses. Advantages of this choice include relative simplicity of licensing, short time frames and moderate cost for getting authorization to work with cryptoassets.

To get a permit for an organization registered in Latvia, it is necessary to submit applications, develop AML-policies and hire a person in charge of exchanging data with the regulative authority about suspicious deals. Thanks to the flexible policy of the regulative body and the expertise of our experts, our company’s clients can be confident of 99.9% success in obtaining a permit.

To enter crypto-business in Latvia, two types of crypto-licenses are offered.

  1. Crypto-exchange permit (permit for exchanging crypto-currencies). It gives firms the right to exchange crypto-currency for fiat and vice versa. Firms with this permit have the opportunity to exchange various virtual assets.
  2. Crypto-wallet (permit for storing crypto-currencies). Firms may create and manage custodial crypto-wallets for their clients. They provide and enable storage of clients’ cryptoassets in certain wallets.

We recommend that our customers obtain both licenses from the very beginning, as this does not incur additional costs, but significantly expands the range of opportunities.

Crypto-activities regulation in Latvia

Control in this area is the responsibility of FCIS in Latvia. The name “license” is conditional, because firms are issued a permit to provide service range in the cryptographic currency industry. The procedure for obtaining such documents is carried out in the form of a notification, where the firm provides a statement of its intention to work with crypto-currency. Needed packages of documentation are attached to applications. FCIS implements correspondence checks and permit issuance.

Primary requirement basis

A permit to run deals with cryptoassets in Latvia can be obtained by both local firms and branches of foreign organizations. Despite the fact the owners and managers of company may be non-residents of Latvia, each individual connected with organization must have an impeccable business image, confirmed by criminal records absence.

According to the local regulation, key normative points imposed by FCIS and Lithuanian legislative provisions on crypto-companies include next-mentioned.

  1. KYC (Know Your Customer). Each crypto-company in Latvia must develop clear rules for customer verification, including document verification, origin of funds, inclusion in sanctions lists and PEP lists, etc. The principles of secure storage of customer-related information are also important.
  2. Accounting and monitoring of deals. It’s assumed a firm with a crypto-license must record and monitor all crypt-transactions and customer transactions for illegal monetary means circulation prevention, in accordance with the requirement basis of the regulative authority in Latvia (FCIS).
  3. MLRO. Crypto-currency and virtual asset exchange companies need to hire worker with local residency operating with the MLRO. This specialist must report suspicious or unusual deals to regulators and keep ongoing contact with FCIS.

How to get a permit?

Getting a VASP-license in Latvia begins with submitting a notification to the regulator about the desire to conduct transactions for the exchange or holding of virtual assets. It includes registration of relevant crypto-activities in Commercial Register of Latvia and performing other procedures. A brief description of the main steps includes next-mentioned.

  1. Start by registering a firm in Latvia, preferably in the form of a limited liability firm (UAB). Here it is important to form an authorized capital by opening a savings account in a local bank.
  2. Develop and implement effective anti-money laundering and anti-terrorism financing (AML/CFT) measures and principles. This includes an assessment of the company’s risks and risk management policies.
  3. Inform the regulator of your intentions by registering as a virtual currencies exchange operator and/or crypto-wallet operator.
  4. Get an operational current account for mutual settlements with clients. We provide various options for companies in banks or e-money systems (EMI or PSP) supporting high risk.

Price of ready-for-use permit may vary and is calculated individually. 

Our company’s specialists are ready to offer optimal solutions for getting a crypto-license in Latvia, ensuring efficient completion of all steps both in person and online based on a power of attorney. We can also provide you with professional services for obtaining other types of permits, in particular, gambling permits in Romania, Forex permits in Estonia and much more.

Client identification and verification procedure

Determination whether the client acts on his/her own behalf or represents the interests of another person. In the latter case, it is necessary to find out the identity of this person.

  1. Data collection.
  2. Cross-checking of personal data of ultimate beneficiaries (UBO), directors, shareholders, board members from independent sources.
  3. Research of client’s business-connections.
  4. Periodically review and update data and documentation about clients with whom cooperation has already been established.

Making a decision on cooperation or termination of cooperation upon receipt of information about the following entities:

  • those subject to international sanctions;
  • those who were previously suspected of illegal monetary means circulation or assistance to terrorism;
  • politically exposed persons;
  • residents of jurisdictions where adequate AML measures are not enforced.

The client identification procedure should be carried out as next-mentioned.

  1. Before establishing a business-relationship.
  2. Before conducting a random exchange or transactions with cryptographic currencies from 1000 euros.
  3. If you have doubts about the correctness or accuracy of data about the client or recipient of money.
  4. For any suspicions in connection with operations or transactions related to illegal monetary means circulation and terrorism financial support.

Advantages of obtaining a crypto-license in Latvia with our team

Having many years of experience in the licensing niche for firms of various levels in Latvia and others, we’re ready to give you highly-effective support to those who seek to obtain a cryptocurrency permit in Latvia.

We offer a full range of actions necessary for authorization of a crypto-service provider, including registration of a firm in Latvia and its affiliates, as well as preparation and launch of AML/KYC-policies and rules. We can carry out all stages, including firm registration and preparation of documentation, online, without the need for your presence.

  1. Getting a crypto-license for organization in Latvia with provision of mandatory package of documentation.
  2. Preparation of all procedures in accordance with customer identification mechanisms.
  3. Development of procedures in accordance with standards for combating the legalization of proceeds from crime.
  4. Obtaining an operator permit for crypto-exchange or a permit for wallets for storing crypto-currency.
  5. Accounting services.
  6. Drawing up reports.

Upon client’s request, accounting support and other necessary services for business-activities of a cryptocurrency firm are guaranteed. All these measures are aimed at ensuring the successful receipt of a crypto-license in Latvia and the effective functioning of the business in this area. Our lawyers are also ready to provide you with highly-qualified support for the goal to obtain other types of permits, in particular, a banking permit in the Comoros Islands, a gamble permit in Malta and much more.

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