Latvia is an EU jurisdiction where crypto-asset service providers may obtain authorisation under the MiCA framework. Once authorised, a CASP may provide services both locally and across the EU under passporting rules. 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.
General Information
| Regulator | Latvijas Banka (Bank of Latvia) — the national competent authority for crypto-asset service providers |
| License Type | Crypto-Asset Service Provider (CASP) authorization under MiCA. Covers exchange, custody, transfer, execution of orders, portfolio management, advice, and operation of trading platforms |
| Minimum Capital | €50,000 / €125,000 / €150,000 depending on services provided, or one quarter of annual fixed overheads (whichever is higher) |
| Time to Obtain | Several months on average under MiCA procedures, depending on application completeness and regulatory review |
| Passporting (EU) | Yes. CASP authorisation allows provision of services across the EU under the MiCA passporting mechanism |
| Local Office | Required. The company must have a registered office in Latvia (or EU), real presence, and effective management within the EU |
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 transactions. Thanks to the flexible policy of the regulative body and the expertise of our experts, our company’s clients can be confident of success in obtaining a permit.
Under the MiCA framework, a single CASP authorization is granted, covering one or more crypto-asset services depending on the applicant’s business model.
Crypto-activities regulation in Latvia
The competent authority for crypto-asset service providers in Latvia is Latvijas Banka.The name “license” is conditional, because firms are issued a permit to provide service range in the cryptographic currency industry. Obtaining authorisation requires submission of a full application file to the regulator, including corporate, compliance, and operational documentation.
Primary requirement basis
A permit to run transactions 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.
- 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.
- Accounting and monitoring of transactions. 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).
- MLRO. Crypto-currency and virtual asset exchange companies need to hire specialist with local residency operating with the MLRO. This specialist must report suspicious or unusual transactions to regulators and keep ongoing contact with FCIS.
How to get a permit?
The authorization process generally includes:
- incorporation of a Latvian company (typically SIA);
- preparation of a detailed business plan;
- development of AML/KYC and internal control frameworks;
- appointment of qualified management and compliance officers;
- submission of an application to Latvijas Banka;
- regulatory review and follow-up queries;
- issuance of authorisation.
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.
- Data collection.
- Cross-checking of personal data of ultimate beneficiaries (UBO), directors, shareholders, board members from independent sources.
- Research of client’s business-connections.
- 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.
- Before establishing a business-relationship.
- Before conducting a random exchange or transactions with cryptographic currencies from 1000 euros.
- If you have doubts about the correctness or accuracy of data about the client or recipient of money.
- 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.
- Getting a crypto-license for organization in Latvia with provision of mandatory package of documentation.
- Preparation of all procedures in accordance with customer identification mechanisms.
- Development of procedures in accordance with standards for combating the legalization of proceeds from crime.
- Obtaining an operator permit for crypto-exchange or a permit for wallets for storing crypto-currency.
- Accounting services.
- 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.