At a press briefing in Riga, officials from Latvijas Banka announced that the first two companies active in the crypto market had been authorized to provide crypto-asset services from Latvia to clients across the European Union.
Opening the briefing, Minister of Economics Viktors Valainis described the first MiCA licences as a strategic milestone for Latvia’s economy. According to him, the licences send a clear signal that Latvia is ready to become part of the global crypto market. Regulated crypto-asset services, he said, create new opportunities beyond the traditional banking sector, ranging from modern B2B payment infrastructure to entirely new financial technology solutions.
The sector is also expected to bring significant economic benefits. It generates highly qualified jobs and high-value service exports. In financial and insurance services, average wages are around 40 percent higher than the national average, and nearly all output is export-oriented.
Latvia may also look to neighboring Lithuania as a benchmark. Over the past four years, crypto companies in Lithuania have paid more than €80 million in taxes. For Latvia, this represents a realistic and attainable target, as the country aims to build its own success story in the regulated crypto space.
“Latvijas Banka is open to new companies entering Latvia’s financial sector,” said Snata Purgaile, deputy governor of Latvijas Banka, in a statement. She added that companies seeking a MiCA licence in Latvia receive professional consultations and ongoing support throughout the pre-licensing and licensing process.
According to Latvijas Banka, five companies have already submitted MiCA licence applications, while another twelve are currently in pre-licensing consultations. More than 100 companies from countries including Poland, Lithuania, Spain, Italy, Japan, and Sweden are reportedly exploring Latvia as a potential base for their EU operations.
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