This is foreseen by the requirements of the new European Union (EU) regulation on crypto-assets markets (Markets in Crypto-Assets Regulation, MiCA).
With a permit issued by the Bank of Latvia, a crypto asset service provider will be able to provide its services in all EU member states.
MiCA entered into force on December 30, 2024, introducing a unified EU regulatory framework for the crypto-asset industry, including the requirement that crypto-asset service providers must obtain an operating permit.
The MiCA regulation provides crypto-asset service providers with equal opportunities in EU countries, regardless of the country in which the company received its operating permit. So – upon receiving an operating permit in Latvia, the cryptoasset service provider will be able to provide services throughout the EU in accordance with the cross-border operation notification mechanism, according to the Bank of Latvia.
The Bank of Latvia has been designated as the supervisory and control institution of these market participants and will apply appropriate sanctions and administrative measures for violations of the MiCA regulation.