Latvia’s MiCA Licences and EMI Licence: What It Means for Operators
On 3 December 2025, the Supervision Committee of Latvijas Banka issued a MiCA crypto-asset services licence to BlockBen SIA.
On 10 December 2025, it issued another MiCA crypto-asset services licence to Nexdesk SIA and an electronic money institution (EMI) operating licence to GR8 PAY SIA.
For operators, the takeaway is practical. Latvia is issuing authorisations under MiCA while still licensing e-money and payments. That combination matters if your product touches both rails.
Publish Date
22 Jan 2026
Reading Time
10 minutes
Category
Legal News
Jurisdiction
Latvia
Why this is a milestone for EU launch planning
MiCA applies from 30 December 2024 (with some token rules applying earlier).
What changes when a competent authority starts issuing licences is not “PR momentum”. It is your ability to plan around a real supervisory practice.
If Latvia is on your shortlist, you can now benchmark the regulator’s public framing of licences. You can also reassess whether to run crypto and payments under one roof, or split them.
The MiCA rail: what the first two licences tell us
Latvijas Banka’s announcements show it is willing to authorise MiCA CASPs in practice, not only accept filings. Two points matter most: scope discipline and operational readiness.
For Nexdesk, the regulator’s notice lists the permitted crypto-asset services, including custody and administration, execution of orders, and transfer of crypto-assets.
This is not a “nice to have” detail. Your own scope wording drives capital planning, governance design, outsourcing controls, and AML ownership.
If you are a MiCA applicant, treat the scope section as a commercial decision. Over-broad scope increases evidence requirements. Under-scoped filings can block roadmap features later.
You can read the regulator’s licence announcements here:
The EMI rail: why the GR8 PAY licence is part of the same story
On 10 December 2025, Latvijas Banka also issued an EMI operating licence to GR8 PAY SIA.
The regulator states the licence empowers the holder to issue electronic money, make payments, and offer a payment instrument.
That matters for crypto-adjacent businesses. Many models need regulated payment flows, safeguarded funds, and card or account-based instruments. Some teams try to bolt payments on “later” and lose months in onboarding and controls redesign.
A dual-rail plan forces earlier decisions. Who owns safeguarding design. How you evidence customer funds handling. How you separate client assets, operational funds, and crypto custody.
What breaks in practice: banking, onboarding, and control functions
The hard part starts after you “have the licence”. Banking and payment onboarding tends to focus on evidence, not narratives. Your operating model must show clear control ownership across AML, outsourcing, and ICT risk.
MiCA also contains transition mechanics for pre-existing providers. It allows member states to apply a simplified procedure for certain applications submitted between 30 December 2024 and 1 July 2026, where the entity was already authorised under national law on 30 December 2024.
If you are relying on any transitional positioning, document it precisely. Do not assume your status carries across jurisdictions.
For dual-rail businesses, the common failure mode is mismatched controls. The crypto compliance stack is built for custody and travel-rule logic. The payments stack is built for safeguarding, chargebacks, and fraud monitoring. You need one operating system.
For the legal framework reference: MiCA (Regulation (EU) 2023/1114).
Decision checklist: should you position Latvia as your dual-rail base?
Use this as a founder or investor screen.
- Define your MiCA scope. Map features to the specific crypto-asset services you need.
- Decide on payments early. Confirm whether EMI is required for your customer flow.
- Build substance evidence. Board, control functions, outsourcing oversight, and reporting readiness.
- Design the funds model. Safeguarding logic, flows, and reconciliation from day one.
- Plan EU expansion. Put cross-border delivery and notifications into your initial roadmap.
Legasset helps operators align product scope with the correct authorisation strategy. We stress-test the operating model before filing.
If you are considering Latvia for MiCA + EMI, we can structure the scope, governance, policies, and vendor controls to match an operator-grade launch plan.
This note is general information and not legal advice.
Schedule a consultation right now.
FAQ About Latvia MiCA and EMI licensing
Can one group hold both MiCA and EMI permissions in Latvia?
Yes, in principle a group can structure both rails. The key is clear governance and control ownership across crypto and payments.
Do the first MiCA licences mean Latvia is “easier” than other EU hubs?
Not necessarily. Public licensing decisions show execution, but they do not disclose the full review depth or your timeline.
Why does the Nexdesk services list matter for applicants?
Because scope drives everything else. It influences policies, staffing, outsourcing controls, and how you explain your risk model.
If we rely on a transition, can we delay MiCA authorisation?
MiCA contains transitional mechanics, but they are conditional and jurisdiction-dependent. You should document eligibility and avoid assumptions.
