Cryptocurrency and Virtual Asset Licenses

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Crypto-asset service provider (CASP) licence in Latvia: document preparation and application to the Bank of Latvia under MiCA.

Obtaining a Cryptocurrency and Virtual Assets License in Latvia

As of December 30, 2024, new EU regulations governing Crypto-Asset Service Providers (CASP) came into effect. In Latvia, licensing of such companies is handled by Latvijas Banka according to Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA).

According to Latvijas Banka, the EU virtual asset market is projected to grow by over 25% in 2025, making licensing essential for legal operations and building client trust.

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Key Requirements for a CASP License

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Legal Entity: Must be registered in Latvia or another EU member state.
Minimum Capital: €50,000–€150,000 depending on services provided.
Qualified Management: Management must have financial or IT experience and a clean record.
AML/KYC Procedures: Implement anti-money laundering and customer identification policies.
Business Plan & Technical Documentation: Description of services, platform structure, and transaction organization.
Shareholder & Management Documents: Proof of experience and source of funds.

Source: Latvijas Banka – Crypto-Asset Service Providers

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Step-by-Step Licensing Process

Step 1: Prepare all required documents and company information.
Step 2: Submit application to Latvijas Banka via the official portal.
Step 3: Document review and potential request for additional information.
Step 4: License issuance and registration in the CASP registry.

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Timeline: 2–4 months
Cost: Depends on license type, including state fees and minimum capital.

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FAQ

What types of licenses exist for crypto companies?
Cryptocurrency exchange, asset custody, crypto payment services, exchanges, tokenization, and digital asset issuance.

What is the minimum capital requirement?
€50,000–€150,000 depending on services.

Which authorities issue licenses?
In Latvia – Latvijas Banka, in other EU countries – respective financial regulators.

How long does it take to obtain a license?
Usually 2–4 months with complete documentation.

Does management need IT or financial experience?
Yes, management must have relevant qualifications and financial experience.

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