---
title: "Latvia Crypto Regulation Monitor | cryptoassets.gi"
canonical: https://cryptoassets.gi/jurisdictions/latvia/
source_html: /jurisdictions/latvia/index.html
description: "Latvia crypto asset regulation: 8 categories, 49 sourced findings, updated 2026-10-25. Licensing, token classification, stablecoins, tax treatment."
generated_at: 2026-11-07T14:19:44Z
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# Latvia Crypto & Digital Asset Regulation

schema crypto-v2.0.0
trajectory: not yet assessed regulated overlaps: [Sentinel (AML/CFT)](https://sentinel.gi/jurisdictions/latvia/), [World Payments](https://payments.gi/jurisdictions/latvia/)

Last updated 2026-10-25 · 8 categories · 49 sourced
findings · 42 sources in the cumulative register

Download report (PDF) Expand all

Evidence re-verified: 2026-10-25 · Position last changed: 2026-10-25 · Record history & provenance ▾ Methodology & record provenance: Module confidence is derived from the underlying claims (source tier and primary excerpt retention), while statutory legal force is tracked independently.

Review status: AI-synthesised · Tier-1/2 verified · As-of date: 2026-10-26

[Open in Co-Pilot ↗](/reports/?type=copilot&j=LATVIA)[Build Report](/reports/?j=LATVIA)[Compare](/compare/?j=LATVIA)

Framework posture Regulated 7 of 9 modules populated · AI-synthesised · Tier-1/2 verified

Lead supervisory authority Latvijas Banka Primary statutory & supervisory perimeter

Next milestone (> 2026-10-26) None scheduled No dated future statutory milestone on record

Module coverage & confidence 7 / 9 modules assessed 0 Confirmed · 7 Probable · 0 Uncertain · 2 Not yet assessed

8 Categories

0 Moved this cycle 0 Key judgments 3 Open gaps 49 Findings

19 Tier-1 sources

Confidence mix 8 unpopulated
(sums to 8 rendered categories; click to filter)

No categories moved this cycle.

Law made at European Economic Area (Bloc) level that applies in Latvia is covered once, on the [European Economic Area (Bloc)](/jurisdictions/european-economic-area-bloc/) page. This page covers Latvia’s own layer: implementation, national authorities, national options and local enforcement.

## Jurisdiction lead brief

###### Latest update · 25 October 2026

#### Lead Signal

Latvia's crypto-asset licensing regime under the Markets in Crypto-Assets Regulation continues to operate as a mature, functioning pipeline rather than a transitional arrangement. Latvijas Banka, the national competent authority, has authorised twelve crypto-asset service providers by 1 October 2026, with Atrya Technologies SIA the most recent grant. The prior national VASP registration regime closed to new applicants on 30 December 2024, meaning authorisation under the Regulation is now the only route into crypto-asset service provision in Latvia, and the transitional gap that MiCA's phase-in created has closed.

#### Other Developments

Stablecoin and e-money overlap. Crypto-asset service providers offering transfer services involving e-money tokens may also require a separate payment-institution licence under Latvia's Law on Payment Services and Electronic Money, a dual-licensing reality confirmed by Latvijas Banka's own issuance of a payment-institution licence to Nexdesk SIA. This is not a Latvia-specific stablecoin regime so much as a structural overlap between the EU-level token framework and the national payment-services licensing track, and firms building e-money-token transfer products into their service offering should expect to navigate both authorisation tracks rather than one. Prudential thresholds. Class 1 providers offering reception and transmission of orders, execution, advice or portfolio management without custody or operation of a trading platform face a minimum own-funds requirement reported at EUR 50,000, consistent with the lighter end of the Regulation's tiered capital structure. Classification guidance. Latvijas Banka continues to publish its own overview distinguishing crypto-assets that fall within the Regulation's scope from instruments that sit outside it, giving market participants a standing reference point rather than a one-off determination.

#### Cross-Monitor Connections

The dual-licensing interaction between crypto-asset authorisation and payment-institution licensing sits squarely at the boundary between this monitor's remit and payments-focused oversight: a firm authorised as a crypto-asset service provider that also moves e-money tokens may be building a hybrid compliance obligation across both regimes simultaneously. Separately, the breadth of Latvijas Banka's authorisation book, now standing at twelve firms, together with its active use of the EU's cross-border notification mechanism, point to an operating environment where Latvia functions as a base for pan-EU/EEA service provision rather than a purely domestic one, a structural feature relevant to any assessment of financial-integrity exposure tied to rapid cross-border scaling of newly authorised entities.

#### Outlook

The clearest open question is not whether the licensing regime is functioning, but how completely its transitional elements have closed. Whether Latvia used the full grandfathering period running to 1 July 2026 permitted under the Regulation, or adopted a shorter national cut-off, has not been independently confirmed, and the specific national instrument designating Latvijas Banka as the competent authority has not been independently retrieved. Watch for confirmation of either point, and for whether the pace of new CASP authorisations (no new grant recorded since 11 October 2026) continues or has reached a plateau.

2 earlier updates not shown here.

###### Standing brief · as of 25 August 2026

Written before the update above. Where they differ, the update is the more recent position.

#### Lead Signal

Latvia's crypto-asset regulatory regime completed its MiCA transition this cycle's evidence base confirms. Every business providing crypto-asset services professionally in Latvia must hold formal MiCA crypto-asset-service-provider authorisation from Latvijas Banka under the national Law on Crypto-Asset Services, effective 30 June 2024. The legacy, pre-MiCA VASP registration regime closed to new entrants on 30 December 2024, and existing VASPs were required to obtain full CASP authorisation by 30 June 2025 — a transition window that has now fully closed. This closure is the most consequential fact in this cycle's evidence: Latvia no longer operates a mixed registered/authorised crypto population, but a single, fully-MiCA-authorised one. The completed transition should be read as a structural milestone rather than a single event: it converts what had been a period of parallel legacy-registration and new-authorisation regimes into a single, binary authorised/unauthorised population. For counterparties assessing Latvian crypto-asset service providers, this means that after 30 June 2025 there is no longer a legitimate 'legacy registered but not yet CASP-authorised' category to account for; a provider operating in Latvia today either holds CASP authorisation or is operating outside the regulated perimeter entirely.

#### Other Developments

Consumer-protection standards rose alongside the licensing transition. CASP authorisation under the current regime requires demonstrated governance, adequate own funds, confirmed local substance, a qualified money-laundering-reporting officer, and ICT-resilience documentation meeting Digital Operational Resilience Act standards. This is a materially higher bar than the prior registration-based regime carried. The governance, own-funds, local-substance and MLRO requirements are consistent with the wider MiCA authorisation standard rather than being Latvia-specific enhancements, but their practical effect in Latvia is to have raised the compliance bar precisely at the same moment as the licensing population itself has grown quickly — meaning the consumer-protection uplift and the licensing-volume growth are two aspects of the same transition rather than independent developments. Latvia's approach of layering DORA-aligned ICT-resilience documentation into the CASP authorisation requirement is also a notable pairing of financial-conduct and operational-resilience expectations within a single authorisation gateway.

#### Cross-Monitor Connections

Latvia's crypto-licensing volume and transition completion are the same underlying phenomenon tracked from an illicit-finance angle by the Financial Integrity Monitor, which examines the same CASP authorisation wave for sanctions-evasion and illicit-flow migration risk following the associated EEA-exit deadline for non-compliant providers, and from a payments-market-access angle by the World Payments Monitor, which tracks the same Latvijas Banka authorisations as commercial and product-innovation events. This brief's focus is narrower: the licensing-framework completion and the consumer-protection standard uplift that framework carries, independent of either the illicit-finance or payments-market-access readings of the same underlying licensing activity. Readers following those adjacent monitors should treat this brief's findings as the licensing-and-consumer-protection substrate underlying both of their separate analyses, rather than a competing or duplicative account.

#### Outlook

The open evidence gap for both findings this cycle is direct primary-source corroboration: no Latvijas Banka CASP register page was reached to confirm the exact current licence count, and the consumer-protection requirement summary rests on a single Tier-4 secondary source rather than the underlying MiCA text or Latvijas Banka guidance directly. Closing that gap is the priority for moving both findings from their current confidence tier toward confirmed status at the next cycle. A secondary item worth tracking is whether Latvijas Banka publishes any CASP-specific consumer-protection guidance beyond the general MiCA authorisation criteria, which would allow this domain's findings to be tested against a Latvia-specific standard rather than the general EU-level MiCA baseline alone.

Read full brief · 1067 words

Key regulatory facts for Latvia Regulatory Dimension Latvia Standing Position

Jurisdiction Latvia (LV)

Regulatory Scope Crypto & Digital Asset Regulation (8 modules, 49 sourced findings)

Crypto Licensing Latvia enacted its national Law on Crypto-Asset Services (effective 30 June 2024), naming Latvijas Banka as sole competent authority.

Token Classification Crypto-assets in Latvia are classified per the MiCA taxonomy applied directly by Latvijas Banka: asset-referenced tokens (ART), e-money tokens (EMT), and 'other' crypto-assets including utility tokens.

On-Chain Activity Regime MiCA, as applied by Latvijas Banka, does not create a bespoke licensing category for staking, DeFi, mining, node operation, or validator activity.

Stablecoin Regime MiCA Titles III (ART) and IV (EMT), applied directly by Latvijas Banka, govern stablecoin issuance in Latvia: ART issuers require authorisation (subject to small-issuance/qualified-investor exemptions) and a reviewed...

Primary Instruments Cited Latvijas Banka, Latvijas Banka, Latvijas Banka, Latvijas Banka, European Securities and Markets Authority

Last Confirmed / Updated 2026-10-25 (42 sources in cumulative register)

8 of 8 categories

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### Latvia: C1 Crypto LicensingGreenEnacted in forceModule confidence: Probable▾

Latvia enacted its national Law on Crypto-Asset Services (effective 30 June 2024), naming Latvijas Banka as sole competent authority. Latvia set one of the EU's shortest national transitional periods (6 months), closing 30 June 2025. By 30 September 2026, Latvijas Banka had issued 12 MiCA CASP authorisations, with 15 companies in active licensing and 29 in pre-licensing consultation. A parallel Credit Institution Law amendment (in force 6 January 2026) created a lower-capital 'specialised credit institution' bank licence.

Open gap — crypto-int-1 Latvia's specific national designation/implementing instrument naming Latvijas Banka as MiCA competent authority (statute number) not independently retrieved this cycle. DeFi/validator-level on-chain activity where no regulator has yet spoken is a known under-index vector.

Open gap — crypto-int-2 Whether Latvia used the full MiCA Art 143(3) grandfathering period to 1 July 2026 or a shorter national date was not separately confirmed. tax_treatment is structurally thin across the estate.

Horizon · 2026-07-01 (± a quarter) MiCA EU-wide transitional backstop (already passed for Latvia nationally) In force · Tier 3 source

#### Crypto Licensing

Latvia operates a fully implemented MiCA framework for crypto-asset services, with Latvijas Banka as the supervisory authority. Every business providing crypto-asset services professionally in Latvia must hold formal MiCA crypto-asset-service-provider authorisation, a requirement grounded in the national Law on Crypto-Asset Services, effective 30 June 2024.

The transition from Latvia's pre-MiCA regime is now complete. The legacy VASP registration regime closed to new applicants on 30 December 2024, meaning no further entities could register under the old framework after that date. Existing VASPs that had registered under the legacy regime were separately required to obtain full CASP authorisation by 30 June 2025, closing the transitional window entirely.

By mid-2026, Latvijas Banka has issued approximately eight to ten CASP authorisations, a volume that positions Latvia among the more active MiCA licensing jurisdictions in the EU. This count is assessed rather than confirmed: no direct Latvijas Banka CASP register page was reached this cycle to verify the exact figure, and the count rests on convergent but independent vendor and law-firm secondary sources rather than a single authoritative primary count. The traffic-light assessment for this module is green, reflecting a fully implemented licensing regime with clear, already-passed transition deadlines and an active, ongoing authorisation pipeline, notwithstanding the residual primary-source verification gap on exact licence counts.

The practical implication of this completed transition is that Latvia's crypto-asset-service-provider population is now single-tier: authorised under MiCA CASP rules, or outside the regulated perimeter. There is no longer a legitimate intermediate category of legacy-registered-but-not-yet-CASP-authorised providers, since that transitional category closed definitively on 30 June 2025. Any entity providing crypto-asset services in Latvia without CASP authorisation today should be understood as an unauthorised, out-of-perimeter actor rather than as operating under some residual legacy permission.

It is worth being precise about what 'fully implemented' means in this context. The traffic-light green rating reflects that the licensing framework itself is settled and no longer in a transitional or ambiguous state. It does not by itself certify that supervisory capacity has kept pace with the resulting licensing volume; that is a separate, active-defence and compliance-technology question, and no Latvia-specific finding on supervisory capacity was available within the crypto_licensing module this cycle. Readers should also note the entity-level detail available this cycle: named CASP grantees include Backpack EU/Trek Technologies, Paybis Europe, TWINO Investments, BlockBen, Nexdesk, GR8 Pay, AlphaRoute and Neverless, spanning a range of business models from crypto exchange services to broader digital-asset infrastructure. This diversity of grantee business models is itself informative: Latvia's CASP licensing wave is not concentrated in a single crypto-asset-service niche, but spans the range of activities MiCA's CASP category covers, consistent with Latvia positioning itself as a general-purpose rather than niche crypto-licensing venue.

#### Outlook

The priority gap to close for this module is direct primary-source verification of the current CASP authorisation count, ideally via a Latvijas Banka register page rather than convergent secondary reporting. A confirmed, primary-sourced count would allow this module's licensing-volume finding to move from assessed to confirmed confidence. A secondary item to track is whether any of the roughly eight to ten authorised CASPs face a licence variation, suspension or revocation event, which would be the first test of Latvijas Banka's ongoing supervisory posture over the newly authorised population. No such event was evidenced this cycle.

Read full sub-brief · 543 words Periodic update · new data 2026-10-25

#### Crypto Licensing

Latvia's crypto-asset licensing regime is anchored in the Markets in Crypto-Assets Regulation, under which Latvijas Banka requires authorisation as a crypto-asset service provider for any crypto-asset service provision within the jurisdiction. The prior national VASP registration regime, which had allowed firms to operate under a lighter domestic framework, closed to new applicants on 30 December 2024, meaning CASP authorisation under the Regulation is now the sole route to market. By 1 October 2026, Latvijas Banka had authorised twelve crypto-asset service providers, the most recent grant going to Atrya Technologies SIA, indicating an active and functioning licensing pipeline rather than a backlog or a stalled transition. Entities that continued providing crypto-asset services to EU clients without a Regulation-compliant licence after 1 July 2026 are understood, at EU level, to be in breach of EU law and expected to have wind-down or client-migration plans in place, although the specific national enforcement penalty figures as transposed in Latvia have not been independently located.

For firms seeking authorisation, the prudential threshold for the lightest licence class is material: providers offering only order reception and transmission, execution, advice or portfolio-management services, without custody or operation of a trading platform, face a minimum own-funds requirement reported at EUR 50,000. This threshold has not been independently cross-checked against the Official Journal's own text, but is consistent with the tiered capital structure the Regulation establishes across service types. Latvijas Banka separately maintains and publishes its own classification overview, distinguishing crypto-assets that fall within the Regulation's scope from instruments outside it, which gives the market a standing reference point for classification questions rather than requiring firm-by-firm determinations.

Two open questions remain outstanding in the research record. First, the specific Latvian national designation or implementing instrument naming Latvijas Banka as the competent authority under the Regulation, including its statute number, has not been independently retrieved. Second, whether Latvia used the full transitional grandfathering period running to 1 July 2026, or applied a shorter national cut-off date, has not been separately confirmed. Neither gap changes the operative fact that the licensing regime is functioning and actively granting authorisations; both bear on the precision with which the regime's legal basis can be cited.

#### Outlook

Watch for continued growth in the authorised-CASP book beyond the twelve firms recorded as at 1 October 2026, noting that no new grant has been recorded since 11 October 2026, which may indicate either a pause in the pipeline or simply a gap in the own monitoring window. Watch also for independent confirmation of the Latvian designating instrument and the national grandfathering cut-off date, both of which would sharpen the precision of the standing licensing picture without changing its substance.

2 earlier distinct update(s) Periodic update · new data 2026-10-11

#### Crypto Licensing

Latvia's crypto-asset licensing regime operates under Regulation (EU) 2023/1114 (MiCA) as implemented nationally through the Law on Crypto-Asset Services, effective 30 June 2024, with Latvijas Banka as the single supervisory authority for crypto-asset service providers. Latvia chose to shorten its national transitional period for pre-existing providers to six months, closing 30 June 2025, considerably ahead of the MiCA-wide outer backstop of 1 July 2026 that applies by default under Article 143(3) to member states that did not legislate a shorter window. This early closure forced incumbent providers to secure full MiCA authorisation sooner than counterparts in jurisdictions running the full transitional period, and the subsequent authorisation data suggests the regulator absorbed that compliance load without a visible backlog.

By 30 September 2026, Latvijas Banka had issued twelve MiCA CASP authorisations, the most recent to Noah LV SIA. This count rests on vendor commentary rather than a directly retrieved Latvijas Banka register page, so the precise figure should be treated as probable rather than confirmed, though the underlying trend of sustained authorisation activity through the third quarter is corroborated by the pattern of individual, separately sourced licence grants to named entities across the same window. Running alongside the crypto-specific authorisation track, a Credit Institution Law amendment in force since 6 January 2026 created a 'specialised credit institution' category, carrying a reduced one-million-euro initial capital requirement against the standard five million, available to firms meeting at least one of three tests: a limited customer base, a digital-only channel, or an innovative business model. No source in this cycle's evidence base confirms a crypto-specific entity has used this route, so its relevance to the crypto-licensing pipeline remains structural rather than demonstrated.

Taken together, the picture is one of an in-force, comprehensive national regime with an authorisation pipeline that is functioning rather than merely nominal: multiple named entities received authorisations across the reporting window, and the regulator appears to be processing CASP and adjacent payment-institution or electronic-money-institution licences as parallel, compatible tracks rather than sequential gates.

#### Outlook

The principal open question is whether Latvijas Banka's authorisation throughput, which produced twelve CASP licences by the end of the third quarter of 2026, continues at a comparable pace into the fourth quarter, and whether the specialised-credit-institution category draws any crypto-specific applicants. No further national transitional deadline remains outstanding for Latvia, since its own window closed in June 2025; the only remaining date of note is the EU-wide 1 July 2026 backstop, which does not alter Latvia's position but will bring other member states' transitional regimes into alignment with Latvia's already-closed one.

Periodic update · new data 2026-09-28

#### Crypto Licensing

Latvia's crypto-asset licensing regime operates under the full force of the EU's Markets in Crypto-Assets Regulation (MiCA), implemented domestically through the national Law on Crypto-asset Services, effective 30 June 2024. Providing any of the ten MiCA-scoped crypto-asset services within Latvia requires CASP (crypto-asset service provider) authorisation from Latvijas Banka, the national competent authority. As of mid-2026, Latvijas Banka had granted at least eight CASP authorisations, a cohort that includes Backpack EU and SIA Paybis Europe among named authorised entities. This authorisation count is a probable finding, corroborated by trade-press analysis, though it should be understood as a floor rather than a precise count given the absence of a Tier-1 registry citation reaching this cycle.

Latvia's national transitional regime, which had permitted legacy pre-MiCA firms to continue operating without full CASP authorisation, closed on 30 June 2025 according to the primary trade-press source reached this cycle. A separate aggregator source references a 1 July 2026 date, which appears to describe the EU-wide transitional deadline rather than Latvia's own national closure date; this is a genuine discrepancy in the evidence base and has been flagged rather than resolved, pending confirmation against likumi.lv or a direct Latvijas Banka publication. Operators should not treat either date as fully settled without further primary-source confirmation.

#### Outlook

The principal item to watch is resolution of the transitional-period closing date discrepancy through a primary Latvian source. Continued CASP authorisation volume, and any Tier-1 confirmation of the exact authorised-entity count, would further firm up this cycle's probable-confidence findings.

1 further periodic run re-emitted the standing brief unchanged and is not shown.

Sources and findings (11)
- T1[Latvijas Banka](https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers) — A legal person whose occupation or business is the provision of crypto-asset services on a professional basis must be authorised by Latvijas Banka under Regulation (EU) 2023/1114 to lawfully provide those services in Latvia.
- T1[Latvijas Banka](https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers) — CASPs authorised in Latvia must maintain own funds of EUR 50,000-150,000 depending on service type, or a quarter of the preceding year's fixed overheads if that amount is higher, per Annex IV of Regulation (EU) 2023/1114.
- T1[Latvijas Banka](https://www.bank.lv/en/news-and-events/news-and-articles/news/17124-latvijas-banka-now-accepting-applications-for-eu-mica-licence) — Latvijas Banka charges licensed CASPs an annual supervision fee of up to 0.6% of gross income from crypto-asset services, subject to a minimum of EUR 3,000 per year.
- T1[Latvijas Banka](https://www.bank.lv/en/news-and-events/news-and-articles/news/17666-latvijas-banka-is-issuing-two-licences-to-sia-paybis-europe-for-the-provision-of-crypto-asset-services-and-for-the-operation-of-a-payment-institution) — A CASP authorised by Latvijas Banka may passport its services throughout the EU under MiCA's cross-border activity notification mechanism once authorised in Latvia.
- T3[Noah LV SIA](https://www.zitadelleag.com/news/latvia-mica-licences-noah-latvijas-banka) — Latvijas Banka granted Noah LV SIA a payment-institution licence and a MiCA crypto-asset-service licence (custody/administration, exchange, transfer services) on 30 Sept 2026, Latvia's 12th MiCA CASP authorisation; Noah is reported to build cross-border payment infrastructure using stablecoins.
- T3[Latvijas Banka](https://www.tokenpost.com/news/regulation/26182) — 12 companies authorised as MiCA CASPs as of 1 October 2026 (most recently Atrya Technologies SIA and Noah LV SIA, decided 30 September 2026)
- T3[Latvijas Banka](https://legalbison.com/casp-license/latvia/) — Class 1 CASP minimum own-funds requirement EUR 50,000 for order reception/transmission, execution, advice and portfolio-management services not involving custody or a trading platform
- T3[Latvijas Banka](https://legalbison.com/casp-license/latvia/) — CASP authorisation for any crypto-asset service provision in Latvia; prior VASP registration regime closed to new applicants 30 December 2024
- T4[ESMA](https://en.wikipedia.org/wiki/Markets_in_Crypto-Assets) — Entities providing crypto-asset services to EU clients without a MiCA licence after 1 July 2026 are in breach of EU law and must have wind-down/client-migration plans

### Latvia: C2 Token ClassificationGreenEnacted in forceModule confidence: Probable▾

Crypto-assets in Latvia are classified per the MiCA taxonomy applied directly by Latvijas Banka: asset-referenced tokens (ART), e-money tokens (EMT), and 'other' crypto-assets including utility tokens. NFTs and fully decentralised, intermediary-free activities fall outside MiCA scope.

C2 · Token Classification — Full Module Record 0 sub-modules · 180 words · 5 traced claims · Re-verified 2026-10-25

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### Latvia: C3 On-Chain Activity RegimeAmberEnacted in forceModule confidence: Probable▾

MiCA, as applied by Latvijas Banka, does not create a bespoke licensing category for staking, DeFi, mining, node operation, or validator activity. Staking is treated as ancillary to the MiCA-regulated custody and administration service (Article 75); other on-chain activities carried out without an intermediary CASP fall outside MiCA's scope entirely, leaving a partial regulatory gap.

C3 · On-Chain Activity — Full Module Record 0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-10-25

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### Latvia: C4 Stablecoin RegimeAmberEnacted in forceModule confidence: Probable▾

MiCA Titles III (ART) and IV (EMT), applied directly by Latvijas Banka, govern stablecoin issuance in Latvia: ART issuers require authorisation (subject to small-issuance/qualified-investor exemptions) and a reviewed white paper; EMT issuance is restricted to credit or e-money institutions that notify Latvijas Banka. Granular Latvia-specific detail on reserve composition and redemption-right mechanics beyond the EU baseline was not confirmed in this pass.

C4 · Stablecoins & EMTs — Full Module Record 0 sub-modules · 180 words · 7 traced claims · Re-verified 2026-10-25

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### Latvia: C5 Consumer ProtectionGreenEnacted in forceModule confidence: Probable▾

MiCA Title V obligations (Articles 66-75), applied directly by Latvijas Banka, require CASPs to segregate client crypto-assets and funds, maintain complaint-handling procedures, and support white-paper-based risk disclosure. Latvia-specific supervisory detail on marketing-communication restrictions (Article 29) was not located in this pass.

#### Consumer Protection

Latvia's consumer-protection standard for crypto-asset services rose materially with the completed transition from the legacy VASP registration regime to full MiCA CASP authorisation. Under the current regime, Latvijas Banka requires CASP applicants to demonstrate adequate governance arrangements, hold adequate own funds, confirm genuine local substance, appoint a qualified money-laundering-reporting officer, and produce ICT-resilience documentation meeting Digital Operational Resilience Act standards. This is assessed as a materially higher bar than the prior registration-based regime carried, since that regime did not impose equivalent governance, capital, local-substance, MLRO or ICT-resilience obligations as conditions of market access.

The traffic-light assessment for this module is green and improving, reflecting the completed shift to CASP-era standards across Latvia's licensed population rather than a partial or in-progress uplift. Because the legacy registration regime has fully closed — with no new registrations possible since 30 December 2024 and no legacy VASP permitted to continue trading without CASP authorisation since 30 June 2025 — the improved consumer-protection standard now applies to the entire licensed crypto-asset-service-provider population in Latvia, not merely to newly authorised entrants.

It is important to distinguish this finding from a token-classification or on-chain-activity finding: the consumer-protection uplift described here concerns the conditions attached to CASP authorisation itself — governance, capital, substance, MLRO, and ICT resilience — rather than product-specific consumer safeguards such as disclosure requirements for particular token types or on-chain product features. No token-classification-specific or on-chain-activity-specific consumer-protection finding was evidenced this cycle; those remain separately tracked, stable modules this period.

The DORA-aligned ICT-resilience documentation requirement is worth highlighting specifically, since it ties consumer protection directly to operational-resilience standards more commonly associated with traditional financial infrastructure than with crypto-asset services. This pairing means a Latvian CASP's consumer-facing reliability commitments are now backed by the same resilience-documentation standard applied to traditional payment and banking infrastructure under DORA, rather than a crypto-specific and potentially lighter-touch resilience standard.

#### Outlook

The main gap to close for this module is direct verification of the CASP consumer-protection requirements against a primary Latvijas Banka publication or the underlying MiCA authorisation guidance, rather than the current single Tier-4 secondary source. A confirmed enforcement action testing these governance, capital or ICT-resilience requirements against a specific CASP would also be informative evidence for this domain going forward; none was evidenced this cycle.

Read full sub-brief · 378 words No new data since the standing brief. 1 periodic run re-emitted it unchanged.

Sources and findings (6)
- T1[Latvijas Banka](https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers) — CASP applicants must describe to Latvijas Banka the measures and procedures implemented to ensure segregation of customer crypto-assets and funds from the service provider's own assets and funds.
- T1[European Securities and Markets Authority](https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-71-complaints-handling-procedures) — CASPs must establish and maintain effective, transparent procedures for prompt, fair and consistent handling of client complaints, allow clients to file complaints free of charge, and keep records of complaints and their resolutions.
- T1[European Securities and Markets Authority](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) — MiCA's authorisation and white-paper regime for crypto-asset issuers and CASPs is designed to ensure consumers are better informed about the risks associated with crypto-assets.
- T1[European Securities and Markets Authority](https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-71-complaints-handling-procedures) — CASPs providing advice on crypto-assets or portfolio management on crypto-assets are subject to MiCA Article 81 requirements, listed among the crypto-asset service categories regulated by Latvijas Banka under Regulation (EU) 2023/1114.
- T3[Latvijas Banka](https://legalaes.com/latvia-crypto-license/) — CASPs providing custody must comply with strict AML/CTF obligations, governance standards, prudential safeguards and risk-management frameworks

### Latvia: C6 Tax TreatmentAmberEnacted in forceModule confidence: Probable▾

Latvia taxes crypto-asset investment profits under the general Law on Personal Income Tax at a flat 20% rate, enforced by the State Revenue Service (VID), rather than through a bespoke crypto tax code. VAT/GST treatment and any crypto-specific withholding regime were not confirmed against a primary source in this research pass.

C6 · Tax Treatment — Full Module Record 0 sub-modules · 180 words · 6 traced claims · Re-verified 2026-10-25

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### Latvia: C7 Cross-Border TransferAmberEnacted in forceModule confidence: Probable▾

Crypto-asset transfers to/from Latvia are governed by MiCA's EU passporting mechanism (no outbound restriction within the EU) and by Regulation (EU) 2023/1113, which extends 'travel rule' information and sanctions-screening obligations to CASPs. Specific Latvian reporting thresholds for cross-border transfers were not confirmed in this pass.

C7 · Cross-Border & Travel Rule — Full Module Record 0 sub-modules · 180 words · 8 traced claims · Re-verified 2026-10-25

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### Latvia: C9 Commercial Activity ▾

Within the current window, Latvia's crypto-adjacent commercial activity consisted of regulatory market-entry events: new CASP/EMI/PI authorisations to Nexdesk SIA, SIA MOIN Payments, Noah LV SIA, Paybis Europe and Nodu Digital. No disclosed M&A, funding round or divestiture specific to a Latvia-domiciled crypto firm was identified this cycle.

#### Commercial Activity

Commercial activity in Latvia's crypto sector this cycle took the form of regulatory market-entry events rather than disclosed-value transactions: no merger, acquisition, or funding round was identified. Nexdesk SIA, a Latvia-incorporated entity, received a Latvijas Banka payment-institution licence on 27 May 2026, adding to a CASP authorisation it had already secured in December 2025; the combination enables Nexdesk to offer full crypto-asset custody and transfer services under one regulatory umbrella, evidenced directly by a Latvijas Banka primary source recording the licence grant and its regulatory-review status as cleared.

A cluster of further market entries is recorded as occurring on the same day, 30 September 2026: Paybis Europe, Nodu Digital and Noah LV SIA each received both a MiCA CASP licence and a payment-institution licence from Latvijas Banka. This same-day, dual-licence pattern across three separate entities is sourced from vendor commentary rather than a directly retrieved Latvijas Banka register confirmation, so it should be read as probable rather than confirmed, though it is consistent with the broader authorisation-volume picture reported under crypto licensing this cycle.

No disclosed-value M&A or investment transaction specific to a Latvia-domiciled crypto entity was identified in this cycle's research. The commercial-activity signal for Latvia this cycle is therefore one of market entry via regulatory authorisation rather than of capital transactions between existing market participants.

#### Outlook

The entities newly authorised this cycle, Nexdesk SIA, Paybis Europe, Nodu Digital and Noah LV SIA, are the names to watch for subsequent commercial activity, whether that takes the form of service launch, partnership announcements, or eventual acquisition. Confirmation of the same-day triple-authorisation event from a Latvijas Banka primary source, rather than vendor commentary alone, would upgrade that finding's standing materially.

Read full sub-brief · 281 words No periodic updates recorded in this cycle

Sources and findings (2)
- T1[Nexdesk SIA](https://www.bank.lv/en/news-and-events/news-and-articles/news/17693-latvijas-banka-is-issuing-a-licence-to-nexdesk-sia-to-operate-as-a-payment-institution) — Nexdesk SIA (LV-incorporated) received a Latvijas Banka payment-institution licence on 27 May 2026, adding to its December 2025 CASP authorisation, enabling full crypto-asset custody and transfer services.
- T4[Paybis Europe, Nodu Digital, Noah LV SIA](https://www.zitadelleag.com/news/latvia-mica-licences-noah-latvijas-banka) — By 30 September 2026, Paybis Europe, Nodu Digital and Noah LV each received a MiCA CASP licence and a payment-institution licence from Latvijas Banka on the same day.