At a press briefing today, the first two companies – BlockBen and Nexdesk – that have received MiCA licences issued by Latvijas Banka to operate in the EU crypto-asset market were presented to a wider audience. The event was attended by Minister for Economics Viktors Valainis, Deputy Director of the Investment and Development Agency of Latvia (LIAA) Laura Štrovalde, Deputy Governor of Latvijas Banka Santa Purgaile, Head of the Latvian Blockchain Association Reinis Znotiņš, as well as other industry representatives.
“The first MiCA licences in Latvia are a clear signal that we are ready to become part of this global market. Transactions with crypto-assets in a regulated market open up wide opportunities in the financial world also beyond the traditional banking network. It is an opportunity to use modern payment solutions between companies and to develop financial technologies. This sector creates highly qualified jobs as well as a significant contribution to Latvia’s services export,”
emphasised Minister for Economics Viktors Valainis in his opening remarks.
On 3 December, the Supervisory Committee of Latvijas Banka issued the first licence for the provision of crypto-asset services to BlockBen, making it the first crypto-asset service provider licensed in Latvia under the MiCA framework. Today, a licence has also been issued to Nexdesk. The licence allows the company to offer its services not only in Latvia, but in all EU Member States, using the harmonised MiCA regime across the European Union.
“The issuing of the first MiCA licences will significantly facilitate LIAA’s work, because when we can refer to concrete company examples, it becomes easier to approach future investors. More than 100 companies have already expressed interest in this opportunity, covering countries such as Switzerland, Poland, Lithuania, Spain, Italy, Japan, Sweden and others. Latvian companies have proven themselves well in the financial technology market, we have qualified specialists and an open-minded attitude from regulatory institutions towards crypto-asset transactions. This forms the basis for the number of licences issued to increase tenfold already within the next year,”
said Laura Štrovalde, Deputy Director of LIAA.
Average remuneration in the financial and insurance sector is around 40% higher than the national average wage; at the same time, this sector operates almost 100% in services export, providing a significant boost to the economy. For example, in Lithuania, where financial technology companies have historically developed strongly, companies working exclusively with crypto-assets have paid more than €80 million in taxes over the last four years.
“The entire BlockBen team and I are delighted that we have succeeded in obtaining the first MiCA licence issued by Latvijas Banka in Latvia. We have been actively operating in the market since early 2018, and I am convinced that our business model as a cryptocurrency platform will offer many new opportunities. Latvia has strong potential to become a new financial technology hub in the EU and to create a multiplier effect for business development,”
said Viktors Bondars, CEO of BlockBen.
At present, five companies have already submitted licence applications to Latvijas Banka, and another 12 are in the pre-licensing consultation stage.
Looking into the not-so-distant future, it is clear that, due to the rapid development of digital asset infrastructure, crypto-assets will be increasingly integrated into corporate treasury management and payments. The MiCA Regulation is a strong signal that digital assets are becoming a fully regulated and strategically important component of the financial system.
“Following this trend, we are committed to continuing to provide stable liquidity, competitive pricing and a secure platform that enables companies to safely and efficiently manage asset flows between the crypto and traditional financial systems,”
emphasised Sofians Berrahals, Management Board Member of Nexdesk.
The crypto-asset and blockchain financial technology sector is one of the fastest-growing and most export-oriented industries in the world. Latvia’s competitive advantage in this market lies in the possibility to obtain MiCA and other types of financial technology licences within a relatively short time frame, with advisory support also provided in the pre-licensing phase.
“The crypto economy is no longer a niche experiment – its annual transaction volumes worldwide already reach tens of trillions of euros. Thanks to the harmonised MiCA framework, Europe is becoming one of the largest and safest markets for the development of crypto services, and our region already accounts for a significant share of global activity. Latvia was the first country in Europe to implement the MiCA Regulation, and the issuing of these first licences is the next step towards much faster sector growth. I would like to thank the Minister for Economics, LIAA and Latvijas Banka for supporting the development of this industry in Latvia. I sincerely hope that from here we will only move faster, so that Latvia becomes a Web3 centre in Europe,”
stresses Reinis Znotiņš, Executive Director of the Latvian Blockchain Association.
LIAA, the Ministry of Economics, Latvijas Banka and industry associations will continue to work together to attract new MiCA licence applicants. The shared goal is to develop Latvia into a recognised crypto and financial technology hub in the Baltic and Nordic region.
The new Financial Technology Sector Strategy 2025–2027 envisages increasing the number of companies operating in the fintech field by 30%, attracting 15% more investment and raising the number of fintech-related jobs by 18%.
About LIAA
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism sector and implements Latvia’s national image policy. The Agency acts as the state’s partner in business development – from idea to international markets. With a wide network of representations abroad and regional business centres in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative and open country in the global economy.
Photo gallery – MiCA licences
PHOTO: LETA
Translated using ChatGPT