Latvia is leading the way in the EU’s crypto revolution.
In today’s latest crypto news, The European Union’s new Markets in Crypto-Assets (MiCA) Regulation is gradually being implemented, and local businesses are adapting quickly.
In Latvia, the central bank has announced a new initiative to offer pre-licensing consultations for crypto asset service providers (CASPs) seeking to comply with MiCA. These consultations are designed to help companies prepare for the full implementation of the regulation.
Starting in January 2025, the central bank will begin accepting applications and issuing licenses for CASPs. In the meantime, they are offering guidance on regulations, necessary documents, and an initial compliance assessment—completely free of charge.
Moreover, companies can request as many consultations as needed before formally applying, allowing them to better understand the requirements.
The Latvian Blockchain Association is also stepping in to support CASPs during this transition. Its executive director, Reinis Znotiņš, reaffirmed their dedication to making the process as smooth as possible so that companies can comply with MiCA while capitalizing on the Latvian market’s potential.
Reinis Znotiņš, executive director of the Latvian Blockchain Association, said:
Our goal is to make this transition as smooth as possible, ensuring companies can leverage the full potential of the Latvian market while complying with the new MiCA framework.”
This proactive approach reflects Latvia’s ambition to become a key player in the EU’s crypto landscape.
In June, the country advanced its “Crypto Asset Services Law” to provide a clear framework for growth and investment, reinforcing its position as a hub for blockchain and crypto businesses.
Latvia’s economic goals are equally ambitious, with Minister of Economics Viktors Valainis targeting a doubling of the economy to €83 billion by 2035, with significant investments in digitalization and innovation.
Latvia’s early actions mirror efforts in France, where regulators began accepting CASP applications months before MiCA enforcement. Both countries aim to lead in Europe’s evolving crypto ecosystem.
