Latvia’s offers pre-licensing consultations for crypto-asset service providers ahead of new EU regulations

Latvia’s central bank has announced that is offering free pre-licensing consultations for crypto-asset service providers (CASPs) to ensure they are well-prepared for the phased implementation of MiCA across the EU. These consultations will provide comprehensive guidance on regulatory requirements, necessary documentation, and initial compliance assessments, aiding companies in navigating the complex regulatory landscape.

Starting from January 2025, the central bank will accept applications and issue licences for CASPs in accordance with MiCA. In the meantime, unlimited pre-licensing consultations will be available, reflecting the bank’s commitment to fostering a robust and compliant crypto-asset ecosystem.

This proactive measure forms part of Latvia’s broader strategy to position itself as an attractive location for CASPs within the EU. Latvia’s efforts are further highlighted by its introduction of the “Crypto Asset Services Law” and substantial financial commitments toward digitalisation and innovation, underscoring its ambition to become a hub for blockchain and crypto companies.

Latvia is following a trend seen in other EU countries, such as France, which has also begun accepting CASP applications ahead of the official enforcement date. These proactive steps by EU nations underscore the importance of regulatory preparedness in the evolving crypto landscape, positioning themselves as favourable destinations for crypto-asset service providers.