Is Crypto Legal in Latvia?

Cryptocurrency is legal in Latvia under a comprehensive regulatory framework implemented through the Markets in Crypto-Assets Regulation (MiCA). As of December 30, 2024, Latvijas Banka (Bank of Latvia) became the national competent authority responsible for issuing authorizations to crypto-asset service providers and supervising their operations (1). The regulatory framework applies to persons involved in the issuance, public offering, and admission to trade of crypto-assets or those who provide crypto-asset services (2).

Legal persons whose occupation is the provision of crypto-asset services to customers on a professional basis must obtain authorization from Latvijas Banka in accordance with EU Regulation 2023/1114 (1). The authorization process requires companies to have their registered office and place of effective management located within the European Union, including Latvia (1). Own funds must be ensured in amounts ranging from 50,000 to 150,000 euros depending on the type of service selected (1).

"Based on a single authorisation obtained in the home Member State, a crypto-asset service provider is entitled to provide services throughout the EU in accordance with the mechanism for notifying cross-border activities."

Crypto-asset companies that started operations before December 30, 2024, can continue providing services without a permit from Latvijas Banka until June 30, 2025, or until the Bank reviews their application and makes a decision (2). The purpose of the legislative framework is to establish legal parameters for the crypto-assets market operation in Latvia while promoting the development of the crypto-asset field (2). Authorized providers pay Latvijas Banka up to 0.6% of annual gross income from crypto-asset services, with a minimum of 3,000 euros per year (1).

Source:
https://www.bank.lv/en/operational-areas/licensing/crypto-asset/crypto-asset-service-providers
https://eng.lsm.lv/article/economy/banks/30.04.2024-latvian-government-pushes-ahead-with-crypto-asset-law.a552449/

Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.