On 10th December, the Supervisory Committee of Latvijas Banka, the Latvian central bank, issued a license to a company called ‘Nexdesk’ for the provision of crypto-asset services. Nexdesk plans to provide its services both in Latvia and in other European Union (EU) countries.
Nexdesk is the second crypto-asset service provider to receive a licence in Latvia in accordance with the requirements established in the EU Markets in Crypto-Assets Regulation (MiCA). A week ago on December 3rd, Latvijas Banka issued its first licence to ‘BlockBen’ for the provision of crypto-asset services.
Sofian Berrahal, Board Member at Nexdesk said: “For our current and potential clients, the MiCA license means stronger security, standardized compliance, and greater confidence when managing traditional and digital assets. Looking not-even-so-far ahead, it’s clear that the corporate finance will inevitably integrate crypto assets into treasury management, payments, and cross-border operations, driven by efficiency gains and evolving digital asset infrastructure.
Viktor Bondar, CEO, BlockBen said: “We are excited and thankful that we were able to secure our MiCA license in Latvia, issued by Bank of Latvia. We have been active on the market since early 2018 and I strongly believe our business model as a crypto asset issuer and launchpad will have plenty of opportunities for everyone involved and freshly joining. I am convinced Latvia can be a new fintech hub in the European Union and will create a huge multiplier effect on the local financial, tech and also on other sectors as well as in talent development”.
Along with the entry into force of the MiCA Regulation a year ago, a unified legal framework for the crypto-asset sector, including the requirement for crypto-asset service providers to obtain authorisation, has been introduced in the EU. Upon obtaining authorisation in one EU country, a crypto-asset service provider may provide services throughout the entire EU in accordance with the mechanism for notifying cross-border activities.
Crypto companies considering applying for a licence may like to refer to Latvijas Banka’s comprehensive guides on obtaining authorisation for the provision of crypto-asset services and the issuance of tokens. The guides offer a clear summary of the steps for preparing and submitting an application, the required documents, and the timeframe within which Latvijas Banka evaluates the application and reaches its decision.
According to the central bank, this year 5 companies have submitted licence applications, while another 12 are engaged in pre-licensing consultations.
Minister of Economics Viktors Valainis described the first MiCA licences as a strategic milestone for Latvia’s economy: “The first MiCA licences in Latvia send a clear signal that we are ready to be part of this global market. Regulated crypto-asset services create new opportunities in the financial world beyond the traditional banking network – from modern B2B payment rails to entirely new financial technology solutions”.
Seen a mistake?
Select text and press Ctrl+Enter to send a suggested correction to the editor
Select text and press Report a mistake to send a suggested correction to the editor
Tell us about a mistake