On 10 December, the Supervision Committee of Latvijas Banka issued a licence to Nexdesk SIA for the provision of crypto-asset services.
The company is entitled to provide the following crypto-asset services:
- providing custody and administration of crypto-assets on behalf of customers,
- executing orders for crypto-assets on behalf of customers,
- transferring services for crypto-assets on behalf of customers.
Nexdesk SIA plans to provide its services both in Latvia and in other European Union (EU) countries.
Nexdesk SIA 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). Along with the entry into force of the MiCA Regulation, 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.
For companies seeking to obtain a licence in Latvia for the provision of crypto-asset services, Latvijas Banka provides professional consultations and promptly offers support during the pre-licensing and licensing process.
During the pre-licensing stage, Latvijas Banka's experts offer guidance to companies on the applicable legal framework and the documents to be submitted, and conduct an initial assessment of the company's compliance with regulatory requirements. Collaboration during the pre-licensing stage helps companies prepare high-quality licence applications. Consultation requests can be submitted via Latvijas Banka's website.
For the convenience of businesses, Latvijas Banka has created 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 to Latvijas Banka, the required documents, and the timeframe within which Latvijas Banka evaluates the application and reaches its decision. Sector players will also benefit from Latvijas Banka's overview of the classification of crypto-assets within the MiCA framework, along with guidance on which crypto-assets are covered by the MiCA Regulation and which are subject to other types of legal acts.