On 20 May, the Supervision Committee of Latvijas Banka issued a licence to Neverless SIA for the provision of crypto-asset services.
The company is authorised to provide the following crypto-asset services:
- providing custody and administration of crypto-assets on behalf of clients;
- exchanging crypto-assets for funds;
- exchanging crypto-assets for other crypto-assets;
- providing portfolio management on crypto-assets;
- providing transfer services for crypto-assets on behalf of clients.
Neverless SIA is the fourth company to hold a licence issued by Latvijas Banka in accordance with the requirements established in the Markets in Crypto-Assets Regulation (MiCA). The MiCA Regulation entered into force in late 2024, introducing a unified legal framework for the crypto-asset sector within the European Union (EU), including the requirement for crypto-asset service providers to obtain authorisation. Upon obtaining authorisation in one EU country, a crypto-asset service provider may provide services throughout the EU in accordance with the mechanism for notifying cross-border activities.
Companies seeking a licence from Latvijas Banka are encouraged to use the licensing guides prepared by Latvijas Banka. These guides provide detailed information on the licensing process and requirements, including the documents to be drawn up and submitted to Latvijas Banka, the application review deadlines, among other details.
To ensure a smooth licensing process, Latvijas Banka encourages companies to take advantage of pre-licensing consultations. During these consultations, Latvijas Banka's experts offer guidance to companies on the applicable legal framework 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 and ensures that the licensing process proceeds smoothly. Consultation requests can be submitted via Latvijas Banka's website.
The number of licensed fintech companies in Latvia is gradually increasing. This year, Latvijas Banka has already issued eight licences to companies operating in the fintech segment.