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| Dimension |
Pinned 🇧🇪 Belgium partly open Verified 2026-11-01
|
🇱🇻 Latvia
partly open
Verified 2026-11-01
|
|---|---|---|
| Licence type | MiCA CASP authorisation under Article 63 MiCA, given domestic legal effect by the Belgian Act of 11 December 2025 (published in the Belgian Official Gazette 24 December 2025, entered into force 3 January 2026). Before this Act, MiCA was directly applicable EU law but Belgium lacked a domestic supervisory/sanctioning framework, creating a practical gap. | MiCA CASP authorisation under Regulation (EU) 2023/1114, administered nationally by Latvijas Banka; specific Latvian implementing statute name not confirmed in this research pass. |
| Regulator | FSMA (Financial Services and Markets Authority) is the competent authority for CASPs that are not credit institutions or stockbroking firms, this covers the great majority of pure-play exchanges and custodians and includes both prudential and conduct-of-business supervision under Article 63. The National Bank of Belgium (NBB) takes the prudential lead where the CASP is (or is part of) a credit institution. | Latvijas Banka (Bank of Latvia) is the lead CASP licensing/supervisory authority; sources note some residual/overlapping role for the FCMC on broader financial-market alignment, not fully reconciled in this pass. |
| Capital requirement | Belgium capital requirement is included in the £349 pass. | Latvia capital requirement is included in the £349 pass. |
| Timeline to authorisation | Belgium timeline to authorisation is included in the £349 pass. | Latvia timeline to authorisation is included in the £349 pass. |
| Local substance | Belgium local substance is included in the £349 pass. | Latvia local substance is included in the £349 pass. |
| Application cost | Belgium application cost is included in the £349 pass. | Latvia application cost is included in the £349 pass. |
| Ongoing cost | Belgium ongoing cost is included in the £349 pass. | Latvia ongoing cost is included in the £349 pass. |
| Passporting | Belgium passporting is included in the £349 pass. | Latvia passporting is included in the £349 pass. |
| MiCA CASPs approved | Belgium mica casps approved is included in the £349 pass. | Latvia mica casps approved is included in the £349 pass. |
| Key restrictions | Belgium key restrictions is included in the £349 pass. | Latvia key restrictions is included in the £349 pass. |
| Recent changes | The Act of 11 December 2025 (Belgium's MiCA implementing law) was the single biggest development: it was published 24 December 2025 and entered into force 3 January 2026, only then giving FSMA/NBB a full domestic legal basis for authorisation, supervision and sanctions. Before that date Belgium had a live enforcement gap despite MiCA being EU law since December 2024. As of last check, 0 CASPs were authorised in Belgium, consistent with the regime being newly operative. As of 3 Jul 2026 the FSMA's own list of authorised Belgian CASPs still records zero authorisations. On 3 Jul 2026 the FSMA also adopted ESMA's guidelines (FSMA_2026_16) on when a non-EU firm is treated as soliciting EU clients, relevant to enforcement against unauthorised third-country platforms. The FSMA's list now separately signposts ESMA's register for CASPs supervised by the National Bank of Belgium; that register records KBC Bank NV as Belgium's first such entry (updated 13 May 2026). | Latvijas Banka has issued multiple CASP licences during 2025-2026, including to SIA AlphaRoute and Backpack, and reportedly Paybis (May 2026, per one directory source). Latvia offers free pre-licensing consultations and a formal Innovation Hub. |
| Difficulty rating | Belgium difficulty rating is included in the £349 pass. | Latvia difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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