Pin and benchmark
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| Dimension |
Pinned 🇱🇻 Latvia partly open Verified 2026-08-15
|
🇱🇮 Liechtenstein
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | MiCA CASP authorisation under Regulation (EU) 2023/1114, administered nationally by Latvijas Banka; specific Latvian implementing statute name not confirmed in this research pass. | MiCA CASP Authorisation granted by FMA Liechtenstein, operating alongside (and increasingly converged with) the pre-existing domestic TVTG (Token and VT Service Provider Act) registration regime |
| Regulator | 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. | Finanzmarktaufsicht (FMA) Liechtenstein |
| Capital requirement | Latvia capital requirement is included in the £349 pass. | Liechtenstein capital requirement is included in the £349 pass. |
| Timeline to authorisation | Latvia timeline to authorisation is included in the £349 pass. | Liechtenstein timeline to authorisation is included in the £349 pass. |
| Local substance | Latvia local substance is included in the £349 pass. | Liechtenstein local substance is included in the £349 pass. |
| Application cost | Latvia application cost is included in the £349 pass. | Liechtenstein application cost is included in the £349 pass. |
| Ongoing cost | Latvia ongoing cost is included in the £349 pass. | Liechtenstein ongoing cost is included in the £349 pass. |
| Passporting | Latvia passporting is included in the £349 pass. | Liechtenstein passporting is included in the £349 pass. |
| MiCA CASPs approved | Latvia mica casps approved is included in the £349 pass. | Liechtenstein mica casps approved is included in the £349 pass. |
| Key restrictions | Latvia key restrictions is included in the £349 pass. | Liechtenstein key restrictions is included in the £349 pass. |
| Recent changes | 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. | Bank Frick received MiCAR authorisation from FMA Liechtenstein on 20 January 2026, one of the first in the country under the new regime; FMA also authorised Bitcoin Suisse (Europe), the European arm of the Swiss group, covering trading, custody and staking for institutional/HNW clients. Smart Valor was authorised as a CASP under MiCAR Article 63 with effect from 1 Jul 2026, and Kaiser Partner Privatbank was authorised for certain crypto-asset services via the Article 60 notification route from 29 Jun 2026; the FMA confirmed the MiCAR transitional period ended on schedule on 1 Jul 2026. Further FMA authorisations followed: Floin AG (10 June 2026), Sygnum Europe AG (26 June 2026) and Damoon Technology (Europe) AG (10 July 2026), all announced on the FMA's own news feed. |
| Difficulty rating | Latvia difficulty rating is included in the £349 pass. | Liechtenstein 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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