licencemap
Informational only, not legal advice. Verify with qualified counsel before acting. Full disclaimer

🇱🇻 Latvia

Latvijas Banka runs a facilitative regime with an Innovation Hub, issuing licences to firms like AlphaRoute and Backpack.

Crypto (CASP) E-Money (EMI)
Last verified 2026-07-03 Next review 2026-07-17

Data verified: oldest cell 1 day ago (verified 2026-07-02). Individual cells show their own verification date below.

Licence type

Two tiers: (1) Licensed electronic money institution (full EMI licence) and (2) Registered electronic money institution (lighter-touch registration tier for smaller issuers, restricted to issuing e-money and providing only payment instrument issuance or money remittance) - both under the Law on Payment Services and Electronic Money (transposing EMD2)

Verified 2026-07-02 Source: Latvijas Banka: https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/licensed-electronic-money-institution ; https://www.bank.lv/en/operational-areas/licensing/electronic-money-institutions/registered-electronic-money-institution

Regulator

Latvijas Banka (Bank of Latvia) - sole licensing/supervisory authority, having absorbed the former FCMC (Finansu un kapitala tirgus komisija) in 2023

Verified 2026-07-02 Source: Latvijas Banka: https://www.bank.lv/en/operational-areas/licensing

Capital requirement 🔒

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Timeline to authorisation 🔒

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Local substance 🔒

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Application cost 🔒

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Ongoing cost 🔒

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Passporting 🔒

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EMIs authorised 🔒

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Key restrictions 🔒

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Safeguarding 🔒

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Recent changes

Latvijas Banka continues actively granting new EMI licences (e.g. NorthernTech SIA, AP Operations SIA, Fibonatix in 2025-2026); Latvia is increasingly featured on fintech shortlists. As of 2025, 3 new companies received EMI licences. PSD3/PSR (final texts April 2026, OJ publication expected mid-to-late 2026) will apply directly (PSR) and require transposition (PSD3) within 18 months.

Verified 2026-07-03 Source: Latvijas Banka news: https://www.bank.lv/en/news-and-events/news-and-articles/news/17653-latvijas-banka-is-issuing-an-electronic-money-institution-operating-licence-to-northerntech-sia ; https://www.bank.lv/en/news-and-events/news-and-articles/news/17444-why-is-latvia-increasingly-on-the-fintech-shortlist

Difficulty rating 🔒

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Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Latvia's regulator and qualified local counsel before acting.