On 3 December, the Supervision Committee of Latvijas Banka issued a license to BlockBen for the provision of crypto-asset services.

BlockBen is the first crypto-asset service provider to be licensed in Latvia under the requirements of the European Union’s Markets in Crypto-Assets Regulation (MiCA).

MiCA, which came into force in late 2024, establishes a unified legal framework for the crypto-asset sector across the EU, including mandatory authorisation for crypto-asset service providers.

With its new license, BlockBen will be able to offer all permitted crypto-asset services in other EU member states in accordance with MiCA procedures.

BlockBen operates a private closed blockchain that enables users to exchange crypto-assets for money or other crypto-assets, store crypto-assets, and conduct transfers.

The company also provides a utility-token issuance service for businesses and allows these crypto-assets to be placed on its platform for customer purchase.

Santa Purgaile, Deputy Governor of Latvijas Banka, said:

“Latvijas Banka is open to the entry of new companies into Latvia’s financial sector. For companies seeking to obtain a licence in Latvia for the provision of crypto-asset services throughout the EU, Latvijas Banka provides professional consultations and promptly offers support during the pre-licensing and licensing stages, acknowledging that adapting business operations to the requirements of a new regulation can be quite challenging.”

Latvijas Banka encourages prospective applicants to make use of its free pre-licensing consultations, where experts outline the relevant legal framework, required documentation and initial compliance considerations.

This year, experts have held 50 consultations with companies preparing to offer crypto-asset services under MiCA.

Five companies have submitted license applications, and 12 others are engaged in pre-licensing discussions.

Featured image credit: Edited by Fintech News Switzerland, based on image by kundoy via Freepik