Historic MiCA License Issued in Latvia
On December 3, 2025, Latvijas Banka, Latvia's central bank and financial regulator, issued the country's first license under the European Union's landmark Markets in Crypto-Assets (MiCA) Regulation to BlockBen SIA. This authorization allows BlockBen to provide a comprehensive suite of crypto-asset services not only within Latvia but also across all other EU member states through MiCA's passporting regime. The announcement was made public on December 11, 2025.
The issuance of this license positions Latvia as a proactive player in the regulated crypto-asset market and signals its ambition to become a leading fintech hub within the EU. Viktor Bondar, CEO of BlockBen, expressed satisfaction, stating, 'We are excited and thankful that we were able to secure our MiCA license in Latvia, issued by Bank of Latvia.'
Understanding the MiCA Framework
The MiCA Regulation, which came into force in late 2024, establishes a unified legal framework for the crypto-asset sector across the European Union. It mandates authorization for crypto-asset service providers (CASPs), replacing previous national virtual asset service provider (VASP) registration regimes. From January 1, 2025, all crypto-asset businesses operating in Latvia must comply with MiCA.
This regulatory clarity is designed to foster innovation while ensuring investor protection and market integrity. A license obtained in one EU country under MiCA can be 'passported' to all other EU countries, streamlining operations for companies like BlockBen seeking to serve the entire single market.
BlockBen's Expanded Service Offerings
With its new MiCA license, BlockBen SIA is authorized to offer a variety of crypto-asset services, including:
- Crypto-asset custody and administration
- Exchange services for crypto-assets
- Placing and transfer services for crypto-assets
The company operates a private closed blockchain that facilitates the exchange of crypto-assets for money or other crypto-assets, secure storage, and transfers. Additionally, BlockBen provides utility-token issuance services for businesses, allowing them to list these crypto-assets on its platform for customer acquisition.
BlockBen, founded in 2018, has been active in the crypto industry, with its legal entity BlockBen SIA now being the MiCA-licensed entity.
Latvia's Vision for a Fintech Hub
Latvijas Banka has actively encouraged companies to seek MiCA licenses, offering free pre-licensing consultations to guide applicants through the regulatory process. This year, experts have conducted 50 consultations with companies preparing for MiCA compliance. Currently, five companies have submitted formal license applications, with another 12 engaged in pre-licensing discussions.
The Minister of Economics, Viktors Valainis, highlighted the strategic importance of these first MiCA licenses, stating, 'The first MiCA licences in Latvia send a clear signal that we are ready to be part of this global market. Regulated crypto-asset services create new opportunities in the financial world beyond the traditional banking network.' This initiative is a key component of Latvia's Financial Technology Strategy 2025–2027, which aims to significantly boost the fintech sector's growth and attract investment.
6 Comments
Raphael
While regulatory clarity is definitely a positive for institutional adoption, we need to ensure it doesn't stifle the grassroots innovation that made crypto exciting in the first place. It's a fine line to walk.
Leonardo
Bureaucracy will crush small innovators. This is a step backward.
Raphael
Just another way for banks to get their hands on crypto. No thanks.
Michelangelo
This development brings crypto closer to traditional finance, potentially attracting more institutional money. However, purists might argue that this move compromises the original vision of a permissionless and borderless financial system, trading freedom for security.
Leonardo
Investor protection is paramount. MiCA is a game-changer.
Michelangelo
Finally, real regulatory clarity! This legitimizes crypto.