Latvia's 2026 Licensing Run: Noah Becomes the 12th MiCA Licensee as Banking Opens Up

On 30 September 2026, the Supervision Committee of Latvijas Banka decided to grant Noah LV SIA two licences at once: a crypto-asset service provider licence under the EU's Markets in Crypto-Assets Regulation (MiCA) and a payment institution licence. Noah builds infrastructure for cross-border payments using stablecoins. It is the twelfth company authorised under MiCA by the Latvian central bank, and the latest in a run of approvals that has already outpaced 2025 for e-money licences.

What Noah's two licences cover

The crypto-asset licence allows Noah LV to hold and administer crypto-assets on behalf of clients, exchange crypto-assets for funds, and transfer crypto-assets on clients' behalf. The payment institution licence covers the execution of payment transactions, credit transfers and standing orders.

Under MiCA, a crypto-asset service provider authorised in one EU member state can serve clients across the EU through the cross-border notification procedure. In practice, a Riga licence is an EU licence.

Crypto and payments in one go

Noah follows Paybis Europe, licensed in May, and Nodu Digital, licensed in July, in receiving a MiCA licence and a payment institution licence on the same day. Paybis was the first crypto-asset service provider in Latvia to obtain authorisation for payment services at the same time.

For stablecoin payment businesses the combination is the point: the crypto licence covers the on-chain leg, and the payment licence covers the fiat movements at either end. Applying for both together means one supervisor, one licensing process and one set of governance arrangements.

Licences issued by Latvijas Banka in 2026

A selection based on Latvijas Banka's announcements. The full register of licensed companies is published on Latvijas Banka's website.

By the end of September, 12 companies held MiCA authorisation from Latvijas Banka — the first two, BlockBen and Nexdesk, from December 2025 and the rest from this year — and 13 companies held a payment institution licence. By July, Latvijas Banka had issued four electronic money institution licences in 2026, against three in the whole of 2025.

The €1 million bank licence

The bigger structural change came in January. Amendments to the Credit Institution Law, in force since 6 January 2026, created a new category: the specialised credit institution. It is a bank licence with initial capital of at least €1 million instead of the standard €5 million. To qualify, an institution must meet at least one of three criteria: a limited customer base, services provided exclusively through digital channels, or an innovative business model.

The lower capital is the only concession. Latvijas Banka has said a specialised credit institution must meet exactly the same requirements as any other credit institution, and the licensing process is identical. Once operating, it is held to the same risk assessment, capital adequacy and financial stability standards as a bank with €5 million initial capital.

The licence is aimed squarely at fintechs that have outgrown an EMI or payment institution licence and want to take deposits and lend. By March, the Fintech Latvia Association reported that at least three to four companies were already in consultations with Latvijas Banka about it.

Zitadelle AG is currently working on a Latvian banking licence application for one of our clients. The work starts well before submission: Latvijas Banka expects applicants to show the availability of capital in line with their business plan for the first three years of operation, alongside a governance and risk framework that will stand up to supervisory review from day one.

What this means if you are planning a Latvian licence

Latvijas Banka offers free pre-licensing consultations and publishes a licensing guide for each licence type, covering the documents required and the review deadlines. The regulator says the pre-licensing stage helps companies prepare higher-quality applications. For crypto businesses it has also published an overview of how crypto-assets are classified under MiCA, which settles early on whether a token falls under MiCA or under other legislation.

Three questions usually decide the route:

• Do you need to hold client crypto-assets, or only exchange and transfer them?
• Do fiat payments sit inside your product, which points to a payment institution or EMI licence alongside MiCA?
• Will you take deposits or lend, which now has a €1 million route through the specialised credit institution licence?

Zitadelle AG's Latvia services

• MiCA crypto-asset service provider licence in Latvia
• EMI and payment institution licences in Latvia
• Specialised credit institution — the €1M Latvian bank licence
• Company formation in Latvia

Disclaimer: This article is for informational purposes only and does not constitute legal or regulatory advice. Latvijas Banka licensing requirements, the MiCA Regulation and the Credit Institution Law are subject to change. Verify current requirements directly with Latvijas Banka at bank.lv before making any filing decisions. Last updated: 1 October 2026.