For most of the past decade, the Baltic division of labour was clear. Estonia was where crypto businesses went for an authorisation, and Lithuania was the EU's busiest hub for electronic money and payment institutions. Latvia was rarely the first choice for either.
The 2026 numbers turn that picture around.
The 2026 figures
| Jurisdiction | Standalone MiCA CASP authorisations | EMI licences |
|---|---|---|
| Latvia | 9 | 4 |
| Lithuania | 1 | 0 confirmed |
| Estonia | 1 | 1 (minimum) |
Latvian figures are complete, based on Latvijas Banka's announcements. Lithuanian and Estonian EMI figures count the licences we could confirm; the Lithuanian figure reflects no EMI licence on the Bank of Lithuania's published licence list for 2026. Standalone CASP counts exclude crypto services added to an existing bank or investment firm licence.
Latvia has granted more of these licences this year than Lithuania and Estonia combined: 13, against 3.
How the ranking flipped
In March, the Bank of Lithuania noted, citing ESMA data, that Lithuania ranked second in the Nordic-Baltic region for crypto-asset service provider authorisations. Latvia had two at the time. From May onwards, Latvijas Banka authorised a run of firms, among them Paybis Europe, Neverless, AlphaRoute, Bleap, Hodleris, Nodu Digital and Noah LV, taking its total to twelve MiCA authorisations by the end of September.
In Lithuania, Micar assets, licensed in February, is the only new standalone authorisation we could confirm this year. It was the country's fourth, after Robinhood Europe, CoinGate (UAB Decentralized) and Nuvei Liquidity. Lithuania once hosted hundreds of registered crypto firms under its old national regime; under MiCA, the bar is a full authorisation.
Estonia's transitional period ended on 1 July 2026. Its Financial Intelligence Unit cancelled the old virtual currency licences, and from that date only MiCA-authorised firms could provide crypto-asset services in the country. At that point, Lightspark Payments Europe was the only company holding a standalone crypto-asset service provider authorisation from Finantsinspektsioon, issued together with an electronic money institution licence.
What the numbers do and don't tell you
Approval counts measure output, not ease. Latvia's run reflects a pipeline that applicants started building in 2025, and Latvijas Banka assesses every file on substance: governance, AML/CFT controls, capital and real presence in Riga. A Latvian licence is not a shortcut.
What the numbers do show is a regulator that is processing applications and willing to license combined models. Three companies this year — Paybis Europe, Nodu Digital and Noah LV — received a MiCA licence and a payment institution licence on the same day. Latvijas Banka also offers free pre-licensing consultations, charges a €2,500 application fee for a crypto-asset service provider licence, among the lowest in the EU, and since January has offered a specialised bank licence with €1 million initial capital.
For a company choosing an EU base for crypto, payments or other fintech activity, that makes Latvia worth a serious look alongside the more established options.
For the full list of Latvian licences issued this year, see our earlier report: Latvia's 2026 licensing run.
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. Licensing figures reflect announcements by Latvijas Banka, Lietuvos bankas and Finantsinspektsioon available at the time of writing, and requirements are subject to change. Verify current requirements directly with the relevant regulator before making any filing decisions. Last updated: 5 October 2026.
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Latvia. Latvijas Banka granted nine standalone crypto-asset service provider authorisations between January and September 2026, against one confirmed in Lithuania and one in Estonia.