On 25 June 2026, Latvijas Banka licensed Hodleris SIA1 and Bleap SIA2. Both firms are authorised to provide crypto-asset services. SIA AlphaRoute3 received its licence on 18 June 2026. Latvijas Banka has now authorised nine CASPs under MiCA. Each firm may passport services across the EU under MiCA's notification mechanism.
THE THREE LICENCES
Hodleris SIA holds authorisation for custody and administration. It may exchange crypto-assets for funds or for other crypto-assets, and provide transfer services.
SIA AlphaRoute holds the broadest licence of the three. It covers custody and administration, and trading platform operation. It also covers both exchange services, placing of crypto-assets, and transfer services.
Bleap SIA holds the narrowest licence. It is authorised only to exchange crypto-assets for funds and for other crypto-assets. The three licences confirm Latvijas Banka's scoped approach to authorisation. It does not issue a standard template.
THE CAPITAL TRIGGER
MiCA fixes three own funds classes under Article 67(1)(a) and Annex IV.45 Class 1 carries a EUR 50,000 floor. It covers order execution, placing, transfer services, order transmission, advice, and portfolio management. Class 2 carries a EUR 125,000 floor. It adds custody and administration, and both exchange services. Class 3 carries a EUR 150,000 floor. It adds only one further trigger: operation of a trading platform.
Hodleris SIA's four services, including custody, sit within Class 2. Bleap SIA's two exchange-only services also sit within Class 2. Custody adds regulatory obligations. It does not raise the capital floor above exchange services. SIA AlphaRoute's trading platform authorisation is the sole reason it reaches Class 3.
Applicants routinely assume that more services demand a higher capital class. That assumption is wrong. Custody and exchange services carry an identical floor. Only trading platform operation moves a firm into Class 3. Firms should scope their application to the actual business model. This avoids unnecessary capital lock-up.
THE LICENSING ROUTE
Latvijas Banka publishes a fixed timeline and fee schedule for CASP applications.6 Pre-licensing consultation is free of charge. Latvijas Banka's response time runs up to 30 working days, depending on complexity. The application review fee is EUR 2,500, payable on submission. This sits among the lowest CASP fees in the EU.
Latvijas Banka completes a completeness check within 25 working days of submission. It then completes a substantive assessment within 40 working days of confirmed completeness. That deadline may be extended for objective reasons. Authorised firms then pay an annual supervision fee. The fee runs up to 0.6% of gross crypto-asset income. It carries a EUR 3,000 minimum.
A complete file can clear assessment within roughly 65 working days. An incomplete filing resets the clock, since the completeness check restarts on resubmission.
OTHER REQUIREMENTS APPLICANTS MUST MEET
The application dossier under Article 62 covers governance, prudential and operational readiness.4 Latvijas Banka's guide lists twenty required items. The applicant must maintain an EU registered office and place of effective management. At least one governance member must be resident in the EU. Its management must satisfy fit and proper standards under Article 68. That means good repute, relevant education, and relevant experience. Shareholders holding 10% or more must demonstrate good repute and a clean criminal record.
Own funds must fall between EUR 50,000 and EUR 150,000. The exact figure is calibrated to the services sought, under Annex IV.5 The applicant must document an AML, CFT and sanctions risk framework. That framework must include a risk assessment of the services offered. It must maintain a business continuity plan with tested emergency procedures. It must also maintain ICT security documentation covering risk assessment and mitigation measures.
It must segregate client crypto-assets and funds from its own holdings. It must also maintain a complaints-handling procedure. Firms that outsource functions must maintain an outsourcing policy. Firms seeking custody, trading platform, execution, or transfer authorisation face a further requirement. Each must submit a service-specific annex addressing that function.
WHY THIS MATTERS FOR MARKET ENTRY
Latvijas Banka had issued 13 licences to financial market participants by 18 June 2026.3 Two further crypto-asset licences followed within a week. The regulator's pace confirms a workable route into the EU single market. A single Latvian authorisation lets a firm passport services to all 27 member states. Firms weighing EU entry should treat processing speed as a genuine factor. Speed matters alongside legal outcome, fees, and ongoing supervisory cost.
ENDNOTES AND SOURCES
1. Latvijas Banka, 'Latvijas Banka is issuing a licence to Hodleris SIA for the provision of crypto-asset services' (26 June 2026).
2. Latvijas Banka, 'Latvijas Banka is issuing a licence to Bleap SIA for the provision of crypto-asset services' (26 June 2026).
3. Latvijas Banka, 'Latvijas Banka is issuing a licence to SIA AlphaRoute for the provision of crypto-asset services' (19 June 2026).
4. Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation), Articles 62, 67(1)(a) and 68.
5. European Securities and Markets Authority, 'Minimum Capital Requirements for Crypto-Asset Service Providers', Interactive Single Rulebook (MiCA Annex IV).
6. Latvijas Banka, 'Crypto-asset service providers': licensing process, review deadlines and fee schedule.
7. CASP: a crypto-asset service provider authorised under MiCA to provide one or more crypto-asset services. Own funds: the minimum regulatory capital a CASP must hold, set by class under Annex IV. Class 1, 2, 3: MiCA's own funds classes under Article 67(1)(a), determined by the services authorised. Passporting: the right to provide services EU-wide from a single home-state authorisation, under MiCA's cross-border notification mechanism.
