Latvijas Banka has granted a MiCA-compliant crypto-asset services licence to Neverless SIA, making it the fourth such authorised entity in Latvia.
The authorisation was granted under the EU's Markets in Crypto-Assets Regulation (MiCA), which entered into force in late 2024 and established a unified regulatory framework for crypto-asset service providers across the EU.
Neverless SIA becomes the fourth company to receive a MiCA licence from Latvijas Banka, and the eighth fintech licence the central bank has issued in Latvia so far this year.
Scope of authorisation
Under the licence, Neverless SIA is authorised to offer a range of crypto-asset services, including custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, portfolio management on crypto-assets, and transfer services for crypto-assets on behalf of clients.
MiCA's introduction marked a significant shift in how crypto-asset service providers operate within the EU. Prior to MiCA, licensing requirements varied considerably across member states, creating regulatory fragmentation. The regulation now requires all crypto-asset service providers to obtain authorisation from a competent authority in at least one EU member state.
In addition, a key feature of the MiCA framework is its passporting mechanism: once a provider is licensed in one EU country, it may extend services across all member states by notifying the relevant cross-border activities. This makes Latvia (and Latvijas Banka's licensing process) a potential entry point for firms seeking EU-wide market access.
Latvijas Banka supports the licensing process through dedicated licensing guides and a pre-licensing consultation service, through which the central bank's experts assess a company's regulatory compliance before a formal application is submitted. According to the central bank, early engagement at this stage is intended to improve application quality and reduce processing delays.
The gradual increase in licensed fintech entities in Latvia reflects the broader uptake of MiCA authorisations across the EU, as crypto-asset firms move to regularise their operations under the new framework ahead of full enforcement.
