Bank of Latvia issues two licenses to Nodu Digital SIA

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Supervision News

On July 8, the Supervision Committee of the Bank of Latvia decided to issue Nodu Digital SIA a license for providing crypto-asset services and a license for payment institution operations.

The crypto-asset service provider license allows the company to provide the following services:

provision of crypto-asset transfer services on behalf of clients,

exchange of crypto-assets for funds.

In turn, the payment institution license allows Nodu Digital SIA to

perform non-cash money transfers.

Nodu Digital SIA is the 10th company to which the Bank of Latvia has issued a license in accordance with the requirements of the Markets in Crypto-Assets Regulation (MiCA). MiCA came into force at the end of 2024, introducing a unified EU legal framework for the crypto-asset industry, including the requirement for crypto-asset service providers to obtain an operating authorization. By obtaining an operating authorization in one EU country, a crypto-asset service provider can provide services throughout the EU under the cross-border notification mechanism.

Companies wishing to obtain a license from the Bank of Latvia are invited to use the licensing guides prepared by the Bank of Latvia, which contain detailed information on the licensing process and requirements, including what documents need to be prepared and submitted to the Bank of Latvia, and what are the application review deadlines, etc. information.

Crypto-asset industry entrepreneurs will also find useful the Bank of Latvia's prepared overview of crypto-asset classification according to MiCA and an explanation of which crypto-assets are subject to MiCA regulation and which are subject to other types of legal acts.

To ensure a smooth licensing process, the Bank of Latvia invites companies to use pre-licensing consultations. In these consultations, Bank of Latvia experts advise companies on the applicable regulation and initially assess the company's compliance with regulatory requirements. Cooperation during the pre-licensing phase helps companies prepare a high-quality application for obtaining a license, and the license acquisition process is smooth. Consultations can be applied for on the Bank of Latvia's website.