Latvijas Banka issues two licenses to "Trek Technologies" SIA ("Backpack EU")

27.05.2026.

Supervisory News

On 27 May, the Supervisory Committee of the Bank of Latvia decided to issue "Trek Technologies" SIA a license for the provision of crypto-asset services and a license for the activity of a payment institution. The company operates in the European Union (EU) under the brand "Backpack EU".

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

• ensuring the custody and administration of crypto-assets on behalf of clients,
• exchange of crypto-assets for funds,
• exchange of crypto-assets for other crypto-assets,
• execution of orders related to crypto-assets on behalf of clients,
• provision of crypto-asset conversion services on behalf of clients.

The license for the activity of a payment institution allows "Trek Technologies" SIA to perform payments, including transfers to a payment account.

"Trek Technologies" SIA is the fifth 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 entered into force at the end of 2024, introducing a unified legal framework for the crypto-asset sector in the EU, including the requirement for crypto-asset service providers to obtain an operating authorization. Upon obtaining an operating authorization in one EU country, a crypto-asset service provider may provide services throughout the EU in accordance with 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 information on what documents need to be prepared and submitted to the Bank of Latvia, the application review deadlines, etc.

The report on crypto-asset classification prepared by the Bank of Latvia in accordance with MiCA and the explanation of which crypto-assets are subject to the MiCA regulation and which are subject to other types of legislation will also be useful for crypto-asset industry entrepreneurs.

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 the regulatory requirements. Cooperation in the pre-licensing phase helps companies prepare high-quality applications for obtaining a license, and the license acquisition process is smooth. Consultations can be registered on the Bank of Latvia website.