Latvian government pushes ahead with crypto asset law

On Tuesday, April 30, the Latvian government considered the draft law "Crypto-asset services law", which will designate the Bank of Latvia as the competent supervisory authority that will issue operating permits to crypto-asset market participants.

"The purpose of the draft law is to establish a legal framework for the operation of the crypto-assets market in Latvia in relation to persons involved in the issuance, public offering and admission to trade of crypto-assets or who provide crypto-asset services, promoting the development of the field of crypto-assets in Latvia," said a statement from the Ministry of Finance.

The list of crypto-asset market participants includes both new crypto-asset market participants and existing financial market participants who have already received a license to provide financial services. The draft law  is also applicable to existing crypto-asset service providers who started their operations before December 30, 2024 and who are currently monitored by the State Revenue Service.

Crypto-asset companies will be able to continue providing crypto-asset services without a permit issued by the Bank of Latvia until June 30, 2025, or until the Bank of Latvia has reviewed its application and made a decision.

The full text of the draft law is available (in Latvian) here.

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