Latvia MiCA

Latvia MiCA (Markets in Crypto-Assets) Crypto Requirements 2025

Understanding Latvia’s Compliance Framework under MiCA Regulations

The EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, mandates that all crypto-asset service providers (CASPs) in Latvia obtain authorization from the Financial and Capital Market Commission (FCMC) to continue operations. Latvia, like other EU member states, has established a 12-month transitional period during which existing CASPs can operate under current regulations while seeking MiCA authorization.

MiCA introduces a unified regulatory framework for CASPs across the European Union, fostering compliance and innovation while ensuring consumer protection and financial stability. Key dates for MiCA implementation in Latvia are as follows:

• June 30, 2024: Provisions for asset-referenced tokens (ARTs) and e-money tokens (EMTs) become applicable.
• December 30, 2024: MiCA's full provisions come into effect, requiring CASPs to obtain authorization from the FCMC to continue operations.
• December 30, 2025: Latvia’s 12-month transitional period concludes, after which only authorized entities may legally provide crypto-asset services.

How Scorechain’s AML Compliance Tools Support Crypto-Asset Service Providers (CASPs) in Latvia

Mandatory Licensing

In Latvia, CASPs must comply with MiCA’s EU-wide licensing requirements and register with the FCMC for local operations. Scorechain provides a robust compliance framework to help CASPs maintain a clear audit trail and meet both MiCA and FCMC regulatory expectations.

Enhanced Due Diligence (CDD)

Latvia’s AML framework, under the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, mandates stringent customer due diligence. Scorechain’s tools enable CASPs to:

• Verify wallet screening,
• Assess risk levels, and
• Monitor transactions,

ensuring compliance with both FCMC’s requirements and MiCA standards.

Reporting Obligations

CASPs in Latvia report suspicious activities to the Office for the Prevention of Laundering of Proceeds Derived from Criminal Activity (Control Service). Scorechain simplifies this process with its Suspicious Activity Reporting (SAR) features, ensuring compliance with MiCA and Latvia’s reporting obligations.

Internal Controls

Latvian CASPs must establish robust internal policies in accordance with AML and MiCA requirements. Scorechain supports CASPs in developing tailored compliance programs, combining MiCA standards with Latvia’s specific AML obligations for effective risk management.

Regulatory Oversight and Transparency

Scorechain provides real-time analytics and reporting dashboards that meet the high transparency standards of the FCMC. These tools facilitate regulatory supervision and ensure Latvian CASPs remain compliant with MiCA while maintaining efficient collaboration with national authorities.

Why Scorechain is Ideal for Latvian CASPs

By integrating Scorechain’s AML solutions, CASPs operating in Latvia can:

• Seamlessly align with MiCA and the FCMC’s regulatory framework.
• Build trust with customers and regulators by ensuring operational transparency.
• Mitigate risks through automated transaction monitoring and robust internal controls.

Scorechain empowers Latvian CASPs to confidently navigate the evolving regulatory landscape, ensuring compliance with MiCA and fostering trust in Latvia’s growing crypto market.

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