On Apr. 30, LAT GVT updated on draft law on crypto-asset services.
LAT GVT said the future Law on Crypto-asset Services will change the responsible supervisory and institution control of crypto-asset service providers.
Follows LAT GVT May 2023 announced conference on crypto regulation see #173252.
Overview
Cabinet of Ministers considered draft Crypto-asset Services Law that will designate LAT CB as competent supervisory authority to issue operating permits to crypto-asset market participants for provision of services in field of crypto-assets, supervise them.
To set up legal framework for operation of crypto-assets market in Latvia in relation to persons involved in issuance, public offering and admission to trade of crypto-assets.
Plus those providing crypto-asset services, promote crypto-assets development in LAT.
Key Aspects
Crypto-asset market participants include new crypto-asset market participants and existing participants already having license or permit to provide financial services.
Draft law also applicable to existing crypto-asset service providers starting operations before Dec. 30, 2024 currently supervised by the State Revenue Service.
Those providers can continue providing crypto-asset services without permit until Jun. 30, 2025 or until LAT CB reviews application and makes decision on issuing a permit.
The Crypto-asset Services Law is necessary to implement MiCA requirements and to ensure compliance with requirements of FATF Recommendation 15.
The latter will be evaluated in Latvia during the 6th round of Moneyval's evaluation.
Jun. 2024 Update
On Jun. 13, 2024, LAT GVT said Crypto Asset Services Law determines responsible supervisory authority in Saeima approved amendments to law (by Finance Ministry).
LAT CB is thus designated as competent authority to issue operating permits to crypto-asset market participants for provision of services in the field of crypto-assets.
The law sets the legal framework for the operation of crypto-assets market in Lavia.
Circle of crypto-asset market participants includes new crypto market participants and existing market participants with license (permit) to provide financial services.
Existing providers with activity pre-Dec. 30, 2024 monitored by Revenue Service and able to continue providing services without permit by LAT CB until Jun. 30, 2025.
The Crypto Asset Services Law is prerequisite for the development of crypto services industry and will enter into force on Jun. 30, 2024.
Aug. 2024 LAT CB Resources
On Aug. 29, 2024, LAT CB informed crypto-asset service providers that free consultations are being offered during the pre-licensing phase.
Companies advise on crypto-assets regulation (MiCA), in force Dec. 30, 2024, and the documents to be submitted and initially assess the company's compliance with the reg.
For the convenience of businesses, LAT CB has issued exhaustive guides on obtaining an operating permit for provision of crypto-asset services and issuance of tokens.
Also available is a report on the classification of crypto-assets according to MiCA and an explanation of which crypto-assets are subject to the MiCA framework.
Online seminar being held on Sep. 30, 2024 which discusses about the possibility of obtaining an operating permit for the provision of crypto-asset services in Latvia.
Register by Sep. 27, 2024 to receive an invitation to the online seminar.
