Plasma

Global Stablecoin Regulation

Latvia

Latvia

by
Plasma
Plasma
Last Updated: May 20, 2026
Latvia applies the EU’s MiCA regime: stablecoin (ART/EMT) issuer rules from 30 June 2024 and the CASP framework from 30 December 2024. Latvijas Banka is the national competent authority, accepting MiCA applications and supervising issuers and CASPs. Under MiCA, stablecoins are classified as asset-referenced tokens (ARTs) or e-money tokens (EMTs) (not legal tender); issuers must meet reserve/segregation, disclosure, governance and redemption requirements, and CASPs must obtain authorisation, with EU-wide passporting once authorised. No Latvia-specific overlay comparable to Hungary’s validator rule is in force; the framework follows the EU baseline with local supervisory guidance from Latvijas Banka.

EUR-Lex — MiCA

Latvijas Banka — “Now accepting applications for EU MiCA licence”

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Legal Status

Legal

Regularity Clarity
5/5
Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

E-Money

Crypto Asset

Under MiCA, stablecoins in Latvia are classified as e-money tokens (EMTs) when referencing a single official currency and asset-referenced tokens (ARTs) when referencing multiple assets; they are not legal tender. Latvijas Banka is the national competent authority applying these EU-wide classifications and accepting MiCA authorisation applications; issuers must meet MiCA’s authorisation and conduct requirements (including reserve/segregation, disclosures and redemption), with EMTs issued by electronic-money institutions or credit institutions. No separate Latvian token classification sits alongside MiCA.

Latvijas Banka — “Now accepting applications for EU MiCA licence”

Latvijas Banka — “Classification of crypto-assets within the MiCA framework”

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Regulatory Authorities

Latvijas Banka

Central bank and MiCA national competent authority; authorises and supervises ART/EMT issuers and CASPs, maintains registers, issues guidance, and conducts supervisory inspections/enforcement under MiCA.

FIU Latvia (Financial Intelligence Unit)

National FIU receiving and analysing suspicious transaction reports, disseminating intelligence to law-enforcement; complements supervisory work but is not a prudential regulator.

Top Issuers

SGForge (EURCV, USDCV)

SGForge (EURCV, USDCV)

Monerium (EURe)

Monerium (EURe)

AllUnity (EURAU)

AllUnity (EURAU)

Circle (USDC, EURC)

Circle (USDC, EURC)

Paxos (USDG, USDP, PYUSD)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

ART issuers must keep a segregated reserve whose aggregate value is at least equal to outstanding tokens, with custody, investment and liquidity limits set in MiCA; EMT issuers safeguard customer funds and issue/redeem at par (significant EMTs face ART-style reserve constraints.）

Auditing

An independent reserve audit every six months is required (for ARTs and significant EMTs), with results notified to the competent authority (Latvijas Banka) and published; issuers also maintain MiCA/EBA redemption plans and ongoing disclosures.

Redemption Rights

EMTs: right to redeem at any time, at par value, in funds. ARTs: a permanent right of redemption in funds equivalent to the referenced assets’ value (or delivery of the assets) including under stressed conditions.

Recent Developments

Remittance Race

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.