🚴‍♀️ Latvia 🇱🇻: The central bank accelerates the EU MiCA licensing process

🚴‍♀️ Latvia 🇱🇻: The central bank accelerates the EU MiCA licensing process

MiCA (Markets in Crypto-Assets) is European Union legislation designed to regulate the crypto-asset market. Now, the Bank of Latvia offers an accelerated process for obtaining MiCA licenses for crypto service providers.

🔵 Context: The Bank of Latvia is committed to fostering a flexible regulatory environment aligned with EU standards, encouraging innovation, and actively supporting the growth of the fintech sector.

🔵 Approved crypto service providers will need to pay a supervision fee of 0.6%, with a minimum of 3000 euros per year.

🔵 If the application is submitted correctly and all documents are provided on time, the licensing process could be completed in as little as 3 months.

🔵 Applications for the MiCA license will open in January 2025.

🔵 Additional benefits: Latvia’s startup law provides several incentives, including visas for foreign entrepreneurs, reduced social tax rates, income tax exemptions, and salary co-financing of up to 45% for highly skilled employees.

#news #Europe #crypto

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