Latvian Central Bank grants MiCA crypto license to UK-backed company

Paybis: Paybis operates as a cryptocurrency exchange and payment platform enabling users to buy, sell, and transact with digital assets through various channels. The company received one of the MiCA licenses issued by the Latvian Central Bank. This approval supports its regulatory compliance for broader European market access. Backpack: Backpack functions as a cryptocurrency wallet and trading platform with a focus on the Solana blockchain, providing tools for asset management, swaps, and exchange services. It was among the major recipients of the MiCA payment licenses from the Latvian Central Bank. The license enables expanded operations across the European Union. Latvian Central Bank: The Latvian Central Bank, known as Latvijas Banka, serves as Latvia's central banking institution with responsibilities including monetary policy, financial stability, and supervision of payment and crypto service providers. It holds authority to issue licenses under the EU's MiCA regulation for crypto-related activities. In this case, it granted MiCA-compliant payment licenses to UK-backed companies, facilitating their EU-wide operations. License Scope: Payment licenses granted under MiCA are valid for operations throughout the entire European Union. Bitcoin Context: Bitcoin functions independently of licensing requirements for centralized crypto service providers. MiCA Regulation: The EU's Markets in Crypto-Assets framework sets standardized licensing and operational rules for crypto service providers across member states.