On May 12, 2026, the Supervision Committee of Latvijas Banka issued two simultaneous operational authorizations to SIA Paybis Europe. The entity secured a crypto-asset services provider (CASP) license under the European Union’s Markets in Crypto-Assets (MiCA) regulation, alongside a payment institution authorization under the second Payment Services Directive (PSD2).
Through this regulatory approval, Paybis becomes the first company within the Latvian jurisdiction to maintain both authorizations concurrently. It also represents the third enterprise in the nation to receive the MiCA CASP certification. These distinct frameworks deliver a unified legal structure for the company to manage corporate funds and execute digital asset operations directly.
According to the central bank’s parameters, the MiCA framework explicitly permits SIA Paybis Europe to provide custody and administration of crypto-assets on behalf of clients. It also authorizes the direct exchange of digital assets for fiat currency or alternative cryptographic tokens. The institutional mandate covers the execution of client orders, comprehensive transfer services, and specialized advisory functions. These capacities enable the platform to operate across the entire European Union through established cross-border notification mechanisms.
Under the PSD2 payment institution license, the European subsidiary is legally enabled to process direct payments. The technical scope of this authorization includes the execution of standard fiat transfers to traditional payment accounts, bridging established banking frameworks with the company’s internal blockchain settlement systems.
Innokenty Isers, chief executive officer and co-founder of Paybis, stated that acquiring dual licensing allows the corporate entity to construct a broad, future-focused market offering, which explicitly incorporates the operational integration of stablecoins.
Addressing the business application of these regulatory approvals, Konstantins Vasilenko, co-founder and chief business development officer, detailed a strategy focused on enterprise clients. The company plans to deploy a white-label cryptographic infrastructure suite configured for a B2B model. This technological stack will aggregate fiat on-ramps and off-ramps, trading and swapping modules, corporate payment acceptance systems, and structured stablecoin liquidation pipelines.
The entire infrastructure will be distributed through a single application programming interface (API). This configuration permits third-party companies to supply digital asset services to their own retail users without financing and structuring an independent legal setup. Vasilenko emphasized that connecting CASP authorization with PSD2 guidelines allows the platform to merge cryptographic services directly with the payment channels regulated by European authorities.
This corporate milestone occurs within a shifting European paradigm where legacy institutions face operational transformations. The implementation of MiCA frameworks actively shapes the overarching regulatory response in Europe, impacting the balance between traditional financial environments and decentralized infrastructure models demanding higher technical oversight.
Paybis Europe @LatvijasBanka izsniegusi licences kriptoaktīvu pakalpojumiem un maksājumu iestādes darbībai. Pirmais uzņēmums Latvijā ar abām atļaujām vienlaikus. Spēcīgs signāls Latvijas FinTech un MiCA videi. #Latvija #FinTech #Crypto
— Viktors Valainis (@ViktorsValainis) May 13, 2026
Paybis initiated its commercial operations in 2014. The platform currently supports exactly 90 different cryptocurrencies and reports an active service base of seven million users distributed across 180 global markets. Outside the European bloc, the entity holds active money services business licenses in both the United States and Canada. Viktors Valainis, Latvia’s Minister of Economics, serves as a source documenting the broader local sector perspectives regarding financial technology integration within the national territory.
Latvijas Banka actively manages a structured legalization program for the broader technology sector. Official records indicate the central bank issued eight fintech corporate licenses during the 2025 fiscal year. Throughout 2026, the supervisory authority has approved seven additional operational applications, maintaining a constant administrative pace supported by mandatory pre-licensing consultations designed to measure institutional viability.
At the continental level, the overarching crypto-asset market regulation is approaching a systematic technical evaluation phase. During the Paris Blockchain Week in April 2026, Peter Kerstens, an adviser to the European Commission, confirmed that the current regulatory framework will undergo systemic revisions. The Commission has scheduled a formal public consultation to assess the practical functionality of the rules for institutional operators.
Kerstens noted that the absence of a “MiCA 2” legislative stage would be highly unusual, as European Union financial directives historically advance through progressive iterations and periodic adjustments. This impending regulatory assessment aligns with technical scrutiny from established industry operators highlighting operational frictions.
Entities issuing fiat-pegged tokens, prominently including the corporation Circle, have formally challenged the transaction thresholds and limitations applied to euro-backed stablecoins under the current regime. Concurrently, European policymakers are deliberating whether the supervisory oversight of major cryptographic enterprises should be centralized exclusively under the jurisdiction of the European Securities and Markets Authority (ESMA), mitigating the fragmentation across national regulators.
The European Commission’s forthcoming publication of the public consultation results will establish the official timeline for these structural amendments.
This article is for informational purposes only and does not constitute financial advice.
