Are you consultants or advisors?

Not in the traditional sense. DM Strategy sits between strategy and execution — we help founders make the right structural and regulatory decisions before committing capital or legal resources.

What does DM Strategy actually do?

DM Strategy helps with decision readiness, then structuring, licensing, and banking — in that order. We ensure founders understand their options before choosing a path.

Why not just hire a lawyer or consultant?

Because the problem usually is not a document — it is choosing the right path. Lawyers execute. Consultants advise. DM Strategy helps you decide what to execute before you engage either.

How do we start working with DM Strategy?

Engagements typically begin with a readiness assessment to clarify the best path forward across structure, licensing, and banking. Reach out via the contact form to start a conversation.

How much does an EMI license in Latvia cost?

An EMI license in Latvia starts from €80,000 in advisory and structuring fees, plus the regulatory minimum share capital of €350,000 set by the FCMC. Total costs depend on business complexity.

How long does it take to get a CASP registration?

A CASP registration in Latvia typically takes 3 to 6 months from submission, depending on the completeness of the application and the regulator's review timeline.

What is the difference between an EMI license and a CASP registration?

An EMI license authorizes a business to issue electronic money and provide payment services. A CASP registration covers crypto-asset service providers under MiCA. They serve different business models and are often complementary.

Do you work with early-stage crypto startups?

Yes. DM Strategy works with crypto founders at various stages — from pre-incorporation through licensing and into scale. Early-stage engagements typically begin with a structural readiness assessment.

Which jurisdictions does DM Strategy cover?

Europe (Latvia EMI, CASP, MiCA/VASP), Switzerland, North America (US MSB, state-level licensing), and the Middle East (ADGM, VARA, DIFC).

What is the minimum capital requirement for an EMI license in Latvia?

The minimum share capital requirement is €350,000, as set by the FCMC (Financial and Capital Market Commission of Latvia).

EMI and CASP Licensing in Latvia: Complete Guide to Electronic Money and Crypto-Asset Licenses (2026)

At a glance

1. An EMI (Electronic Money Institution) license in Latvia permits issuing e-money, opening payment accounts, and offering payment services across the EEA, passported under PSD2 to 27 EU states plus Norway, Iceland, and Liechtenstein.

2. Latvia also offers a MiCA-compliant CASP (Crypto-Asset Service Provider) registration alongside the EMI license, combining fiat and crypto capabilities under one jurisdiction.

3. EMI share capital is €350,000. CASP share capital depends on class: €50,000 (Class I), €125,000 (Class II), or €150,000 (Class III).

4. State fees: EMI application €5,000 with an annual fee of €7,000 plus up to 1.4% of gross EMI income (max €100,000). CASP application €2,500 with an annual fee of €3,000 minimum plus up to 0.6% of gross crypto revenue.

5. DM Strategy's service package covers corporate setup, incorporation, compliance documentation, staff sourcing, software introductions, and regulator application handling for both license types.

‍What Is an EMI License in Latvia?

An Electronic Money Institution (EMI) license authorises a company to issue e-money, open payment accounts, and offer a wide range of payment services across the European Economic Area. Latvia's regulatory framework and passporting rights make it a gateway into Europe's payments ecosystem.

A full Electronic Money Institution license enables a business to issue e-money, open payment accounts, and offer a wide range of payment services across the European Economic Area. Latvia's clear regulatory framework, reliable timelines, and local expertise make it one of the fastest and most cost-effective gateways into Europe's payments ecosystem.

What Is CASP Registration in Latvia?

A Crypto-Asset Service Provider (CASP) registration is a MiCA-compliant authorisation that can be obtained alongside a Latvian EMI license. It permits crypto-asset activities such as custody, exchange, and transfer, aligned with the Markets in Crypto-Assets Regulation.

Latvia offers the opportunity to obtain a MiCA-compliant Crypto-Asset Service Provider registration alongside the EMI license. This dual path lets a business operate at the intersection of fiat and crypto, offering services such as crypto custody, exchange, and transfer, fully aligned with the Markets in Crypto-Assets (MiCA) Regulation.

Combining EMI and CASP capabilities under one jurisdiction helps future-proof the business, supports both traditional and digital asset clients, and accelerates entry into Europe's regulated fintech and crypto markets.

Permitted Activities Under EMI and CASP

Permitted activities differ by license type. EMI licensing covers fiat payment services; CASP registration covers crypto-asset services. Both can be held together under a dual licensing path in Latvia.

Permitted fiat activities (EMI):

Issue e-money & multi-currency wallets
Open IBAN payment accounts
Launch branded debit & prepaid cards
Acquire card payments for merchants
Facilitate instant money remittance
Provide Open-Banking services (PIS & AIS)
Offer white-label Banking-as-a-Service

Permitted crypto activities (CASP):

Crypto Custody & Wallet Services
Exchange Between Crypto
Exchange Between Fiat and Crypto
Token Issuance

CASP License Classes and Share Capital Requirements

Latvia's CASP registration is structured into three classes under MiCA, each defined by the scope of crypto-asset activities permitted and each carrying a different minimum share capital requirement.

Class	Permitted Activities	Minimum Share Capital
EMI	Issue e-money & multi-currency wallets, open IBAN payment accounts, branded debit & prepaid cards, merchant card acquiring, instant money remittance, Open-Banking (PIS & AIS), white-label Banking-as-a-Service	€350,000
CASP Class I	Execution of orders on behalf of clients, placing of crypto-assets, transfer service for crypto-assets, receiving and transmitting orders, advice on crypto-assets, portfolio management on crypto-assets	€50,000
CASP Class II	Custody and administration of crypto-assets on behalf of clients, exchange of crypto-asset for funds, exchange of crypto-asset for another crypto-asset	€125,000
CASP Class III	Operation of a trading platform for crypto-assets	€150,000

Minimum own funds serve as a prudential safeguard, ensuring the licensed entity has sufficient financial stability to operate responsibly, absorb risks, and protect client funds. These funds are typically ring-fenced and must remain available to meet regulatory and financial obligations rather than being used for operational expenses.

State Fees: Application and Annual Supervision

Both EMI and CASP licensing carry a one-time state application fee and an ongoing annual supervision fee payable to the regulator, separate from DM Strategy's own legal fees.

License Type	Application Fee	Annual Fee (Fixed + Variable)
EMI	€5,000	€7,000 + up to 1.4% of gross EMI income (max €100,000); €1,000/year if "innovative E-payments" only
CASP	€2,500	€3,000 minimum + up to 0.6% of gross crypto revenue

EU Passporting Under PSD2

A Latvia EMI license is passported under the PSD2 directive, granting access to 27 EU member states plus three EFTA countries without requiring separate local licensing in each market.

A Latvia EMI license is passported under the PSD2 directive to 27 EU member states plus three EFTA countries: Norway, Iceland, and Liechtenstein. This allows a single Latvian license to support payment operations across the European Economic Area without separate local authorisations.

Who This Is For

The Latvia EMI and CASP framework is designed for businesses that need to combine fiat payment services with crypto-asset activities, or that are seeking a single EU jurisdiction with full passporting rights.

This dual licensing path is suited to businesses working with crypto exchanges, fintech companies, payment institutions, and digital asset platforms entering regulated markets. Each project begins with a preliminary regulatory assessment to determine the most appropriate licensing and compliance structure.

DM Strategy's EMI and CASP Service Package

DM Strategy provides the same structured service scope for both EMI and CASP applications, covering corporate setup, incorporation, compliance documentation, staffing, infrastructure, and regulator application handling.

Service	EMI	CASP
Corporate Setup: business outline, shareholder and UBO KYC, proposed board & MLRO	Yes	Yes
Incorporation Services: legal entity incorporation, office premises sourcing, bank account opening assistance	Yes	Yes
Compliance Documentation Package: business plan, AML/CTF and safeguarding frameworks, cyber security & data protection policies	Yes	Yes
Sourcing of compliance staff: AML/MLRO specialists (excluding salaries); C-level staffing available on demand	Yes	Yes
Software or infrastructure solutions: SaaS or on-premise providers; DORA-compliant options for crypto exchanges	Yes	Yes
Application to the Regulator and on-going interaction: application handling to the Bank of Latvia, ongoing communication mediation	Yes	Yes
Legal Fees: excluding regulator application fees, third-party costs, share capital, and other prudential capital	From €80,000	From €55,000

Legal fees exclude application fees payable to the regulator or other authorities, costs originating at third-party service providers, and share capital or other forms of prudential capital.

Frequently Asked Questions

What is the difference between an EMI license and CASP registration in Latvia?

An EMI license permits issuing e-money, opening payment accounts, and offering payment services across the EEA. A CASP registration is MiCA-compliant and permits crypto-asset activities such as custody, exchange, and transfer. Latvia allows both to be obtained together.

Can I hold both an EMI license and a CASP registration in Latvia at the same time?

Yes. Latvia offers the opportunity to obtain a MiCA-compliant CASP registration alongside an EMI license, allowing a single business to combine fiat payment services with crypto custody, exchange, and transfer under one jurisdiction.

How much share capital is required for a Latvia EMI license?

An EMI license in Latvia requires minimum own funds of €350,000. This capital is ring-fenced and must remain available to meet regulatory and financial obligations rather than being used for operational expenses.

How much share capital is required for CASP registration in Latvia?

Capital requirements depend on the CASP class. Class I activities such as order execution and portfolio management require €50,000. Class II activities such as custody and crypto-to-crypto exchange require €125,000. Class III, covering operation of a trading platform, requires €150,000.

What are the three CASP license classes in Latvia?

Class I covers execution of orders, placing of crypto-assets, transfer services, receiving and transmitting orders, advice, and portfolio management. Class II covers custody and administration of crypto-assets and exchanging crypto-assets for funds or other crypto-assets. Class III covers operation of a trading platform for crypto-assets.

Does a Latvia EMI license allow passporting across the EU?

Yes. A Latvia EMI license is passported under the PSD2 directive to all 27 EU member states plus three EFTA countries: Norway, Iceland, and Liechtenstein.

What state fees apply to EMI and CASP licenses in Latvia?

The EMI application fee is €5,000, with an annual fee of €7,000 plus up to 1.4% of gross EMI income, capped at €100,000 (or €1,000 per year for innovative e-payments only). The CASP application fee is €2,500, with an annual fee of €3,000 minimum plus up to 0.6% of gross crypto revenue.

Is a Latvia CASP registration compliant with MiCA?

Yes. Latvia's CASP registration is structured to be MiCA-compliant, aligning with the Markets in Crypto-Assets Regulation and allowing crypto custody, exchange, and transfer services to be offered under the same framework as the EMI license.

Key Resources

Resource	Description
Bank of Latvia	The regulator responsible for EMI and CASP licensing applications in Latvia
MiCA Regulation	EU Markets in Crypto-Assets Regulation underpinning CASP registration
PSD2 Directive	EU directive governing payment services passporting across the EEA
DM Strategy EMI/CASP Guide	Detailed service guide and package comparison, dmstrategy.io

Disclaimer

This article is for informational purposes only and does not constitute legal or regulatory advice. Regulatory requirements are subject to change. Consult a qualified advisor before making structural or compliance decisions.

DM Strategy advises fintech and crypto founders on structure, licensing, and banking as one interconnected decision. To discuss EMI or CASP licensing in Latvia for your business, book an introductory call at dmstrategy.io.

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Author:

Dionisijs Markovs