WALLESS hosts the Latvian Blockchain Association event on fintech licensing

Last week, the Latvian Blockchain Association gathered industry representatives to discuss key challenges and identify ways to meet and respond to a regulatory environment.

The discussion mainly covered challenging licensing process for fintech and blockchain companies in Latvia and it was argued that complex requirements, evolving regulations, and differing interpretations often delay new market entrants. The discussion also highlighted the current licensing progress in Latvia: six applications have been submitted, of which two are under review and four returned for adjustments, while twelve companies are in the pre-licensing stage.

The important role of the Latvijas Banka in developing the licensing framework was also underlined during the discussion. Through practical support and consultations, the Latvijas Banka helps market participants navigate regulatory requirements, promoting greater clarity and transparency.

WALLESS Associate Partners Valters Diure and Arina Stivriņa, together with Senior Associate Elīna Dindendorfa, took part in the meeting, sharing practical insights on the licensing stages and challenges companies face during regulatory processes. Their involvement helps deepen understanding of industry developments and the nuances of the licensing process, contributing to higher-quality practices across the sector.