Eternity Law International — News — Regulation of cryptocurrencies in Latvia

Regulation of cryptocurrencies in Latvia

Published:
June 16, 2017

To date, at our request to the FKTK – Financial and Capital Market Commission, we have received the official opinion of the Latvian regulator on the activities of cryptocurrencies in Latvia:

The emission and use of this type of financial instruments such as cryptocurrencies, in particular bitcoin, is not regulated in any way. Therefore neither bitcoin nor similar instruments are considered official currency and are not classified as the currency of any state.

Bitcoin or any other virtual currency is not subject to the regulations of the Commission’s competence (that is, it does not apply – the Law on Payment Services and Electronic Money, the Law on the Financial Instruments Market).

Therefore, commercial activities related to the purchase and distribution of bitcoins or similar cryptocurrencies are not considered financial instruments or money issuance, nor are they payment services.

Therefore, an individual or legal entity that conducts commercial activities related to the purchase and distribution of bitcoins is not licensed or registered with the Commission as participants in the financial and capital market.

In connection with the above, in Latvia, bitcoin is essentially perceived as a commodity or product that can be used as an exchange medium, if the parties have agreed on this. Therefore, this instrument is not equated to legal means of payment.

Thus, in Latvia there is no regulatory framework regulating the mentioned type of commercial activity. There are also no special prohibitions for equipment or the obligation to obtain special licenses. Cryptocurrency is simply not a financial instrument.

Please contact us to learn more about the possibilities of registering and licensing a business related to cryptocurrencies, to receive an individual offer based on your requirements and a detailed calculation for advice on the regulation of cryptocurrencies in different countries.

To get a prompt consultation, call us by phone in contacts or write in the CRM form at the bottom of the page. Our specialist will answer you online on the question you are interested in.

You could be interested

Company registration on Sark

Sark is a small island from the Channel Islands located in the English Channel, owned by Guernsey. This is a small, isolated state, in which until 2008 there were only 40 enterprises. All land on the island is owned by one person who rents them out. The island itself belongs to Great Britain, it is...

What is a utility token?

Below, we will try to find out what is a utility token? It’s a specific kind of token helping in capitalization or financing of projects for new businesses, companies or groups of project creators. The UL token, which is called a service token, is used as a guarantee of taking part in large sales to...

Business registration in AIFC

Astana International Financial Center (AIFC) is a specialized hub that grants fin. organizations access the marketplaces of Eurasia, providing safe roots and creating a separate legal base. This is an advanced financial institution based in Kazakhstan, connecting the economies of the central region of Asia, the Caucasus, Mongolia, China, the Middle East and the EU....

Ethereum Merge: important points

Finally, Ethereum Merge is complete. We want to swiftly dispel some of the rumours and false news that have surfaced about the Merge in this post. Our specialists are the people to contact if you have any questions. Merge is A technological update called the Merge will convert Ethereum’s current proof-of-work system to a proof-of-stake...

Cryptocurrency in Australia

Cryptocurrency in Australia is developing every year. There are more and more miners, so the government has come to grips with the issue of regulating this currency. The act that regulates cryptocurrency-related activities throughout Australia is called the Corporations Act. It was created back in 2001 and is known in the world as the ASIC-based...

Transfer funds to offshore accounts or tax planning

WHAT IS BETTER: TRANSFER OF FUNDS TO OFFSHORE ACCOUNTS OR PLANNING OF TAXES? What is better: transferring funds to offshore accounts or tax planning? Today this issue is one of the most relevant. Many countries of the world know firsthand what the global crisis is. In this regard, the government of states that are on...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360