Paybis has become the first company in Latvia to hold both a MiCA crypto licence and a PSD2 payment institution licence from the country's central bank. The dual approvals, announced Wednesday, give the exchange a regulatory footing to operate across the European Union's crypto market without having to chase separate authorisations in each member state.
What the licences cover
The MiCA licence lets Paybis offer crypto services under the EU's Markets in Crypto-Assets regulation. The PSD2 licence authorises it to handle payment services, essentially folding crypto and fiat operations under one umbrella. Latvia's central bank granted both, a rarity in a market where firms usually pick one or the other first.
Why Latvia's central bank is the venue
Paybis didn't shop around. It applied directly in Latvia, where it's already based. The central bank there has been processing MiCA applications since the regulation took effect in 2024. Getting a PSD2 nod alongside the crypto licence suggests the regulator is comfortable with hybrid firms that want to bridge traditional payments and digital assets. That's not a given everywhere in Europe.
With both licences in hand, Paybis can passport its services into any EU country under the single-market rules. The company says the licences are intended to fuel its expansion across the European Union's crypto market. The timing isn't bad — the bloc's MiCA framework is still bedding in, and early movers who get approved now have a head start over competitors still queuing for approval.
The next step
Paybis now plans to roll out its full suite of crypto and payment products across EU jurisdictions, leaning on the dual licence structure. No launch date has been announced, but the paperwork is done. The real work — getting users and staying compliant in each market — begins now.
