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539
· employees · whole institutionFY2025
Annual budget
€34.7m
· net operating expenses · whole institutionFY2025
Supervised entities
257
· financial market participants (Annual Report 2025)FY2025
Overview
Latvijas Banka is Latvia's central bank and, since absorbing the FCMC in 2023, its integrated financial supervisor — and it is openly building Latvia into a licensing destination. In December 2025 it issued the country's first two MiCA crypto-asset service provider licences (BlockBen and Nexdesk) out of eight fintech licences granted that year, with 15 companies in licensing and 29 in pre-licensing consultation by spring 2026. A February 2026 MONEYVAL report rated Latvia's AML system highly, reinforcing the pitch to international applicants. Everything below is Latvijas Banka's own data, from its FY2025 annual report.
Regulated sectors
Leadership
- Mārtiņš KazāksGovernor · since 2019
Figures as published by Bank of Latvia for FY2025. Source: Latvijas Banka Annual Report 2025 (Cut-off 8 May 2026). Data as of 31 December 2025. Supplementary: CASP licensing page.
Organisation (FY2025)
| Item | Value |
|---|---|
| Employees | 539 Headcount, end-2025 (531 end-2024); whole institution — includes monetary policy and cash; not supervision capacity |
| Total recognised gains / to state budget | €332m / €56m €19m dividends + €21m interest on gov't deposits + €16m taxes |
| Net operating expenses | €34.7m FY2025 (€27.9m in 2024) — bank's net operating expenses, not a supervision budget |
Supervised entities (FY2025)
| Item | Value |
|---|---|
| Credit institutions | 10 + 4 10 Latvian credit institutions + 4 branches of EU credit institutions |
| Cooperative credit unions | 21 4 licences revoked in 2025 (voluntary wind-downs) |
| SREP outcomes | 9 credit institutions Scores: 4 medium-low risk, 5 medium-high, 0 low, 0 high |
Licensing 2025
| Item | Value |
|---|---|
| Fintech licences issued | 8 + 7 more by May 2026 |
| CASP licences (MiCA) | 2 BlockBen SIA (3 Dec 2025) · Nexdesk SIA (10 Dec 2025) — Latvia's first; Paybis Europe followed May 2026 with a dual CASP + PI licence |
| EMI licences issued | 3 GR8 PAY · AP OPERATIONS · Pace FS; 1 registration cancelled (RĪGAS KARTE) |
| Crowdfunding licences issued | 3 Ascend Finance · CSP Growth Solution · FLOW |
| Insurance | 1 new insurer licensed (Sincera) 4 insurance-broker registrations annulled |
| AIFM registrations | 6 new 2 cancelled at firms' own initiative |
| Licensing pipeline | 15 in licensing · 29 in pre-licensing As of May 2026 |
Notable 2025
| Item | Value |
|---|---|
| First MiCA CASP licences | Two issued within one week of each other in December 2025 — with applicant interest from Poland, Lithuania, Spain, Germany, Turkey, Canada and the UK. |
| Positive MONEYVAL assessment | Published February 2026 — actively cited by the regulator as a licensing draw. |
| EKS opened to PIs/EMIs | Opened Latvia's own payment system to direct participation by payment and e-money institutions: 25 connections, including 9 foreign, by end-2025. |
| New specialised-credit-institution regime | Created a new institution type — specialised credit institutions with €1m initial capital (vs €5m standard) — in force January 2026. |
| Mortgage refinancing wave | The refinancing reform Latvijas Banka designed moved 18% of Latvia's mortgage book in a single year: 11,505 loans, €840m; lifetime savings €53.5m. |
| O-SII framework simplified | Identified O-SIIs cut from five to three. |
Key legislation
Law on Latvijas Banka (in force 2023)
Founding statute; merged the FCMC into the central bank
Credit Institution Law
Banking authorisation (CRD/CRR)
Law on Payment Services and Electronic Money
PSD2 / EMD transposition
MiCA implementation (Latvia)
CASP authorisation and supervision
Public registers
Application portals
Recent publications
- Latvijas Banka Annual Report 2025
2026-05-08