TLDR
Latvia's central bank has granted a MiCA crypto licence to Noah LV SIA, the Latvian arm of UK-backed Noah, giving it regulated EU-wide crypto service rights.
- Latvia licensed Noah LV SIA for multiple crypto services plus payments, with the MiCA-based authorisation effective from 30 Sep.
- The licence lets Noah passport its services across the EU, highlighting Latvias push to become a crypto and fintech hub for non-EU firms.
- This move comes as most major exchanges still lack MiCA licences, so regulators are likely to scrutinize unlicensed platforms more closely.
Deep Dive
1. What Latvia Approved
Latvijas Bankas Supervision Committee has granted Noah LV SIA both a crypto-asset service provider licence under MiCA and a payment institution licence, effective 30 Sep 2026. The crypto licence covers custody and administration of client assets, exchange of crypto-assets for funds or other crypto-assets, execution of client orders, and transfers on clients behalf, while the payment licence covers credit transfers and standing orders. These details are confirmed in the central banks announcement summarised by TokenPost and a separate Cryptobriefing report.
Noah LV SIA is a Latvian subsidiary of UK-based Noah HQ Ltd, set up in July 2026. With this package of licences, Noah can operate as a regulated crypto and payments provider within Latvia and, subject to MiCAs notification rules, beyond it.
2. Why This Matters For MiCA And Latvia
Under MiCA, authorisation in one EU member state allows a crypto-asset service provider to passport covered services across the bloc after cross-border notification. Latvias decision means Noah can use a Latvian base to reach customers in other EU countries under a single regulatory framework, rather than seeking separate national licences.
Latvijas Bankas announcement brings its total MiCA-licensed firms to 12, according to TokenPost, signalling that Latvia is positioning itself as a relatively welcoming jurisdiction for crypto and fintech businesses, including UK-backed entities that need an EU foothold after Brexit.
For European users, MiCA-licensed firms like Noah could become the default venues if you want clear consumer protections and regulatory oversight under EU rules.
3. Broader Market Impact And What To Watch
MiCAs full implementation has sharply narrowed the field of authorised exchanges. Data cited by Gate Europe suggests that 84 of the worlds 100 largest exchanges still lacked MiCA authorisation as of late September 2026, as reported in a Gate Europe overview. At the same time, EU watchdogs are probing whether unlicensed platforms such as Binance can keep serving EU users by invoking narrow reverse solicitation exemptions, according to recent coverage.
This creates a growing divide between fully authorised providers and those relying on legal loopholes or offshore entities. Firms like Noah, which obtain broad MiCA licences plus payment permissions, could gain an advantage as supervisors increasingly favour regulated platforms and tighten enforcement on unlicensed activity.
Regulatory risk remains significant. Changes in how ESMA and national regulators interpret MiCA could affect which platforms can keep EU market access and under what conditions.
Conclusion
Latvias MiCA authorisation for Noah LV SIA shows how the new EU regime is starting to reward firms that commit to full licensing, especially those using smaller, fintech-friendly states as entry points. As MiCA consolidates Europes crypto rules, the key dynamic to watch is whether more UK and non-EU firms follow Noah into regulated EU bases and how quickly regulators move against larger platforms that have not yet secured comparable licences.
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