Another Sorainen client, Nexdesk, has secured a licence to provide crypto-asset services under the MiCA (Markets in Crypto-Assets) Regulation. This is the third licence issued in the Baltics so far, and among the first in Northern/Eastern Europe.
About Nexdesk
Nexdesk is a sister company of Nexpay, an electronic money institution based in Lithuania; however, its original founder and management team also have roots in Latvia. Nexdesk has been involved in the crypto space for a few years now, providing over-the-counter trading services, mainly to corporate clients. Now, Nexdesk will have the opportunity to do this in a fully regulated manner under the MiCA framework, with regulated services offered extending to the execution of orders, custody, and administrative and transfer services relating to crypto-assets.
About the case
MiCA marks a notable shift in financial and crypto-asset services regulation. Licensing in the EU has got underway and is now proceeding at full speed, and countries like Latvia have a chance to compete with established Western markets by being more business-friendly and efficient.
This is a key reason why Nexdesk chose Latvia: political support for the industry, and an open and cooperative regulator – Latvijas Banka – as well as local market support, including from consultants such as Sorainen. A second MiCA licence in such a short span of time is tangible proof that the country is delivering on its promise to be a fintech and crypto centre in Europe.
Our involvement and team
Sorainen supported the client throughout the licensing process, including drafting internal policies and procedures, as well as representation in meetings with Latvijas Banka. The project, like many others, was also a testament to pan-Baltic cooperation and the advantages of a fully integrated law firm model, as the client also received support on regulation from a Lithuanian legal perspective.
Our team included partners Rūdolfs Eņģelis and Tomas Kontautas; senior associate Agneta Rumpa as project manager; senior associates Edvīns Draba, Ieva Prūse and Akvile Jurkaitytė; and assistant lawyers Gabriela Mora Petroviča and Hannelora Voiciša.
The significant milestone of a second MiCA licence already being issued was reported on live by the media, with the Minister of Economics, the Vice-Chairwoman of Latvijas Banka, and representatives of the Latvian Blockchain association and the Latvian Investment and Development Agency present. We invite you to watch the recording of the press conference here.
