Sorainen client BlockBen SIA makes history as the first company in Latvia (as well as the second in the Baltics, and among the first in Northern/Eastern Europe) to receive a licence for providing crypto-asset services under the landmark MiCA (Markets in Crypto-Assets) Regulation.
About the deal
BlockBen SIA belongs to a group of related companies with a long history in the crypto industry, predating it going through the regulation process in Europe. With a founding team from Hungary, the business has also been active in the other Baltic countries, Estonia and Lithuania. The core business of the company is the issuance and offering of various crypto-asset tokens, also in cooperation with other companies.
“BlockBen has always focused on conducting business in a compliant manner. Due to MiCA, BlockBen, like many other crypto companies, faced the need to do it at the next level: to transition into a fully regulated business and obtain a licence to continue operations. We chose to do it in Latvia, based on the country’s successful marketing of itself as a crypto and fintech hub with an open and approachable regulator, Latvijas Banka. We are grateful that our license application has now become a reality, and the regulator was indeed very cooperative throughout the process,” says Viktor Bodnar, co-founder of BlockBen.
With its new licence, BlockBen is authorised to provide crypto-asset custody and administration, exchange, and placing and transfer services. The authorisation will be valid throughout the whole of the EU after successful passporting of the services.
The issuing of the licence is a great success for the client and project team, but it is also a big day for Latvia, as it provides substantial and undeniable proof that Latvia is on its way to becoming a fintech and crypto hub in Europe.
MiCA is a revolution in financial services regulation, as it puts crypto-asset businesses onto the same footing as more traditional financial market players like banks, investment firms, and payment and e-money institutions. Licencing in the EU only began at the start of 2025. So far, around 100 companies across Europe have secured authorisations under the new regime; however, BlockBen is only the second company to be authorised in the Baltics and among the first to be authorised in the European North-East region. Thus far, the majority of licences have been issued in Germany, the Netherlands, France, Malta and Cyprus; some have also been issued in Ireland, Austria, Finland, Luxembourg and Slovenia, Spain and one per Lithuania, Liechtenstein and Sweden (as per ESMA Interim Register as of 4 December 2025).
Our team and involvement
The success materialised with the help of many involved stakeholders: including the client’s dedicated project team, the very supportive Latvijas Banka team, and Sorainen as consultants. We were deeply involved throughout the licensing project and supported the client with regulatory advice, drafting internal policies and procedures, matters related to establishment, and a range of other legal and tax issues.
“Seeing this process come to fruition is a dream come true. In 2018, when crypto caught my attention in the form of a university course, the topic was still very theoretical, and I never imagined that one day I would have the opportunity to work on a licensing project. The process was a challenge, as it required bridging the gap between an industry that originated as a protest against regulation and one of the most highly regulated fields: financial services. I am grateful to our client for their trust, and to my colleagues and Latvijas Banka’s team for their resilience,” says Sorainen senior associate and project manager Agneta Rumpa.
Our team included partner Ramona Miglāne, senior associate Agneta Rumpa as project manager, senior associates Edvīns Draba and Ieva Prūse as key team members, and partner Tomas Kontautas, senior associates Akvile Jurkaitytė, and Kristīne Erele, as well as associate Kate Berlaua and assistant lawyer Gabriela Mora Petroviča, who supported the process.
Read also the publication by Latvijas Banka here.
See also BlockBen LinkedIn post here.
