Latvijas Banka has issued an authorisation to Trek Technologies SIA, operating under the brand Backpack, as a crypto-asset service provider (CASP) under the Markets in Crypto-Assets Regulation (MiCA) in the EU market.
ECOVIS ProventusLaw advised Trek Technologies SIA throughout the MiCA regulatory licensing process.
The authorisation allows the company to provide regulated crypto-asset services within the European Union, including the custody and administration of crypto-assets, the exchange of crypto-assets for funds and other crypto-assets, the execution of client orders, and the transfer of crypto-assets.
MiCA licensing framework in practice
The authorisation is part of the broader implementation of the EU Markets in Crypto-Assets Regulation (MiCA), which entered into force in 2024 and introduced a harmonised regulatory framework for crypto-asset service providers across the European Union.
MiCA establishes mandatory authorisation requirements for CASPs and enables authorised entities to operate across the European Economic Area under a cross-border notification regime, once licensed in a single EU jurisdiction.
Regulatory focus: beyond formal authorisation
While MiCA creates a harmonised legal structure, supervisory practice shows that licensing assessments increasingly extend beyond formal compliance checks.
Competent authorities typically expect applicants to demonstrate:
- robust governance and organisational structure
- effective internal control and risk management frameworks
- AML and compliance systems aligned with EU requirements
- operational resilience and outsourcing governance
- sustainable and well-documented business models
As a result, CASP authorisation has become a comprehensive regulatory assessment of an organisation’s operational and compliance maturity.
Baltic region and EU crypto-asset regulation
The Baltic States continue to play an active role in shaping the EU’s fintech and digital asset regulatory environment.
With the implementation of MiCA, the region remains an important jurisdiction for licensing and regulatory structuring of crypto-asset service providers seeking access to the EU single market.
ECOVIS ProventusLaw Fintech Practice
ECOVIS ProventusLaw advises fintech and digital asset clients on:
- MiCA CASP licensing and regulatory strategy
- cross-border regulatory structuring and expansion
- AML, governance, and compliance frameworks
- supervisory engagement and regulatory risk management
The firm has supported a significant number of licensing projects across the Baltic region, assisting clients throughout the full lifecycle of regulatory authorisations.
The authorisation of Trek Technologies SIA under MiCA reflects the continued transition of EU crypto-asset regulation from legislative framework to practical supervisory implementation.
As MiCA becomes fully operational, regulatory expectations increasingly focus on governance quality, operational resilience, and long-term compliance sustainability, in addition to formal licensing requirements.
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