Backpack EU Secures MiCA And Payment Licenses From Bank Of Latvia

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Backpack EU Secures MiCA And Payment Licenses From Bank Of Latvia

Backpack EU has secured a MiCA crypto-asset services license and a payment institution license from Latvijas Banka, giving the exchange group a broader regulated setup for European crypto, payments and investment services.

The Bank of Latvia approved both licenses for Trek Technologies SIA on May 27. Backpack later framed the approval as part of a tri-license structure, combining the Latvian MiCA and payment permissions with its existing MiFID II authorization through Trek Labs Europe Ltd in Cyprus.

The structure gives Backpack EU three separate regulatory tracks. MiCA covers crypto-asset services. The payment institution license covers payment execution, including transfers to payment accounts. MiFID II covers investment services and forms the basis for Backpack EU’s regulated derivatives and brokerage activity.

The announcement arrives as Europe’s exchange market is splitting between firms with MiCA authorization and firms still trying to preserve access after the transition deadline. WhiteBIT EU recently secured an Austrian MiCA license, while Binance entered July without a confirmed EU-wide MiCA route.

MiCA License Covers Core Crypto Services

The Latvian MiCA license authorizes Trek Technologies SIA to provide custody and administration of crypto-assets, exchange crypto-assets for funds, exchange crypto-assets for other crypto-assets, execute orders for crypto-assets on behalf of clients and provide crypto-asset transfer services.

Those permissions cover the core exchange and custody functions needed for a regulated crypto platform inside the EU framework. MiCA replaced the patchwork of older national registrations with a single crypto-asset service provider regime, where a company licensed in one member state can pursue cross-border activity through the EU notification process.

The payment institution license adds a separate fiat layer. Latvijas Banka said the license allows Trek Technologies SIA to execute payments, including transfers to payment accounts. That permission can support on-ramps, off-ramps and account-linked payment flows, depending on product rollout, user eligibility and local requirements.

Backpack EU’s existing MiFID II setup remains separate. Trek Labs Europe Ltd holds a Cyprus Investment Firm license from CySEC under license number 273/15, covering reception and transmission of orders, execution of orders, dealing on own account and safekeeping or administration of financial instruments.

MiCA Deadline Reshapes Exchange Access

The approval gives Backpack EU a stronger position as the MiCA transition reaches its cutoff point. ESMA has told unauthorized providers to stop onboarding EU clients, stop marketing and limit activity to orderly wind-down steps where they lack authorization.

That pressure is already changing user access across the bloc. Binance recently reassured affected EU users that assets remained safe and withdrawals stayed available after it missed the July 1 deadline without a confirmed MiCA license.

Backpack’s tri-license structure puts the exchange on the other side of that divide. The company can point to regulated crypto-asset services, payment permissions and investment-services authorization rather than relying only on older local registrations or offshore access.

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Product availability will still depend on onboarding, country eligibility, service scope and the legal entity serving each product. Backpack EU’s current European framework now includes MiCA and payment licenses issued by Latvijas Banka on May 27, plus a MiFID II investment-firm license issued by CySEC.

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Born in Italy, Gianluca is a finance and data specialist, coming from an academic education at Sorbonne University in Paris and a career as Senior Advisor at Ernst & Young in the Banking and Blockchain sector.

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