Paybis secured dual regulatory licenses from Latvia's central bank, becoming the first company in the country to hold both a Markets in Crypto-Assets Regulation (MiCA) crypto license and a Payment Services Directive 2 (PSD2) payment institution license simultaneously.
The dual licensing positions Paybis to operate across the European Union under the bloc's unified regulatory framework. MiCA, which took effect in December 2023, establishes baseline rules for crypto service providers across all EU member states. PSD2 governs payment services and electronic money institutions. Latvia's central bank approval grants Paybis authority to offer crypto trading, custody, and payment services under both regimes without needing separate licenses in other EU jurisdictions.
This move signals Paybis' commitment to regulated operations in Europe at a time when many crypto platforms face heightened scrutiny. The company joins a growing roster of exchanges and payment providers obtaining MiCA credentials. Kraken, Crypto.com, and Coinbase have all pursued similar authorizations across EU member states since the regulation went live.
Latvia emerged as a crypto-friendly jurisdiction within the EU, housing several digital asset firms despite its smaller market size. The country's relatively streamlined approval process attracted crypto companies seeking early compliance with MiCA requirements. However, Latvia maintains strict anti-money laundering and know-your-customer protocols aligned with EU standards.
Paybis operates as a fiat-to-crypto on-ramp, facilitating purchases of Bitcoin, Ethereum, and altcoins via bank transfers and card payments. The dual license allows the platform to expand payment processing capabilities while maintaining crypto trading operations under a single regulatory umbrella.
The licensing demonstrates momentum toward mainstream adoption of regulated crypto infrastructure in Europe. Compliance costs remain high, but institutional players view MiCA authorization as essential for long-term EU operations. Paybis can now market itself as a fully regulated payment and crypto service provider across the EU bloc, removing barriers to users in regulated markets who demand licensed counterparties.