MiCA Masters: Insights from a National Competent Authority - Bank of Latvia

As MiCA reshapes the European crypto-assets landscape, regulators must adapt quickly, build new supervisory frameworks, and ensure market integrity. But how are they preparing?

In this episode of MiCA Masters, Marine Krasovska, Head of Fintech Supervision at the Bank of Latvia, gives us a behind-the-scenes look at the challenges and opportunities of implementing MiCA and other related new regulations.

• Building regulatory expertise: Latvia had no prior crypto-specific regulation, so the Bank of Latvia had to onboard blockchain specialists and crypto-native supervisors to ensure proper oversight.
• Aligning across the EU: Marine highlights the importance of cross-border collaboration to prevent regulatory arbitrage and ensure a uniform approach to supervision.
• Industry engagement: The regulator worked directly with crypto businesses and associations to understand risks, improve licensing applications, and provide guidance.
• DeFi & AI in compliance: With DeFi remaining out of MiCA’s direct scope, Marine predicts more scrutiny.