Paybis Secures Dual Licenses in Latvia for Crypto-Asset Services

Latvia's central bank has issued two licenses to cryptocurrency platform Paybis, further expanding its operations in the European Union.

The Supervision Committee of Latvijas Banka granted the licenses to SIA Paybis Europe, the company's EU entity, on May 12. The licenses cover crypto-asset services under MiCA and payment institution operations under PSD2.

With these licenses, Paybis can now offer a range of services, including custody and administration of crypto assets, exchange of crypto-assets for funds or other crypto assets, execution of orders, transfer services, and crypto asset advisory. The company's EU entity is also authorized to execute payments and make transfers to payment accounts.

Paybis plans to target business clients with a white-label crypto infrastructure stack, covering on/off-ramps, buy/sell/swap, payment acceptance, and stablecoin payouts. This service will be delivered through a single API, allowing companies to offer crypto services to their customers without building their own regulated setup.