Latvian companies can use crypto assets to pay for their share capital
Companies registered in Latvia will be able to use crypto assets to pay for their share capital, which is aligned with the European Union's Markets in Crypto-Assets (MiCA) regulation. The decision was made by the Latvian Parliament.
Crypto assets must be stored in distributed ledger addresses or accounts regulated by MiCA-approved service providers. The use of private wallets for these assets will not be allowed.
In addition, the valuation of asset-backed tokens and e-money tokens will no longer require a professional opinion. Instead, founders or participants who make a non-monetary contribution can provide an appraisal. Founders or participants can self-assess the value based on the average price from MiCA-compliant crypto trading platforms over the past six months.
This simplified procedure could make Latvia more attractive for companies operating in the crypto asset and blockchain sectors.