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Backpack EU secures MiCA and payment licenses from Bank of Latvia

Backpack EU secures MiCA and payment licenses from Bank of Latvia

Backpack EU and Stripe-owned Bridge separately won EU-wide crypto and payments approvals in Latvia and Luxembourg, expanding regulated services across all 27 member states under MiCA passporting.

Fact Check
Both components of the claim are corroborated by primary/official sources. Backpack's official X account (@Backpack) confirms Backpack EU secured MiCA and Payment Institution licenses from the Bank of Latvia, enabling EU-wide passporting, corroborated by Crypto Briefing. Bridge's own official blog confirms it secured a MiCA CASP authorization and an EMI license in Luxembourg valid across all 27 EU member states. The claim accurately describes both firms separately winning EU-wide crypto and payments approvals in Latvia and Luxembourg under MiCA passporting.
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Summary

Backpack said it obtained MiCA and Payment Institution licenses from the Bank of Latvia, providing a regulatory basis to expand crypto, brokerage and payment offerings across all 27 European Union member states. Separately, Bridge, the Stripe-owned stablecoin payments platform, said it received a MiCA crypto-asset service provider license and an electronic money institution license in Luxembourg, allowing it to broaden stablecoin services across the bloc. The developments highlight how firms are using MiCA's passporting framework to scale regulated crypto and payments offerings from a single EU authorization. BP rose 19% after Backpack's announcement.

Terms & Concepts
  • MiCA: European Union regulatory framework for crypto-assets that allows authorized firms to operate across the bloc under a unified rulebook.
  • Payment Institution license: Authorization to provide regulated payment services.
  • electronic money institution license: Permit to issue and handle e-money.