The approvals allow the company to expand regulated crypto, brokerage and payment services across all 27 European Union member states.
Backpack said it has obtained MiCA and Payment Institution licenses from the Bank of Latvia, giving it a regulatory basis to expand its crypto, brokerage and payment offerings across all 27 European Union member states. The development points to a broader push by crypto firms to use MiCA (European Union crypto rulebook) authorizations to passport regulated services across the bloc under a single framework.