Latvia, a member of the European Union offers the opportunity to obtain a Latvia Payment Service Provider License which can be used to offer services in Latvia and across the European Union. The license is issued under the provisions of the Law on Payment Services and Electronic Money by the Financial and Capital Market Commission of Latvia.
The definition for a payment service is quite wide under the law and includes most forms of payments that can be made electronically. An application for a Latvia Payment Service Provider License can be made by a Joint Stock Company or Limited Liability Company registered in the country. The process of application commences with the formation of the Company and by fulfilling the minimum initial capital requirements.