28/05/2026
We are pleased to share that our client Trek Technologies SIA, operating under the Backpack brand, has received authorisation from Latvijas Banka as both:
• a crypto-asset service provider under MiCA
• a payment institution
The authorisations enable the company to provide a range of crypto-asset and payment services within the EU framework.
This milestone reflects not only the work, preparation, and coordination required to successfully navigate complex regulatory authorisation processes.
The Trek Technologies / Backpack team demonstrated a highly professional, solution-oriented, and committed approach throughout the project, and it was a pleasure working alongside them during the MICA licensing process.
Under MiCA, licensed firms benefit from a harmonised EU framework allowing services to expand across Member States through cross-border notification mechanisms.
Supporting innovative businesses through complex licensing and regulatory processes remains a significant part of our fintech practice, including:
• MiCA licensing and regulatory strategy
• payment and electronic money institution matters
• cross-border structuring and expansion
• governance and compliance frameworks
Congratulations to the Trek Technologies/Backpack team on this important achievement, and thank you for your excellent collaboration throughout the process.
Congratulations, Inga Karulaitytė, Aušvydas Čebatorius, Augustinas Gečas, and all the team 👏
