What Is MiCA, and What Regulatory Authorisations Has Backpack EU Received?

What Is MiCA?

The Markets in Crypto-Assets Regulation (MiCA) entered into force in late 2024, introducing a unified legal framework for the crypto-asset sector within the European Union. Before MiCA, crypto-asset services were governed by a patchwork of national rules. The regulation replaced that with a single set of requirements that apply across the EU.

A central element of MiCA is the requirement for crypto-asset service providers to obtain authorisation. Upon obtaining authorisation in one EU country, a crypto-asset service provider may provide services throughout the EU in accordance with the mechanism for notifying cross-border activities. In short, one authorisation can be extended across the Union rather than re-applied for in every member state.

Backpack EU’s Regulatory Authorisations

On 27 May 2026, the Supervision Committee of Latvijas Banka decided to issue Trek Technologies SIA, the company under the Backpack EU brand, a licence for the provision of crypto-asset services and a licence to operate as a payment institution.

The crypto-asset service provider licence enables Backpack EU to provide the following services:

• custody and administration of crypto-assets on behalf of clients;
• exchange of crypto-assets for funds;
• exchange of crypto-assets for other crypto-assets;
• execution of orders for crypto-assets on behalf of clients; and
• transfer services for crypto-assets on behalf of clients.

The payment institution licence enables Trek Technologies SIA to execute payments, including transfers to payment accounts.

Trek Technologies SIA is the fifth company to hold a licence issued by Latvijas Banka in accordance with the requirements established under MiCA.

What a MiCA Authorisation Means

A MiCA authorisation indicates that a crypto-asset service provider has been authorised under the applicable EU regulatory framework to provide specified crypto-asset services.

The scope of an authorisation depends on the services approved by the relevant regulator. For Backpack EU, the authorised services include custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, execution of orders for crypto-assets on behalf of clients, and transfer services for crypto-assets on behalf of clients.

How to Verify a MiCA Licence

MiCA authorisations can be checked independently. The European Securities and Markets Authority maintains an EU-wide register of authorised crypto-asset service providers, and each national regulator such as Latvijas Banka keeps its own list. Registers identify companies by their legal name rather than brand name, so Backpack EU appears as Trek Technologies SIA. A genuine entry shows the legal name, the services the company is authorised to provide, the regulator, and the date the licence was issued.

Summary

MiCA gives the EU a single legal framework for crypto-asset services, and authorisation under it is required to provide those services in the Union. On 27 May 2026, Latvijas Banka decided to issue Trek Technologies SIA, the company behind the Backpack EU brand, a licence for the provision of crypto-asset services and a licence to operate as a payment institution making it the fifth company to hold a MiCA licence from the Latvian regulator.