Monthly Meetup was packed with valuable insights.
We couldn't say it better than Tina Luse, Managing director at Fintech Latvia Association :
Building a new company isn't easy, but if it's a regulated business – like in the fintech or crypto space – the number of challenges increases exponentially. However – don't let that discourage you! 😎The discussion during Monthly Meetup at Startup House led us to a common conclusion: Latvia currently has an excellent environment for fintech and crypto startups!
Some key takeaways from the conversation:
🟣The Bank of Latvia provides support for innovative business models, and overall, the political environment is very favorable for fintech.
🟣The Innovation Hub is the first stop – you'll be able to understand the requirements you'll need to meet at an early stage.
🟣The Regulatory Sandbox can be a good tool if you plan to introduce a solution that is not yet regulated.
🟣Licensing and compliance require resources, so prepare for them early – in terms of both team and capital.
🟣Don't try to write everything yourself – if you're not a lawyer, it's better to bring in an expert who knows the process, as it will save you both time and money in the long run.
🟣Licenses and compliance documents are not just a formality – management must understand them and how the requirements will be implemented in the company.
🟣You don't always need "Anna Karenina" volume documents – consult with the regulator to find out what is and isn't necessary for your business model.
🟣Licensing isn't cheap, so test your business model in ways that don't require a license – here too, the Bank of Latvia and the business community can help with advice (see the point above about the Innovation Hub).
🟣Sectors that are currently in development and offer new opportunities – tokenization, investment market solutions, and similar new solutions.
🟣Don't be afraid to approach the big players – as Mintos co-founder Mārtiņš Valters said, their collaboration with BlackRock started simply with a question. (Mārtiņš put it more colorfully – Your loss, those who weren't there! )
So, the opportunities are there, and they must be seized!
A big thank you to the discussion participants: Reinis Znotins (The Latvian Blockchain Association (LBAA)), Marine Krasovska (Latvijas Banka), and Martins Valters (Mintos) for the conversation!