Backpack has expanded its regulatory footprint in Europe after receiving both a Markets in Crypto-Assets (MiCA) license and a Payment Institution license from the Bank of Latvia, allowing the company to offer a broader range of services across the European Union.
The approvals add to Backpack’s existing MiFID II license, giving the company authorization across three major regulatory frameworks covering crypto assets, investment services, and payments. The company said the licenses will strengthen its ability to serve customers across all 27 EU member states while meeting the region’s regulatory requirements.
Backpack described the milestone as the result of years of regulatory work, noting that only a small number of digital asset companies currently hold any of the three licenses, while even fewer have obtained all of them.
Backpack EU has secured its MiCA license and Payment Institution license from the Bank of Latvia.
Combined with our MiFID II license, Backpack EU is now tri-licensed across crypto, brokerage, and payments.
This milestone strengthens our ability to serve users across all 27 EU… pic.twitter.com/h8lIJ4cw8d
— Backpack 🎒 (@Backpack) July 1, 2026
Three licenses expand Backpack’s services
MiCA governs crypto asset service providers across the European Union, while MiFID II covers investment and brokerage activities. PSD2 regulates payment services, allowing licensed firms to provide payment-related products under a common legal framework.
By holding all three licenses, Backpack is positioned to combine crypto trading, brokerage services, and payments under one regulated business. The company said the approvals support its long-term goal of connecting blockchain-based financial services with traditional financial markets.
The approvals may also make it easier for Backpack to operate across the European Union without applying for separate licenses in each member state. Under the EU’s regulatory framework, firms that meet the required standards in one member country can, in many cases, offer their services across the bloc, subject to the relevant passporting rules. This could help the company expand more efficiently as demand for regulated crypto services grows.
Why are exchanges trying to collect multiple licenses?
For many crypto companies, obtaining a MiCA license is no longer enough. As exchanges expand beyond buying and selling digital assets, they also want to offer products such as stock trading, payment services, and investment accounts. Each of those activities falls under a different set of rules and requires separate approvals.
This is why some exchanges are spending years building regulated businesses instead of relying on a single crypto license. Holding several licenses can reduce legal uncertainty, make it easier to work with banks, and allow companies to launch new products without creating separate businesses in different countries.
Competition among exchanges is increasingly centered on regulation as much as technology. Firms that can operate under several financial rules may find it easier to expand across Europe as regulators tighten oversight of the digital asset industry and customers place greater value on licensed providers.
Backpack has officially launched the public beta of Backpack Securities, allowing users to trade U.S. stocks and ETFs alongside cryptocurrencies from a single account.
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