NBX initiates application process for specialized bank license in Latvia

17 Mar 2026 10:50 CET

Oslo/Riga –17.03.2026 – Norwegian Block Exchange (NBX) today announces that the
company has initiated the application process to obtain a specialized bank
license in Latvia. As part of this process, NBX will establish a wholly-owned
Latvian subsidiary that will apply for the license.

The choice of Latvia is based on a number of strategic considerations, but two
main reasons are particularly prominent for NBX’s decision to establish itself
in the country:

Established Presence and Core Operations: NBX has had operations and core
business in Riga, Latvia, since its inception. This historical connection and
the already established infrastructure make Latvia a natural and efficient
choice for the expansion.

Benefits of EU Membership: By establishing a specialized banking subsidiary in
Latvia, NBX is strategically positioning itself to leverage the full benefits of
the EU Single Market and the SEPA (Single Euro Payments Area) framework. This
transition allows for seamless, standardized cross-border Euro transactions and
provides a regulatory 'passport' to offer services throughout the Eurozone—a
critical advantage for scaling digital asset services that Norway’s EEA status
cannot fully replicate. Furthermore, the move capitalizes on Latvia’s mature
fintech talent pool and Riga’s established reputation as a hub for technical
operations. This ensures access to a high-quality, cost-effective workforce
proficient in EU regulatory standards, effectively mirroring the successful
hub-and-spoke operational models utilized by major Nordic financial institutions
to drive pan-European growth.

The application for a specialized bank license marks an important milestone in
NBX's strategy to expand its services and geographical reach, and underscores
the company's commitment to operating under a robust regulatory framework.

About NBX
NBX is a leading regulated cryptocurrency exchange in the Nordics, licensed in
Norway. The company offers secure trading of digital assets, custody solutions,
and blockchain services to retail and institutional clients. NBX issued the
world's first credit card with BTC cashback and is listed on the Oslo Stock
Exchange. NBX was founded in 2018 by Bjørn Kjos, the founder of Norwegian Air
and Bank Norwegian.


Media contact:
Stig Kjos-Mathisen, CEO
Norwegian Block Exchange AS
Email:stig.aleksander.kjos-mathisen@nbx.com

More information:
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