Barbados vs Latvia
Crypto regulation comparison
Barbados
Latvia
Legal
Legal
Barbados has a favorable environment for cryptocurrency. With no income or capital gains tax, crypto activities are not specifically taxed. The Financial Services Commission oversees financial markets. Barbados has been exploring blockchain for government services.
Cryptocurrency is legal in Latvia and regulated under the EU MiCA framework. Since 2023, the financial regulator FKTK merged into Latvijas Banka, which now oversees VASP registration and AML compliance. Capital gains from crypto are taxed at 20%. Latvia has been proactive in implementing EU-wide crypto standards.
Tax Type
No tax
Tax Type
Capital gains
Tax Rate
0%
Tax Rate
20%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Barbados, Financial Services Commission
Regulator
FKTK (Finanšu un kapitāla tirgus komisija) / Latvijas Banka
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- No income tax or capital gains tax applies to crypto
- Financial Services Commission provides general oversight of financial markets
- Government has explored blockchain for land registry and identity services
- Crypto businesses operate under general financial services regulations
- Growing fintech sector with interest in digital asset innovation
Key Points
- VASPs must register with Latvijas Banka and comply with AML/CFT requirements
- Capital gains from crypto taxed at 20% personal income tax rate
- MiCA framework applies from December 2024, transitioning existing registrations
- Latvia transposed the 5th Anti-Money Laundering Directive for crypto oversight
- Latvijas Banka absorbed FKTK regulatory functions in January 2023