Latvia vs Vatican City
Crypto regulation comparison
Latvia
Vatican City
Legal
No Regulation
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.
Vatican City has no cryptocurrency regulation. The micro-state's financial system is focused on the Holy See's financial activities. ASIF provides financial oversight.
Tax Type
Capital gains
Tax Type
None
Tax Rate
20%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
FKTK (Finanšu un kapitāla tirgus komisija) / Latvijas Banka
Regulator
ASIF (Supervisory and Financial Information Authority)
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No stablecoin regulation
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
Key Points
- No specific cryptocurrency legislation
- ASIF provides financial oversight for the Holy See
- Micro-state with very limited financial market
- No crypto exchanges or services
- AML/CFT framework aligned with international standards