NBX initiates application process for specialized bank license in Latvia

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