NBX Digital Asset Bank AS registered in Riga as a wholly owned subsidiary of Norwegian Block Exchange AS
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Norwegian Block Exchange AS (“NBX” or the “Company”, Euronext Growth Oslo: NBX) announces that NBX Digital Asset Bank AS, its Latvian subsidiary established for the Group’s banking licence application, was entered in the Latvian Commercial Register on 26 August 2026 under registration number 40203774388, with its registered office at Antonijas iela 21, Riga.
The incorporation is a step in the Company’s application for authorisation as a specialised credit institution in Latvia. The new entity has not been granted a banking licence and will not conduct banking activity unless and until authorisation is obtained.
Ownership and funding
NBX Digital Asset Bank AS is wholly owned by NBX. The Company holds all 250,000 shares in the subsidiary, representing 100 per cent of its share capital and voting rights. The registered share capital of EUR 25,000 has been paid in full by NBX.
The registered share capital is separate from the regulatory initial capital required for authorisation as a specialised credit institution, which under the current Latvian framework is EUR 1 million. NBX currently intends to retain full ownership of the subsidiary and to provide the capital required for authorisation and subsequent operations as the authorisation process progresses and, if a licence is granted, as the business develops. The Company will report on material funding of the subsidiary through its ordinary financial reporting.
Governance
The subsidiary’s Supervisory Board (padome) is chaired by Nils Kristian Sundling, chairman of the board of NBX, with Stig Aleksander Kjos-Mathisen, chief executive officer of NBX, as deputy chairman. Inna Romanenko, the Group’s chief anti-money-laundering officer, has been appointed to the Management Board (valde).
The appointments to the Supervisory Board and Management Board are subject to the applicable regulatory suitability and fit-and-proper requirements. Further management appointments, including the chief executive officer of the subsidiary, will be made in the course of the authorisation process.
Background and next steps
In March 2026, NBX announced that it had initiated the process of applying for authorisation as a specialised credit institution in Latvia.
The application is assessed by Latvijas Banka in cooperation with the European Central Bank. The ECB adopts the decision on granting authorisation. Once authorised, the subsidiary would be able to exercise the applicable passporting rights for banking services across the European Economic Area, subject to the relevant notification procedures.
A banking licence would allow the Group to offer banking services including deposits, payment accounts and lending alongside the regulated digital-asset and payment services it provides today under its MiCA crypto-asset service provider authorisation and e-money institution licence.
The Company is preparing its application, including the business plan, for submission to Latvijas Banka. Following confirmation that an application is complete, the assessment may take up to twelve months. Subject to authorisation and operational readiness, the Company is currently planning on the basis of commencement of licensed activity in the second half of 2027. There can be no assurance that authorisation will be granted or that it will be granted within the timeframe indicated.
Comment
“Registering the company in Riga turns our previously announced plan into a legal entity and allows us to move the licence application forward,” said Stig Aleksander Kjos-Mathisen, chief executive officer of NBX. “NBX owns the company in full and our current plan is to retain that ownership while providing the capital required as the authorisation process progresses. What comes next is the work of demonstrating to Latvijas Banka and the European Central Bank that the company meets the standards expected of a credit institution.”
About NBX
Norwegian Block Exchange AS is a Norwegian digital-asset financial services company founded in 2018, headquartered in Oslo and listed on Euronext Growth Oslo since 2021 (ticker: NBX; LEI 5493004WNVZP9EMYI834).
NBX is authorised by the Financial Supervisory Authority of Norway as a crypto-asset service provider under Regulation (EU) 2023/1114 (MiCA), covering seven crypto-asset services, and as an e-money institution with its authorised activities passported across the European Economic Area.
Contact
Stig Aleksander Kjos-Mathisen, CEO — stig@nbx.com / +4793287572
This announcement contains forward-looking statements relating to the Company’s application for a banking licence, the funding of its subsidiary and the timing of any commencement of licensed activity. Such statements reflect the Company’s current expectations and are subject to risks and uncertainties, including the outcome and timing of regulatory decisions outside the Company’s control. Actual outcomes may differ materially. The Company undertakes no obligation to update forward-looking statements except as required by law.
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