Follows LTH MoF, Jul. 2024, regulatory changes for crypto sector, see #219861.
MiCA Compliance
Transition period of MiCA is applied with restrictions, and the products or services offered must comply with the requirements of legal acts, warns LTH CB.
Crypto-asset service providers that are subject to a transitional period under national regime shall be entitled to provide services only in their country of registration.
Registration in one EU country does not entitle operation in other EU countries.
If a crypto-asset service provider wishes to provide services in several countries, it must be licensed in accordance with MiCA regulation requirements.
Tokens Licensing
LTH CB emphasized importance that MICA regulation requirements for asset-referenced tokens (SSDs) are not enough, such as asset-referenced token, ART.
Also, includes requirements for licensing of electronic money (e-money) tokens.
Electronic money token (EMT) for issuance, public offering and trading applies already from Jun. 30, 2024, which places restrictions on ART and EMT offerings.
This means that crypto-asset service providers are not entitled to offer ART and EMTs to clients that do not comply with the provisions of the MiCA Regulation.
Transition and Licensing in Lithuania
In Lithuania, the transitional provisions are implemented in accordance with the Law on Markets in Crypto-Assets of the Republic of Lithuania.
It provides for the possibility for operators of virtual currency exchange offices and depository virtual currency wallet operators included in the relevant list.
This list is maintained by the Register of Legal Entities to provide services related to crypto-assets, but they must have an authorization (license) as per MiCA procedure.
Effectiveness
Licenses require MiCA authorization to continue crypto activities after Jun. 1, 2025.
