On Oct. 31, LTH CB reported on crypto-asset service providers license.
LTH CB reported looking forward to responsible approach and quality applications.
Follows LTH CB Aug. 2024, expectations for future service providers, see #224154.
Follows LTH MoF Jul. 2024, regulatory changes for crypto sector, see #219861.
Licensing and MiCA Regulation
LTH CB making intense preparations for licensing of crypto-asset service providers.
Estimates that there are more than 300 institutions in this field in Lithuania.
From Jun. 2025, crypto-asset service providers will be able to carry out their activities only after obtaining a license issued by LTH CB, which will be a significant step.
LTH CB, Arunas Raisutis, Director of the Legal and Licensing, set out that LTH CB is ready for this challenge, including experience gained in licensing fintech facilities.
As such, LTH CB seeks to ensure that only mature providers of these services enter the crypto-asset market, and applicants expected to do their homework properly.
Applicants must be well-versed in legal acts, and LTH CB expectations (they are made public), and ensure that their activities will meet the highest standards.
Crypto-asset service providers are regulated EU MiCA regulation, which sets specific and clear requirements for the impeccable reputation of shareholders and managers.
Also, financial reliability of shareholders, and competence and experience of managers.
Their compliance during licensing will be given special attention by LTH CB.
Effectiveness
Companies seeking a license for crypto-asset services and to continue their activities, should not delay and submit applications to LTH CB from Dec. 30. 2024.
Applicants who are properly prepared for the licensing process can also apply for a preliminary assessment earlier, without waiting for the end of the year.
