On May 20, 2025, LTH CB said that those seeking a CASP license should not wait until the last minute and should submit high-quality applications now.
Although Seimas extended transition period, urged not to delay and submit applications as soon as possible as LTH CB is ready, but examination of applications may take up to 4-5 months, and in more complex cases even longer.
Recalled in early May, the Seimas extended transitional period during which CASPs must obtain a license from Jun. 1, 2025 until the end of the year (see #250783).
If a financial market participant does not obtain a license within this period, they will not be able to provide services; currently, 28 companies applied for licenses, 14 applications are being evaluated but no company has been issued a license yet.
Returns some applications after initial assessment, which takes up to 5 working days.
Most common reason for rejection: applicants did not provide important documents for proper assessment of managers, shareholders (to which special attention is paid).
LTH CB aims to ensure only reliable participants access market of country, entire EU, since, after receiving license in country, the CASP could provide services in whole EU.
In May 2025, LTH CB issued first crypto license to Robinhood Europe, see #256861.
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.
Dec. 2024 Resolution Published
On Dec. 18, 2024, LTH CB published Resolution 03-157 of Dec. 17, 2024, on the approval of licensing rules for crypto asset service providers; in force Dec. 30, 2024.
Definition of the procedure for submitting and examining an application for a crypto-asset service provider license, content and form of the documents submitted.
Establishment of the procedure for issuing and amending a license and submitting notifications about changes in the information submitted in order to obtain a license.
Jan. 2025 Release
On Jan. 15, 2025, LTH CB said it has not yet received a single application for crypto-asset services license, though potential participants can submit from Dec. 30, 2024.
It has indications that a number of companies are interested in possibility of obtaining a license in Lithuania, so invites them to submit applications without delay.
Reminds that after end of transition period, only licensed participants will be able to provide services related to crypto assets in Lithuania.
Devoted a lot of time and resources to preparation, so it will strive to ensure licensing process for properly prepared participants is as efficient and smooth as possible.
Lithuania is in transitional period until Jun. 1, 2025; after, all companies providing or intending to provide crypto-related services in country must get operating license.
Applicants expected to do homework properly, apply with a good understanding of the legislation, furthermore, their activities must meet the highest standards.
Particular attention to reputation of applicant's shareholders, managers, transparency in origin of funds, managers qualifications, applicant's readiness to ensure sustainable, safe and reliable operations, including effective internal control and risk management.
No licenses to fictitious, empty shell companies that do not intend to carry out real activities nor applicants not providing requested information or providing incomplete, incorrect or misleading information.
Mar. 2025 Release
On Mar. 13, 2025, LTH CB announced the regulator had more than ten applications for a crypto asset service provider license but the most common reason for rejection of applications is that are necessary for proper evaluation by managers/shareholders.
LTH CB draws attention to the fact that legal acts stipulate that directors/shareholders must provide certificates of good repute from their countries of residence/citizenship.
Shareholders must also ensure data supporting origin of their funds is substantiated.
May 2025 Reminder
On May 20, 2025, LTH CB said that those seeking a CASP license should not wait until the last minute and should submit high-quality applications now.
Although Seimas extended transition period, urged not to delay and submit applications as soon as possible as LTH CB is ready, but examination of applications may take up to 4-5 months, and in more complex cases even longer.
Recalled in early May, the Seimas extended transitional period during which CASPs must obtain a license from Jun. 1, 2025 until the end of the year (see #250783).
If a financial market participant does not obtain a license within this period, they will not be able to provide services; currently, 28 companies applied for licenses, 14 applications are being evaluated but no company has been issued a license yet.
Returns some applications after initial assessment, which takes up to 5 working days.
Most common reason for rejection: applicants did not provide important documents for proper assessment of managers, shareholders (to which special attention is paid).
LTH CB aims to ensure only reliable participants access market of country, entire EU, since, after receiving license in country, the CASP could provide services in whole EU.
In May 2025, LTH CB issued first crypto license to Robinhood Europe, see #256861.
Regulators
LTH CB
Entity Types
B/D; Depo; Exch; Inv Co; MSB
Reference
PR 5/20/2025; PR 3/13/2025; PR 1/15/2025; OG 2024-22453, 12/18/2024; Res 03-157, 12/17/2024; PR 10/31/2024; Fintech; MICA Reg 2023/1114
