For stable and sustainable development of virtual asset sector, related companies operating in Lithuania need to have the appropriate competences.
Thus during a training for private companies „Chainalysis Networking Reception: The State of Web3“, on June 1 2023, together with the partners Chainalysis Inc. and Crypto Economy Organisation, we have shared tools to effectively prevent, manage and control money laundering, terrorist financing and digital crime risks.
„Lewben“ group was represented by Rita Tamulytė, Associate Partner, Compliance Services.
“In some countries of the world, there are various initiatives to limit the activities of virtual asset service providers, to cut them off from the banking sector, or even to ban such activities altogether. Lithuania stands out as an advanced country that favours virtual asset service providers which comply with the requirements of legal acts and views this sector as a continuation of the fintech sector,” says Vice President of Crypto Economy Organisation Gediminas Laucius.
The Crypto Economy Organisation (CEO), an organisation that brings together businesses operating in the fields of web3, decentralised finance, crypto and the metaverse, has elected a new board and defined new goals in the rapidly changing development and regulatory environment of the crypto economy. Stating that Lithuania remains an attractive country for establishing this business, the organisation intends to seek sustainable growth of the crypto economy market and cooperate with supervisory authorities in creating a rational and progress-promoting legislation.
According to the State Enterprise Centre of Registers, on March 1st of this year, there were 272 virtual asset service providers meeting the requirements of the minimum authorized capital of 125,000 EUR (established by the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania) operating in Lithuania.
The MiCA (Markets in Crypto Assets) Regulation should be adopted in the EU already this spring and it would actually start operating in the member countries in 2024-2025.