From 2025 the MiCA regulation coming into effect in the European Union will introduce changes for crypto-companies. One of the most important issues is that crypto-activity will be licensed.
Einoras Vaičiūnas, Senior Associate of financial and banking services at “Lewben”, says that companies wishing to engage in crypto-activities are concerned that there will be a «licensing traffic» after the MiCA regulation comes into effect.
«Since there has been no such licensing process in Lithuania until now, only the process of registering a crypto company, which is not equivalent to a license, the exception due to the transition period will not apply in Lithuania.»
«For this reason, the Bank of Lithuania is justified due to the possible «license traffic», especially when there are currently over 500 registered crypto assets businesses in Lithuania. And if the crypto company by 2024 December 30 won’t get a license, they won’t be able to provide services with crypto-assets anymore», says E. Vaičiūnas.
In the «Verslo žinios» publication:
- Einoras Vaičiūnas, Senior Associate of «Lewben» financial and banking services
- Greta Ranonytė, administrative director of the association «Fintech Hub LT».
- Rosvaldas Krušna, Bank of Lithuania, advisor to the board member
- Agnė Kazlauskienė, Bank of Lithuania, Head of Licensing Department
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