{"id":12247,"date":"2024-04-03T15:25:03","date_gmt":"2024-04-03T12:25:03","guid":{"rendered":"https:\/\/forklog.com\/en\/lithuania-to-implement-licensing-for-cryptocurrency-firms\/"},"modified":"2024-04-03T15:25:03","modified_gmt":"2024-04-03T12:25:03","slug":"lithuania-to-implement-licensing-for-cryptocurrency-firms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/lithuania-to-implement-licensing-for-cryptocurrency-firms\/","title":{"rendered":"Lithuania to Implement Licensing for Cryptocurrency Firms"},"content":{"rendered":"<p>Lithuanian authorities plan to significantly reduce the number of cryptocurrency companies operating in the country by introducing mandatory licenses. This was reported by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-03\/a-european-fintech-hub-prepares-to-get-tough-on-crypto-companies\">Bloomberg<\/a>, citing Simonas Kr\u0117p\u0161ta, a member of the local central bank&#8217;s board.<\/p>\n<p>Currently, around 580 specialized firms are registered in the jurisdiction, many of which were established by citizens of other EU countries.<\/p>\n<p>The regulator will begin the preliminary assessment procedure for obtaining a license in July. Full regulation is planned to be introduced by June 2025. <\/p>\n<p>Major exchanges that already hold licenses in other European states may not need to obtain additional permission in Lithuania.<\/p>\n<p>In addition to local regulation, the MiCA legislation will come into effect across the EU in January 2025.<\/p>\n<p>According to Kr\u0117p\u0161ta, the regulation aims to prevent the misuse of digital assets for money laundering or investor fraud.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The crypto industry has failed in a lightly regulated environment. We have seen numerous bankruptcies, thefts, and the like, which have been a real blow to the sector,&#8221; he added.<\/p>\n<\/blockquote>\n<p>The central bank also intends to invest in educational programs for its employees to gain a deeper understanding of cryptocurrency firms&#8217; business models. <\/p>\n<p>Back in September 2023, journalists named Lithuania the second most attractive EU jurisdiction for crypto firms after Poland.<\/p>\n<p>However, an analysis of such companies&#8217; activities revealed dozens of cases of fraud, money laundering, sanctions evasion, and illegal financing of criminal organizations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lithuanian authorities plan to significantly reduce the number of cryptocurrency companies operating in the country by introducing mandatory licenses. This was reported by Bloomberg, citing Simonas Kr\u0117p\u0161ta, a member of the local central bank&#8217;s board. Currently, around 580 specialized firms are registered in the jurisdiction, many of which were established by citizens of other EU [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1476,36],"class_list":["post-12247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-lithuania","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12247"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12246"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}