Lithuania implements cryptocurrency regulation according to MiCA standards

In April 2024, Lithuanian authorities announced plans to introduce a registration procedure for companies operating in the field of storage and exchange of digital currencies. This initiative was officially implemented in July after the Seimas adopted relevant amendments to the legislation.

Lithuanian authorities made changes to the law on financial market regulation, including provisions regarding the supervision of virtual currencies. These changes are aimed at creating a more transparent and regulated environment for cryptocurrency businesses in the country.

Lithuania’s new regulatory framework is based on the European legislation MiCA (Markets in Crypto-Assets), adopted by the European Union countries. Lithuania has become one of the first countries to integrate MiCA provisions into its national legislation.

Licensing of crypto companies

According to the new rules, cryptocurrency companies operating in Lithuania are required to obtain licenses by June 2025. The country’s central bank will assign these companies the status of virtual currency operators, which will allow for more effective control over their activities.

Mindaugas Linge, Chairman of the Budget and Finance Committee, noted the importance of unified rules in the EU for creating a common competitive environment. According to him, this will lead to less noticeable migration of companies between EU countries, which may contribute to more stable development of the cryptocurrency sector in the region.