Lithuania plans to introduce a regulatory framework and a mechanism for licensing counterparties in the field of crypto assets by June 2025. Simonas Krepšta, a member of the board of directors of the Bank of Lithuania, stated this in an interview with Bloomberg, writes Incrypted.
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What is known
According to him, the regulator will begin preparing the process in July 2024, six months before the MiCA regulation comes into force in the EU.
There are about 580 companies registered in Lithuania that provide services in the field of crypto assets, Krepsta noted. At the same time, according to him, not all counterparties will be able to obtain permission in the future.
The representative of the regulator expects that some companies will be forced to leave the market under pressure from high requirements.
“The crypto industry has suffered failure in a poorly regulated environment. We have many examples of this, in the USA, European countries, Lithuania. We saw a lot of bankruptcies, cases of fraud and other things, which became a real blow for the industry,” Krepshta explained the policy of strengthening supervision.
At the same time, he suggested that some of the counterparties already registered in other EU countries may not require a license from the Lithuanian authorities.
He also stated that the regulator is training its employees so that they understand the principles of operation of the sector and companies in it.
