The Bank of Lithuania has set expectations for upcoming crypto-asset service providers in preparation for the European Union’s Markets in Crypto-Assets Regulation (MiCA). The new guidance emphasizes the need for enhanced market integrity, transparency, and consumer protection.
Key expectations include:
- Market integrity: Preventing market manipulation and ensuring transparency in crypto transactions.
- Risk management: Emphasis on strong anti-money laundering (AML) measures.
- Consumer protection: Clear communication of risks to clients and ensuring their financial security.
This regulatory approach aims to harmonize Lithuania’s crypto sector with MiCA, strengthening the country’s position as a responsible crypto hub.
Insight on MiCA’s Impact
The official document from the Bank of Lithuania outlines comprehensive guidelines for crypto service providers, focusing on preparations for MiCA, which will come into full force across the EU by 2024. The guidelines stress aligning business models with MiCA, enhancing operational resilience, and ensuring compliance with both local and EU-level frameworks. Key areas include governance, transparent business practices, AML processes, and security of funds and data.
By adhering to these expectations, Lithuania aims to become a well-regulated crypto hub, boosting confidence in its financial ecosystem.
Sintesi Consulting can help you with:
– Complying with the regulative requirements of the Bank of Lithuania;
– Acquire the MiCA license for your institution;
– Legal issues, prepare necessary documents and represent your company at the Bank of Lithuania.
For more details, you can access the document here.
If you have any further questions – get in touch!
E-mail: martynas.kalvaitis@sintesi.lt; mobile phone: +370 656 96055.
