Lithuania to Introduce Compulsory Registration for Crypto Companies
The government of Lithuania is taking measures to decrease the number of cryptocurrency companies operating in the country by implementing mandatory licenses.
According to Bloomberg, Simonas Krepsta, a member of the board of the local central bank, has stated that there are currently approximately 580 specialized companies registered in the jurisdiction, many of which are owned by individuals from other European Union countries.
The regulatory body plans to begin the evaluation process for licensing in July, with full regulation expected to be implemented by June 2025.
However, large exchanges that are already licensed in other EU countries may not need to obtain additional permission in Lithuania.
In addition to local regulation, the EU’s Markets in Crypto-Assets (MiCA) legislation will come into effect from January 2025.
