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The pertinent legislative changes, notably to the statute pertaining to cryptocurrency markets, were approved by the Lithuanian Seimas on Thursday.
The amendments lay down a timeline for the Lithuanian crypto market's adaptation to the European regulation of cryptoasset markets (MiCA), and the state has become one of the first nations in the European Union (EU) to adopt these rules.
Until June 2025, market players will have to get ready and acquire licenses; in the interim, virtual currency providers must provide the Bank of Lithuania with the paperwork required by the MiCA regulations.
Businesses in the cryptocurrency space will be compared to other financial institutions that follow the same regulations. The head of the parliamentary committee on budget and finance, Mindaugas Linge, told BNS on the eve of the vote that "unified rules in the EU as a whole will create a more uniform competitive environment for such companies, and their migration from one EU country to another will become less significant."
He claims that the industry and the competitive landscape would become more open with the regulation of cryptoasset markets.
source: lrt.lt
The amendments lay down a timeline for the Lithuanian crypto market's adaptation to the European regulation of cryptoasset markets (MiCA), and the state has become one of the first nations in the European Union (EU) to adopt these rules.
Until June 2025, market players will have to get ready and acquire licenses; in the interim, virtual currency providers must provide the Bank of Lithuania with the paperwork required by the MiCA regulations.
Businesses in the cryptocurrency space will be compared to other financial institutions that follow the same regulations. The head of the parliamentary committee on budget and finance, Mindaugas Linge, told BNS on the eve of the vote that "unified rules in the EU as a whole will create a more uniform competitive environment for such companies, and their migration from one EU country to another will become less significant."
He claims that the industry and the competitive landscape would become more open with the regulation of cryptoasset markets.
source: lrt.lt
