MiCA Regulation in Lithuania: What You Need to Know ?

Описание: MiCA in Lithuania - https://rue.ee/blog/mica-in-lithuania/

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In this video, we explain everything you need to know about MiCA in Lithuania, The Lithuanian Ministry of Finance, in close cooperation with the Bank of Lithuania, has developed and presented a package of draft laws aimed at systematically transforming the legal regime for providers of crypto-asset services.

These initiatives aim to establish new standards for operational activities and harmonise licensing procedures in line with the provisions of the pan-European regulations MiCA and TRF. The proposed changes concern not only the supervisory mechanism itself, but also the transition period to full compliance with the new regulations and the procedure for interacting with the regulator.

According to the position of the Ministry of Finance of Lithuania, the proposed measures will bring the legal regime applicable to crypto service operators closer to that applicable to traditional financial institutions. This, in turn, will strengthen consumer protection, increase trust in the sector and create a level playing field for the sustainable development of the fintech ecosystem. Deputy Minister of Finance Vaida Česnulevičytė-Markavičienė emphasises that the current version of the draft laws takes into account the views of market participants and provides additional time for adaptation compared to the stricter conditions announced earlier.

The MiCA Regulation, which entered into force at the European Union level on 30 December 2024, provides for the introduction of uniform requirements for all crypto-asset service providers in EU countries, including mandatory licensing, consumer protection, risk management and information disclosure. In parallel, the Transfer of Funds Regulation (TRF) is in force, aimed at tracking cryptocurrency transactions and preventing financial offences, including money laundering and terrorist financing.

The proposed Lithuanian amendments place particular emphasis on the transition period: crypto service providers will have until 1 June 2025 to submit documents to the Bank of Lithuania and obtain a licence. By that date, companies must provide all information required by MiCA and, where necessary, consult with the regulator on enforcement issues. This decision was taken on the basis of consultations with market participants and reflects the need to allow time for companies to prepare technically, organisationally and legally for the new regulatory regime.

At the same time, the draft legislative amendments provide for certain exemptions for cross-border payments for goods and services made through e-commerce platforms. If the TRF requirements are met, such transactions may be exempted from certain regulatory barriers, creating additional incentives for fintech platforms to locate in Lithuania.

According to the proposed changes, oversight of compliance with the new regulations will be carried out by the Bank of Lithuania, which is being granted the authority to register, inspect, and supervise the activities of crypto service providers. In turn, functions in the area of AML/CFT (anti-money laundering and countering the financing of terrorism) will be performed jointly by the Bank of Lithuania and the Financial Crime Investigation Service (FNTT), in accordance with the division of functional responsibilities.

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