The Bank of Lithuania has issued a warning to domestic crypto asset service providers, mandating that they obtain licenses by December 31 or face being deemed illegal operations. This comes as the transitional period for compliance preparation for crypto exchanges and wallet platforms ends in 2025. Starting January 1, any entity continuing to onboard new users, receive crypto assets, or offer services without MiCA authorization will be considered engaging in illegal financial activities, subject to fines, website bans, and potentially up to four years of imprisonment. Currently, only about 30 institutions have applied for licenses, while over 370 local crypto service providers are registered, with approximately 120 still actively operating.
Lithuanian Central Bank Warns Crypto Firms to Obtain Licenses by Year-End
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