A European FinTech Hub Gets Tough on Crypto Companies
Lithuania, known as a hub for financial-technology startups, will be tightening its regulations for crypto companies. The country plans to award licenses starting next year, and a significantly lower number of the 580 registered cryptoasset firms are expected to receive full permits. This process is scheduled to conclude by June 2025, and unsuccessful applicants will have to exit the ecosystem.
Key Takeaways:
- Lithuania plans to award licenses to crypto companies, with a significantly lower number expected to receive full permits.
- There are currently 580 cryptoasset firms registered in Lithuania.
- Unsuccessful applicants in obtaining full permits will have to exit the ecosystem by June 2025.
Do You Know?
- Cryptoasset: It refers to digital or virtual tokens with cryptography, used for security and transaction verification.
This is the latest development from Lithuania, marking a notable shift in its stance towards crypto companies.