🔥Mass licensing will begin in the Lithuanian 🇱🇹 cryptocurrency market on July 1st.

🔥Mass licensing will begin in the Lithuanian 🇱🇹 cryptocurrency market on July 1st.

In this way, the government hopes to reduce the number of cryptocurrency platforms operating in the country and, consequently, eradicate the misuse of virtual assets and other forms of fraud. Previously, the Lithuanian Financial Crime Investigation Service (FNTT) published a list of companies, which violated the norms of combating money laundering and terrorism financing (AML)

➡️ The ban on operating without permission is planned to be implemented by the summer of 2025.

➡️ Currently, there are approximately 590 registered companies in the country. Some of them are formed by citizens from other European Union countries.

➡️ If a company already has a license from another European country, it is likely that it will not need an additional license from the Lithuanian government.

➡️ The central bank plans to fund educational programs for its employees to gain a better understanding of the business models used by cryptocurrency platforms and related services.

#crypto #news #Europe