Lithuania intends to create a national cryptocurrency licensing system without waiting for a single EU law. In an interview with CoinDesk journalists, Mindaugas Lytvinskas, deputy prime minister of the Ministry of Finance, said.
The EU has come a long way into crypto
The EU is now in the final stages of work on MiCA. A single authorization system for 27 European countries will be created. It will transform the cryptocurrency industry, allowing companies to access a market with hundreds of millions of people.”
“MiCA is a great solution, we support it. However, passage of the law could take many years. We decided to start practical steps and strengthen our regulatory framework now.” – According to Mr. Lytvinskas
Authorities’ detailed plans
Lithuania has already submitted a draft with the main provisions of the future law. It will be considered at a parliamentary session in early summer.
Requirements for employing companies. This is followed by the minimum capital requirement (125 000 euros), as well as the mandatory presence of anti-money laundering employees in the staff. This employee must live in the country.
The Latvian Ministry of Finance does not require the obligatory KYC procedure. They criticized the European Parliament for too strict control over crypto-purse transactions.