Breaking News: Amendments to the Law on Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) Were Adopted

The Lithuanian Parliament has adopted amendments to the Law on Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF), which strengthen the requirements for virtual currency exchange operators and virtual currency wallet operators (VASP). 

Under the new requirements of the AML/CTF Law, #VASPs will be required to have a registered and paid-up share capital of at least €125,000 and to maintain an equity capital of at least €125,000. For the establishment and increase of the authorised capital, the funds must be deposited in a credit institution in Lithuania or in a credit institution of a Member State of the European Union with a branch in Lithuania.

In addition, VASPs that have commenced their activities by 31 July 2024 and that will continue their activities from 1 August 2024 must inform the Financial Crime Investigation Service (FCIS) of their compliance with these requirements by 31 August 2024 and provide the relevant evidence.

VASPs that do not comply with the requirement to maintain an equity capital of at least €125,000 and/or fail to provide the FCIS with this information by 31 August 2024 will lose the right to continue operating as a VASP in Lithuania as of 1 September 2024.

These amendments aim to strengthen the prevention of money laundering and terrorist financing in crypto sector, ensuring both stability and transparency within the sector.