Tightening Regulation for Cryptocompanies

2024-01-16
Currently the are over 500 crypto companies in Lithuania. The draft amendments to the Law on the Prevention of Money Laundering and Terrorist Financing were submitted for consideration in November and are awaiting the spring session of the Seimas.
The proposed regulatory measures are causing heated debate not only among representatives of crypto companies.

"The new draft law on the prevention of money laundering and terrorist financing violates various national and EU legislation, <...>, distorts the fair environment of competition," points out Noewe's Senior Associate.

As the Bank of Lithuania does not intend to change its position until the Markets in Crypto-Assets Regulation (MiCA) enters into force, Associate at Noewe, names the damage to the country's economy: "In such a case, we would likely lose a large part of foreign investments, developed the reputation of the financial country, additional qualified jobs created <...>, if businesses leave due to unwise regulatory changes, it is likely that we would not bring them back to Lithuania".

Verslo žinios publication together with the Crypto Economy Organization and the Ministry of the Interior

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