The Web3 regulatory vacuum- an opportunity for Lithuania

2022-11-17

In today’s Verslo žinios article about how the legal regulation of Web3 is getting stronger, but there is still a lack of clear rules in its field. Lithuania, to a lesser or greater extent, taking up all this emptiness, would attract the world’s attention and gain more competitive advantage.

Gediminas Laucius, Legal & Tax Services Partner at “Noewe”, predicts that in 2022 November 1 After the entry into force of the Lithuanian Law on the Prevention of Money Laundering and Terrorist Financing (PPTFPĮ), the amendments reduce the number of financial crimes in crypto-exchanges and crypto-platforms established in Lithuania and help to attract more solid crypto-asset service providers to Lithuania. However, according to G. Laucius, the provisions of the new PPTFPĮ do not solve many other problems specific to the cryptocurrency market. “Until the international principles and guidelines are agreed, Lithuania can set its own legal rules in the national law, regulating blockchain technology and Web3-related issues,” suggests Legal & Tax Services Partner at “Noewe”. According to G. Laucius, Lithuania could take an independent initiative and be one of the first in the world to create legal regulation adapted to decentralized autonomous organizations (DAO).

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