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NFM: As Lithuania Moves From Quantity to Quality, Here’s What Fintechs Must Do to Make It
Post-Brexit, Lithuania became the place to obtain an EU financial services licence. Driven by a cooperative fintech strategy between the Ministry of Finance and Lithuania’s Central Bank, the country reached 282 fintechs employing 7,800 people by 2024. Another driving factor was the introduction of a specialised banking licence that allowed players to obtain a licence with smaller […]
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Fintech Day 2024 – Akvile Jurkaityte, Fintech Associate at Sorainen
At Fintech Day 2024, Akvile Jurkaityte, Fintech Associate at Sorainen, gathered her insights and impressions of the event for the Nordic Fintech Magazine. Akvile highlighted the remarkable growth of the event compared to the previous year, emphasizing the diversity of topics covered, ranging from sustainability to artificial intelligence and payments. She expressed enthusiasm for the […]
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The era of unregulated crypto-asset markets is nearing its end. What must you know about MiCAR and how to get ready?
Starting 30 December 2024, the Regulation EU 2023/1114 of the European Parliament and of the Council on markets in crypto-assets (MiCAR) will take full effect. It will open a new chapter regulating virtual currencies, also known as tokens, and related services and is expected to bring more clarity to the field. This step is crucial […]
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The requirements for participants in the crypto-asset sector continue to tighten
As of 1 November 2022, stricter requirements for the activities of virtual currency exchange operators and depository virtual currency monetary operators (VASP) entered into force in Lithuania. These requirements are provided by the amendment to the Money Laundering and Terrorist Financing Prevention Law of the Republic of Lithuania (PPTPF Law). Among the new requirements, minimum […]
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Approaching deadline for resubmitting notifications regarding benefiting from limited network exclusion
On 1 June 2022, the decision of the Bank of Lithuania (the BoL), stipulating that subjects which are benefiting from limited network exclusion under the Second Payment Services Directive (PSD2) are obliged to resubmit a notification to the BoL, entered into force. The notifications based on the provisions of the guidelines prepared by the European […]