{"id":75201,"date":"2024-04-03T18:37:06","date_gmt":"2024-04-03T22:37:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=75201"},"modified":"2024-04-03T18:39:08","modified_gmt":"2024-04-03T22:39:08","slug":"lithuania-to-tighten-regulations-on-crypto-companies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/lithuania-to-tighten-regulations-on-crypto-companies\/","title":{"rendered":"Lithuania to Tighten Regulations on Crypto Companies"},"content":{"rendered":"\n

The European Union's first unified crypto legislation, Markets in Cryptoassets<\/a> (MiCA), is due to take effect starting in January 2025.<\/p>\n\n\n\n

\"Lithuania
Lithuania to Tighten Regulations on Crypto Companies<\/figcaption><\/figure>\n\n\n\n

A Bank of Lithuania board member, Simonas Kr\u0117p\u0161ta, disclosed plans for a regulatory change that will significantly reduce the number of cryptocurrency companies operating in the nation, which has made a name for itself as a refuge for financial technology startups\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, in a Bloomberg interview on April 2.<\/p>\n\n\n\n

Krepsta claims that Lithuania will impose more stringent licensing regulations<\/a>, which would drive many cryptocurrency businesses out of business the next year. Simonas Krepsta stated:<\/p>\n\n\n\n

\n

\u201cThe crypto industry failed in a lightly-regulated environment. We have quite a lot of evidence of that in the US, other European countries but also Lithuania. We saw quite a number of failures, embezzlement cases and similar which were quite a blow for the industry.\u201d <\/p>\n<\/blockquote>\n\n\n\n

There are now 580 cryptocurrency companies based in Lithuania. Nevertheless, Krepsta notes that the licensing procedure is anticipated to start in June 2025 and that only a small percentage of these organizations are anticipated to fulfil the requirements for acquiring complete permits under the new regulatory framework<\/a>. <\/p>\n\n\n\n

Regarding developing unlicensed cryptocurrency businesses in the area, Krepsta expressed worries about possible illegal activities like fraud and money laundering. <\/p>\n\n\n\n

However, the official claims that the nation is already creating its own legal framework to control cryptocurrencies, strengthening the regulatory monitoring powers of its regional Financial Intelligence Unit.<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Union’s first unified crypto legislation, Markets in Cryptoassets (MiCA), is due to take effect starting in January 2025. A Bank of Lithuania board member, Simonas Kr\u0117p\u0161ta, disclosed plans for a regulatory change that will significantly reduce the number of cryptocurrency companies operating in the nation, which has made a name for itself as […]<\/p>\n","protected":false},"author":43,"featured_media":75203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10475,5514,884],"class_list":["post-75201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-lithuania","tag-mica","tag-regulations"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/croc_1712181263760.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/75201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=75201"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/75201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/75203"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=75201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=75201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=75201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}