Lithuania to regulate cryptocurrency circulation without EU authorization

The Lithuanian government is planning to create a national crypto licensing system without the approval of the European Union.

The Vice Prime Minister of the Lithuanian Ministry of Finance Mindaugas Liutvinskas told CoinDesk about the government’s plans to develop the crypto industry: «We support all EU decisions regarding the crypto industry, but the adoption of the law will take a long time. In order not to waste time, we decided to take practical steps now.»

Lithuania has published a draft with the main provisions of the future law. It will be discussed in the parliament in June.

The document includes minimum capital requirements for companies wishing to operate in the country, as well as mandatory anti-money laundering specialists.

It is worth noting that the Markets in Crypto-Assets Regulation (MiCA), recently adopted by the European Union, will come into force in 2025 and will apply to 27 European countries.