FAQ

Question
Authorisation. MiCAR
What are the expectations of Lietuvos bankas regarding entities seeking a licence as a crypto-asset service provider?
What documents are required to be submitted to Lietuvos bankas for the issuance of a licence as a crypto-asset service provider under the MiCA Regulation?
How will crypto-asset services be provided during the transitional period?
How will the suitability of managers and their collective suitability be assessed?
What will be the amount of a fee charged to crypto-asset service providers for the issuance of a licence and how will it be paid?
How should crypto-asset service providers safeguard their clients’ crypto-assets and funds?
How should applicants submit documents to Lietuvos bankas for a licence as a crypto-asset service provider?
Can the custody and administration of crypto-assets on behalf of clients be outsourced?
Can crypto-asset services be provided through an intermediary?
When must the applicant submit audited financial statements?
Can a company registered in Lithuania, which has been issued an electronic money institution licence in accordance with the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions or has been issued a payment institution licence in accordance with the Republic of Lithuania Law on Payment Institutions, apply to the Bank of Lithuania with a request to additionally issue a crypto-asset service provider licence under MiCAR to this company?
Can existing financial market participants provide crypto-asset services before the entry into force of Regulation (EU) 2023/1114 of the European Parliament and of the Council (Markets in Crypto-Assets Regulation; MiCAR)?
Do operators of virtual currency exchanges and/or operators of depository virtual currency wallets established in the Republic of Lithuania have to apply to the Bank of Lithuania before the entry into force of Regulation (EU) 2023/1114 of the European Parliament and of the Council (Markets in Crypto-Assets Regulation; MiCAR) regarding the granting of a licence to carry out these activities?
Will the virtual currency exchange operators and depository virtual currency wallet operators currently operating in the Republic of Lithuania and intending to operate in accordance with Regulation (EU) 2023/1114 of the European Parliament and the Council (Markets in Crypto-Assets Regulation; MiCAR) be subject to lower requirements?
Can a crypto-asset service provider, having received the appropriate licence in accordance with Regulation (EU) 2023/1114 of the European Parliament and the Council (Markets in Crypto-Assets Regulation; MiCAR), provide services in more than one Member State (cross-border provision of services)?
What would be the recommendations of the Bank of Lithuania for crypto-asset service providers regarding the number of employees or organisational structure?

What are the expectations of Lietuvos bankas regarding entities seeking a licence as a crypto-asset service provider?

What documents are required to be submitted to Lietuvos bankas for the issuance of a licence as a crypto-asset service provider under the MiCA Regulation?

How will crypto-asset services be provided during the transitional period?

How will the suitability of managers and their collective suitability be assessed?

What will be the amount of a fee charged to crypto-asset service providers for the issuance of a licence and how will it be paid?

How should crypto-asset service providers safeguard their clients’ crypto-assets and funds?

How should applicants submit documents to Lietuvos bankas for a licence as a crypto-asset service provider?

Can the custody and administration of crypto-assets on behalf of clients be outsourced?

Can crypto-asset services be provided through an intermediary?

When must the applicant submit audited financial statements?

Can a company registered in Lithuania, which has been issued an electronic money institution licence in accordance with the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions or has been issued a payment institution licence in accordance with the Republic of Lithuania Law on Payment Institutions, apply to the Bank of Lithuania with a request to additionally issue a crypto-asset service provider licence under MiCAR to this company?

Can existing financial market participants provide crypto-asset services before the entry into force of Regulation (EU) 2023/1114 of the European Parliament and of the Council (Markets in Crypto-Assets Regulation; MiCAR)?

Do operators of virtual currency exchanges and/or operators of depository virtual currency wallets established in the Republic of Lithuania have to apply to the Bank of Lithuania before the entry into force of Regulation (EU) 2023/1114 of the European Parliament and of the Council (Markets in Crypto-Assets Regulation; MiCAR) regarding the granting of a licence to carry out these activities?

Will the virtual currency exchange operators and depository virtual currency wallet operators currently operating in the Republic of Lithuania and intending to operate in accordance with Regulation (EU) 2023/1114 of the European Parliament and the Council (Markets in Crypto-Assets Regulation; MiCAR) be subject to lower requirements?

Can a crypto-asset service provider, having received the appropriate licence in accordance with Regulation (EU) 2023/1114 of the European Parliament and the Council (Markets in Crypto-Assets Regulation; MiCAR), provide services in more than one Member State (cross-border provision of services)?

What would be the recommendations of the Bank of Lithuania for crypto-asset service providers regarding the number of employees or organisational structure?

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