2025-02-25
Lietuvos bankas reminds requirements for the provision of crypto-asset services
Lietuvos bankas would like to draw the attention of crypto-asset service providers and consumers to the fact that the MiCA transitional period is subject to restrictions, and the products or services offered must comply with legislative requirements.
Crypto-asset service providers subject to the transitional period under the national regulatory framework are entitled to provide services only in their country of registration. Registration in one Member State of the European Union (EU) does not confer the right to operate in other EU Member States. If a crypto-asset service provider wishes to provide services in several countries, it must be licensed in accordance with the requirements of Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets (MiCA Regulation). The provision of crypto-asset services without an authorisation or a licence is regarded as an illicit activity.
It is also important to be aware that the requirements of the MiCA Regulation for the issuance, offer to the public and trading of asset-referenced tokens (ARTs) and electronic money tokens (EMTs) have been in place since 30 June 2024. This means that crypto-asset service providers are not allowed to offer to their customers ARTs and EMTs that are not compliant with the MiCA Regulation.
On 17 January 2025, the European Securities and Markets Authority (ESMA) published the Statement on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs. It points out that crypto-asset service providers should not offer non-MiCA compliant ARTs and EMTs. In addition, crypto-asset service providers are expected to clearly inform investors of the restrictions and to implement initiatives to reduce the number of non-MiCA compliant ARTs and EMTs on the market or to convert them into MiCA-compliant products.
The MiCA Regulation entered into force on 30 December 2024, however most EU Member States, including Lithuania, decided to apply a transitional period to existing national crypto-asset service providers.
In Lithuania, the transitional provisions are implemented in accordance with the Republic of Lithuania Law on Markets in Crypto-assets. It provides for the possibility for virtual currency exchange operators and depository virtual currency wallet operators included in the list maintained by the Register of Legal Entities to provide services related to crypto-assets, but in order to continue their activities after 1 June 2025, they are required to have an authorisation issued in accordance with the MiCA Regulation.