The Bank of Lithuania has issued operating licenses to three crypto asset companies this year, but more approvals could follow, according to Arūnas Raišutis, director of the central bank’s Legal and Licensing Department.
Raišutis said the central bank is currently reviewing six additional applications and has received more than 100 requests from nearly 60 companies in total.
“Some of them applied several times. We already see that some companies that failed to obtain a license this year will seek one next year after addressing the identified shortcomings,” Raišutis told BNS.
“The preparation of some market participants was superficial, even though the Bank of Lithuania has repeatedly stated its expectations and priorities, first and foremost the impeccable reputation of shareholders and owners.”
He said the first three licenses were granted to institutions that were properly prepared and operate on a significant scale.
As previously reported, the licenses were issued to CoinGate operator Decentralized, owned by Lithuanian citizens; Nuvei Liquidity, part of Canada-based financial technology group Nuvei; and US-based Robinhood Europe.
Under the EU’s Markets in Crypto-Assets Regulation, known as MiCA, companies must hold crypto asset service provider and payment institution licenses starting January 1. Market participants that have not yet obtained licenses may do so later if they meet all requirements, but they will not be allowed to operate immediately after the New Year.
The government commission responsible for reviewing strategic company transactions received more than 120 applications this year to assess compliance with national security criteria.
By mid-December, the commission had rejected 13 applications and imposed mandatory conditions on some companies. As a result, the government press service told BNS it could not yet provide an exact number of approved permits, noting that final figures would be calculated only after the end of the year.
About 120 crypto asset companies have been operating in Lithuania. The transitional period for obtaining new licenses ends December 31. Companies operating without a license next year will be acting illegally, giving the Bank of Lithuania the right to block their websites.
In July, the central bank urged crypto companies that do not plan to seek licenses not to wait until the end of the year and to take steps to wind down operations smoothly. It called on such firms to launch active communication campaigns to ensure all clients are properly and timely informed about the closure.
Previously, authorities said 374 crypto companies were registered in Lithuania, but only about 120 were actually operating. Bank of Lithuania Governor Gediminas Šimkus said in May that he expects only about 70 licensed companies to remain in the market.
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