On February 1st, 2023, the Lithuanian Company Registry published two lists of VASPs that remain registered in the jurisdiction. Before this action was enforced, the Bank of Lithuania noted that over 800 virtual asset service providers were active. Now approximately 200 remain.
In Lithuania, an entity may offer two types of virtual asset activities: virtual currency exchange operator and virtual currency wallet operator. These activities are not subject to licensing; however, specific requirements, as foreseen in the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, must be abided by to be recognized as a VASP.
On June 30th 2022, Lithuanian Government created amendments to this law, and new provisions were added. Some came into force as of November 1st 2022 and the revision of the VASPs operating within the jurisdiction was based on these. Only operators that met all criteria remained.
The lists of remaining VASPs can be accessed here:
The most notable provisions that came into effect in November 2022 are as follows:
- A senior manager must be a permanent resident of Lithuania
- Registered authorized capital must be at least EUR 125 000
- The VASP must prove they hold EUR 100 000 per customer claim for indemnity and EUR 500 000 for all customers’ claims for indemnity with a guarantee document issued by an insurance undertaking
- Members of the management and supervisory bodies must not have a criminal background
The full detailed list can be accessed on FINANCIAL CRIME INVESTIGATION SERVICE under The Ministry of the Interior of the Republic of Lithuania’s page.