Lithuania "Crypto-asset operators must obtain a license by year-end… criminal penalties if not complied"

The Bank of Lithuania (CBL) warned that crypto-asset service providers in the country could face severe sanctions if they do not obtain an official license by December 31. This measure, aligned with the European Union's Markets in Crypto-Assets (MiCA) regulation, will effectively force unregistered firms that miss the deadline out of the market.

On the 25th (local time), according to Cryptopolitan, the Bank of Lithuania said in a statement that all related businesses, including crypto-asset exchanges and wallet operators, must obtain authorization from regulators by the end of the year. This is not a mere recommendation but a legal obligation, and unlicensed operations will be fully banned after the guidance period ends this year.

This step is part of implementing the EU's comprehensive crypto-asset regulation MiCA into domestic law. Lithuanian authorities plan to take tough legal action against firms that continue to operate without a license after the December 31 deadline, including imposing fines, blocking websites, and filing criminal charges.

Guidance was also provided for companies that do not intend to continue operations. The Bank of Lithuania emphasized that firms that will not apply for a license should immediately begin shutdown procedures and take steps to ensure customers can safely withdraw their assets.

Dalia Juškevičienė, Director of the Bank of Lithuania's Investment Services Supervision, urged, "Firms planning to cease operations should promptly communicate with customers and provide detailed procedures for returning assets," and "take all measures to ensure customers can smoothly transfer fiat currency or held crypto-assets to another custodian or personal wallets."