Lithuania MiCA (Markets in Crypto Assets) crypto requirements 2025
The EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, mandates that all crypto-asset service providers (CASPs) in Lithuania obtain authorization from the Bank of Lithuania to continue operations. Unlike other EU countries, Lithuania plans to forego the transitional period provided by MiCA, requiring CASPs to comply with the new regulations immediately upon their applicability.
The Markets in Crypto-Assets (MiCA) regulation introduces a comprehensive framework for crypto-asset service providers (CASPs) across the European Union, including Lithuania. Key dates for Lithuania are as follows:
Implementation Timeline:
- June 30, 2024: Provisions related to electronic money tokens (EMTs) and asset-referenced tokens (ARTs) become applicable.
- December 30, 2024: MiCA regulations become fully applicable across the EU, including Lithuania.
- December 30, 2024 – July 1, 2026: MiCA provides for a transitional period until July 1, 2026, for crypto-asset service providers to adapt to the new requirements.
- December 30, 2024 onwards: Lithuanian authorities have proposed not to apply the transitional period and to start implementing MiCA requirements earlier, from December 30, 2024.
Certainly! Here's how Scorechain’s AML compliance tools can assist crypto-asset service providers (CASPs) in Lithuania in meeting MiCA requirements while adhering to local regulatory standards:
How Scorechain Supports MiCA Compliance for CASPs in Lithuania
- Mandatory Licensing:
Lithuanian CASPs must comply with MiCA’s EU-wide licensing requirements and register with the Financial Crime Investigation Service (FCIS). Scorechain helps CASPs maintain transparent records and demonstrates compliance with both MiCA and Lithuanian licensing obligations, ensuring smooth authorization processes. - Enhanced Due Diligence (CDD):
Lithuanian regulations require CASPs to implement customer due diligence procedures to prevent money laundering and terrorist financing. Scorechain supports CASPs by providing tools for wallet screening, transaction risk analysis, and monitoring, ensuring alignment with MiCA’s and Lithuania’s stringent AML requirements. - Reporting Obligations:
In Lithuania, CASPs are required to report suspicious activities to the FCIS. Scorechain’s reporting features enable CASPs to file Suspicious Activity Reports (SARs) efficiently, ensuring compliance with both MiCA and Lithuania's AML reporting obligations. - Internal Controls:
Lithuanian CASPs must establish robust internal controls under the country’s anti-money laundering framework. Scorechain provides customizable compliance workflows and risk management tools, enabling CASPs to meet MiCA’s requirements and Lithuania’s specific regulatory expectations effectively. - Regulatory Oversight:
Scorechain’s analytics and reporting dashboards provide transparency for Lithuanian regulators like the FCIS, enabling them to supervise CASPs effectively. This helps CASPs align with MiCA while fostering trust with national authorities in Lithuania.
Why Scorechain is the Right Choice for Lithuanian CASPs
By integrating Scorechain’s AML solutions, CASPs in Lithuania can:
- Ensure seamless compliance with both MiCA and local regulations.
- Streamline customer due diligence and risk management processes.
- Build trust with customers and regulators through operational transparency and robust reporting.
Scorechain empowers Lithuanian CASPs to navigate the evolving regulatory landscape, ensuring compliance with MiCA while fostering growth and integrity in the Lithuanian crypto market.
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