TechFlow, on December 22, the Bank of Lithuania issued a notice urging virtual currency exchange operators that do not intend to apply for a crypto asset service provider license to immediately take action to ensure an orderly wind-down of their operations. According to the EU's Markets in Crypto-Assets Regulation (MiCA), Lithuania's transitional period will end on December 31, 2025. After this date, providing unlicensed crypto asset services will be considered illegal financial activity, punishable by up to four years in prison.
The regulator emphasized that relevant companies should actively communicate to ensure customers are promptly informed of shutdown timelines and asset transfer instructions, and must return customer assets before the end of the transition period. Currently, around 30 companies have applied for a crypto asset service provider license with the Bank of Lithuania, with 10 applications under review.
