Central Bank of Lithuania: Crypto service providers that fail to obtain licenses by the end of the year will be considered to be operating illegally.

The Central Bank of Lithuania has warned that domestic crypto asset service providers must obtain licenses by December 31st or face penalties as they will be considered operating illegally. The transition period for compliance preparation by crypto exchage and wallet platforms expires at the end of 2025. The Central Bank stated that from January 1st, continuing to recruit new users, receive crypto assets, or provide services without MiCA authorization will be considered illegal financial activity, potentially facing fines, website bans, and up to four years imprisonment. To date, only about 30 institutions have submitted license applications, while there are over 370 registered local crypto service providers, of which approximately 120 are still actively operating. (Cryptopolitan)