Lithuania to implement strict pre-licensing process for crypto companies starting in July

Lithuania positioned itself as the center of fintech startups in the past decade. When it begins issuing licenses next year, many cryptocurrency companies operating there will be eliminated. Simonas Krepsta, a member of the board of the Bank of Lithuania, said that although Lithuania has registered about 580 cryptocurrency companies, the number of companies expected to obtain full licenses will be "far lower than this." He said in an interview on Tuesday that the process will end in June 2025, and companies that do not pass the application will "leave the ecosystem."