We would like to inform you concerning a recent legislative amendment passed by the Lithuanian Parliament concerning the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania. The following changes are significant for all Virtual Asset Service Providers (VASPs) operating within the jurisdiction of Lithuania:
1. Minimum Own Capital Requirement:
Effective immediately, VASPs are required to maintain a minimum own (paid) capital of €125,000. It is crucial that this capital amount is made available and always maintained. The deadline for compliance with this requirement is set for the 1st of August 2024.
2. Compliance Reporting:
VASPs must submit information and evidence of adherence to the own capital requirement to the Lithuanian Financial Intelligence Unit (FCIS). The deadline for this submission is the 31st of August 2024. Please note that failure to comply with this deadline may lead to the revocation of VASP registration.
3. Capital Payment Increases:
Any additional capital payment increases after the 1st of August 2024 must be deposited into an account held with either a credit institution authorized in Lithuania, or a branch of a credit institution authorized in another EU country. According to the Lithuanian Law on Markets in Financial Instruments and the Law on Banks, only banks are recognized as credit institutions (not Electronic Money Institutions (EMIs)).
How can Y. Vasiliou & Co LLC (YVL) assist you?
You need to know whether your business will be impacted by these topics above or you need assistance in implementing the various requirements to ensure compliance with these topics?
You are not sure if your business is compliant with the new and existing requirements?
Your business is seeking support to comply with the requirements under MiCA?
YVL is equipped to provide full assistance in preparation for the requirements under MiCA.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.