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ARTICLE · 28 DECEMBER 2023

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Malta vs Lithuania On The Road To MiCA

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Recently, Lithuania tightened its regulations pertaining to businesses that deal in cryptocurrency assets. To address issues like money laundering and fraud within the cryptocurrency sector...

GlobalTechnology
Joseph F. Borg
Joseph F. Borg
Galyna Podoprikhina
Galyna Podoprikhina
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For Crypto Asset Service Providers ("CASP"s) operating in Europe, selecting a jurisdiction in which to base themselves is a crucial decision that they have to take in the immediate future. Malta and Lithuania are two popular jurisdictions that are attracting a lot of attention.

Lithuania's Stricter Approach to Regulation

Recently, Lithuania tightened its regulations pertaining to businesses that deal in cryptocurrency assets. To address issues like money laundering and fraud within the cryptocurrency sector, the Bank of Lithuania and the Ministry of Finance, among other Lithuanian authorities, have stressed the need for stronger laws. This regulatory tightening comes after Lithuania saw a sharp rise in the number of crypto-asset businesses, from 9 at the end of 2020 to 850 by the end of 2022, mostly due to its lax oversight of the industry players.

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