New Requirements For VASPs Registered In Lithuania – Deadlines Apply!

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