Tagged: bank of lithuania

DriveWealth Focuses on Business Expansion Efforts with European Brokerage License from Bank of Lithuania

DriveWealth, a financial technology platform providing Brokerage-as-a-Service, today announced that the Bank of Lithuania, the central bank of the Republic of Lithuania, granted it a brokerage license in Europe. This license aims to support DriveWealth’s global expansion efforts and marks its third region with regulatory… Read More

Uldis Tēraudkalns, CEO of Nexpay: Fintech Veteran Comments on Implications of MiCA Regulation for European Fintechs

Uldis Tēraudkalns, CEO of Nexpay, a fintech scale-up providing business banking solutions for digital companies, recently shared his views and insights with CI. Licensed by the Bank of Lithuania and operating across Europe, Nexpay reportedly processes over €2.5 billion annually and has helped over 600… Read More

Lithuania Outlines Fintech Guidelines

A memorandum of understanding (MoU) has been created and signed by multiple institutions in Lithuania to confirm the “National Fintech Guidelines for 2023-2038.” Lithuania is a hot Fintech market that has punched above its weight for some time now when it comes to innovation in… Read More

Bank of Lithuania Terminates Electronic Money License of UAB Payrnet for Multiple Violations

The Bank of Lithuania has terminated the electronic money institution (EMI) license of UAB Payrnet. The bank said the license was revoked due to “serious, systematic and multiple violations of legal act. The company allegedly violated the Law on Electronic Money and Electronic Money Institutions,… Read More

PeerBerry Shareholders Establish Deadlines to Introduce the Crowdfunding Platform

PeerBerry shareholders have reportedly set deadlines to introduce the crowdfunding platform As noted in an update, the license to operate a crowdfunding business across the European Union has been provided by the Bank of Lithuania, which is considered to be one of the most progressive… Read More

BENKER to Go Live as One of Europe’s First Officially Licensed Blockchain Neobanks

BENKER, developed by BEM Europe UAB, claims to be one of Europe’s first officially licensed blockchain neobanks. Obtaining approval from the Bank of Lithuania on January 13, 2022 to serve as an Electronic Money Institution, BENKER is reportedly one the first financial services providers in… Read More

Bank of Lithuania Provides Guidelines for Peer to Peer Insurance

Lithuania is a European jurisdiction that wants to support innovation in financial services. As part of the European Union, the small baltic country has the opportunity to be more agile within the regulatory realm in contrast to larger EU member states. This past week, the… Read More

The Bank of Lithuania Warns Binance on Unlicensed Services

The Bank of Lithuania has issued a warning targeting Binance and its “unlicensed investment services provided in Lithuania.” The Bank did not indicate whether or not it was taking further action to compel Binance to cease any activity within Lithuania. The central bank ordered Binance… Read More

Wirecard fallout: Lithuania’s Central Bank Revokes Fintech Finolita’s License

Lithuania’s central bank has revoked the license of UAB Finolita Unio, a local Fintech, on charges of violating anti-money-laundering and counter-terrorist financing rules. Finolita had received a license in 2019 from the Lithuanian central bank to execute “payment transactions” and issue, distribute and redeem electronic… Read More

NEM Launches “Next Generation” Enterprise Blockchain Symbol, to Be Used in Whiskey Fund, CBDC

The NEM Group has announced the launch of the “next generation” proof of stake enterprise-level blockchain called “Symbol.” The blockchain utilizes a native cryptocurrency “XYM.” NEM states that Symbol is designed to be interoperable, supporting public/private hybrid models, trustless cross-chain swaps, and with its APIs… Read More

European Central Bank Issues Specialized Banking License to Lithuania-based Firm UAB SME Digital Financing

After a proposal from the Bank of Lithuania, the European Central Bank (ECB) has reportedly issued a specialized banking license to the Lithuanian capital company UAB SME Digital Financing. It’s now expected that after acquiring such a permit, UAB SME Digital Financing will begin accepting… Read More

Instant Payments via Bank of Lithuania’s CENTROlink Platform have Increased by 4x Year-over-Year, Overall Transactions Doubled

Bank of Lithuania, the nation’s central bank, has revealed that the number and value of payments completed via its platform, CENTROlink, had doubled last year, while instant payments surged by around four times (when compared to previous years). Keeping these developments in mind, Bank of… Read More

After UK’s Exit from EU, Vilnius Set to Become Largest Center in the Bloc for Regulated Fintech Firms: Report

The Baltic region’s finance industry has been struggling and some of the area’s countries including Estonia, Latvia, and Lithuania have reportedly been indirectly involved in money-laundering scandals that were allegedly orchestrated by large Nordic banks. However, Lithuania’s capital has been able to develop its local… Read More

Bank of Lithuania Issues Guidelines for Regulating STOs

The Bank of Lithuania, the country’s central bank, has issued guidelines intended to, “provide greater regulatory clarity and aim at higher investor protection,” in the country’s security token offering (STO) market. Lithuania has been working hard to establish itself as a Fintech leader in the… Read More

Bank of Lithuania Releases New Regtech Feature For E-Licensing

Bank of Lithuania announced on Tuesday the launch of its new regtech feature specifically for e-licensing. The feature reportedly makes submission of information necessary to obtain an operating license quicker, easier and less expensive. “Currently the tool facilitates the process of applying for e-money and payment… Read More

Lithuania Wants to Become First Country to Enable Companies Registered & Managed Using Blockchain or “Virtual Limited Liability Companies”

Lithuania has announced the creation of “Virtual Limited Liability Companies” (VLLCs). These companies would be registered and managed all using blockchain technology. The Baltic country expects to be the first country to offer this type of service and it expects to allow VLLCs as soon… Read More

Lithuania and Singapore to Cooperate on Fintech Innovation

The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to collaborate and mutually support the development of the Fintech ecosystems and encourage financial innovation between the two countries. Today, MAS and the Bank signed a Fintech Co-operation Agreement during the Money… Read More

Innovation Friendly: Lithuania Seeks to Become Fintech Center as Bank of Lithuania Looks to Launch Regulatory Sandbox

  Lithuania is the latest country joining the Fintech revolution by recognizing the importance of fostering a regulatory environment that is conducive to change and challenges established norms. The Bank of Lithuania is out with a statement regarding the launch of a sponsored Fintech Sandbox…. Read More

Green Light: Senjō Group Receives Lithuanian Payment Institution License, Acquires Finolita Unio

Singapore-based Senjō Group, a leading privately-held payments platform operator and active Fintech investor, has successfully secured a Payment Institution (PI) license in Lithuania, according to news services. The company received permission from the Bank of Lithuania to acquire Lithuanian payment institution Finolita Unio, thereby gaining access to… Read More

Lithuania Approves Bespoke Crowdfunding Regulations, Platforms May Raise up to €5 Million

The Republic of Lithuania has just announced updated regulations designed to facilitate the growth of investment crowdfunding. Vytautas Šenavičius, a partner at the law firm of TVINS and Chairman of the Board of Lithuanian Crowdfunding and P2P Lending Association, told Crowdfund Insider; “Today the Parliament… Read More

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