LITHUANIA Law and Practice Contributed by: Tadas Kuzminskas, APB “Leagus”
information and may refuse to consider the applica- tion if the information is not supplied. Within 40 work- ing days of receiving a complete application, the Bank of Lithuania will assess whether the applicant meets the statutory requirements and will issue a reasoned decision to grant or refuse the licence. During the assessment, and no later than the 20th day of the assessment period, the Bank of Lithuania may request additional information; the assessment period is suspended from the date of such a request until the applicant’s reply is received, for a suspension not exceeding 20 working days. The Bank of Lithu- ania may request further clarifications at its discretion, but further requests will not extend the suspension. The overall duration of the assessment depends on the scope and quality of the application; the Bank of Lithuania co-operates with applicants throughout the process and may organise meetings as needed. 3.3 Change of Control Any person who decides to – or becomes aware he or she will – directly or indirectly acquire a qualifying holding in a CASP must immediately notify the Bank of Lithuania using the prescribed form and annex- es, attaching required documents and related‑party tables. A qualifying holding is defined as a direct or indirect share in a CASP’s share capital and/or voting rights that amounts to 10% or more of the CASP’s share capital and/or voting rights, or that otherwise gives the ability to exercise a significant influence over the CASP’s management. The acquirer must disclose their identity, shareholders (including beneficial owners), corporate documents and other information needed to assess the suitability of a person acquiring a qualifying holding in a CASP. The Bank of Lithuania may request additional docu- ments and submitters must certify the accuracy of their information. The Bank of Lithuania can require any further information it deems necessary. Persons transferring or reducing qualifying holdings must notify the Bank of Lithuania immediately.
The Bank of Lithuania assesses suitability and reputa- tion under applicable laws and its fit‑and‑proper rules; submitters may submit preliminary notices, and the Bank of Lithuania will co-operate and advise during assessment. If the Bank of Lithuania does not object and the trans- action is completed, the acquirer must notify the Bank in writing within two business days. 3.4 Passporting Licences granted in Lithuania under MiCAR can be passported across the EU. An authorised CASP in Lithuania that intends to provide crypto-asset services in more than one EU member state shall submit the notification to the Bank of Lithuania (home national competent authority or NCA), which then notifies the host NCA(s). There is no automatic passporting to non-EU markets. Access to non-EU markets requires local authorisation or local partner arrangements. Marketing of crypto-assets in Lithuania is regulated by MiCAR. Public offers of crypto-assets to Lithuanian investors require a white paper or a prospectus if the token is classified a security. Cross‑border provision of crypto-asset services into Lithuania is permitted under MiCAR rules for author- ised EU firms but is restricted for unauthorised or non‑EU firms. A CASP that intends to provide crypto- asset services in more than one EU member state shall submit the following information to the compe- tent authority of the home EU member state (home NCA). • a list of the member states in which the CASP intends to provide crypto-asset services; • the crypto-asset services that the CASP intends to provide on a cross-border basis; • the starting date of the intended provision of the crypto-asset services; and 4. Cross-Border Services 4.1 Marketing Crypto-Asset Services
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