Lithuania, which has positioned itself as a hub for fintech startups over the past decade, will eliminate many cryptocurrency companies operating there when it begins issuing licenses next year.
Simonas Krepsta, a member of the board of directors of the Central Bank of Lithuania, said that although there are about 580 crypto asset companies registered in Lithuania, the number of companies that are expected to receive full licenses will be "much lower than this." He said in an interview on Tuesday that the process will end in June 2025 and that companies that fail to pass the application will "leave the ecosystem."