❗ Response Legal provided written comments on the draft law prepared by Lithuanian institutions towards stricter crypto business regulation.
Key points brought by Response Legal:
✔ The increase in share capital of crypto-asset service providers should be phased in and balanced with the European MiCA regulation
✔ Crypto-asset service providers should not be required to perform diligent KYC from 0 EUR
✔ Requirement for managers to have a residence in Lithuania and the requirement for MLRO to have a chair exclusively in one crypto-asset service provider is too strict.
FYI: The Ministry of Finance, together with the Bank of Lithuania, the Financial Crime Investigation Service, and the Centre of Excellence in Anti-Money Laundering, has drafted amendments to the Law on Prevention of Money Laundering and Terrorist Financing ( #AML).