[Lithuanian Bank Requires Unlicensed Crypto Asset Service Providers to Cease Operations by the End of 2025]
The Bank of Lithuania has stipulated that the transitional period for crypto asset service providers' licensing will end on December 31, 2025. By then, virtual asset service providers (VASPs) that have not obtained a Crypto Asset Service Provider (CASP) license under the Markets in Crypto-Assets Regulation (MiCA) must cease operations, including refraining from accepting new clients, holding client assets, and must properly return client funds and crypto assets. As of July 18, 2025, approximately 30 companies have submitted applications for a crypto asset service provider license to the Bank of Lithuania, with 10 applications currently under review. Over 370 companies have registered with the National Enterprise Register to provide crypto asset services, but only 120 companies are actively operating and have submitted financial statements.