According to local ministers, Lithuania is the latest eager member of the European Union to try to get ahead of the game by establishing its crypto licensing scheme, fearing that EU regulations may come too late to protect the sector’s reputation. According to the deputy finance minister, with Brussels’ landmark rule, the Markets in Crypto Assets Regulation (MiCA), not expected to take effect until 2025, the Baltic nation wants to complete its “research” before time. However, several Lithuanian businesses are concerned about the law’s plans, which are slated to be debated in the country’s parliament. The EU is Currently Negotiating MiCA The unified authorization framework for the EU’s 27 member states has been years in the making. It can change the industry by allowing enterprises to tap into a market of hundreds of millions of people. On the other hand, some governments are eager to get their hands on a piece of the booming market. In March 2018, the European Commission, the EU’s governing body, sought advice on how existing legislation applies to cryptocurrency. Since then, crypto use has exploded, and entire projects like the Facebook-backed Libra, which was later renamed Diem, have come and gone. Even after politicians work out the kinks in the law, such as how to address Libra-like stablecoins, non-fungible tokens, and decentralized finance, MiCA will go into force after a two-year transition period.The post Antsy Lithuan...
