MiCA in the EU: Bank of Lithuania calls on crypto companies to prepare in advance for the end of the transition period in 2025
The Bank of Lithuania (BoL) reminds cryptocurrency companies to prepare for the new requirements set by the EU MiCA (Markets in Crypto-Assets) Regulation in a timely manner. Companies that do not plan to obtain a CASP (Crypto Asset Service Provider) license should not postpone their actions until the end of the transition period - December 31, 2025.
From 2026, providing crypto asset services without a corresponding license will be considered illegal financial activity and may entail criminal liability. In this regard, the Bank of Lithuania strongly recommends that such companies begin the process of winding down their activities in advance.
What is required from companies that do not apply for a license
Organizations that decide to cease operations in the field of crypto services are required to:
- Notify clients in advance of the termination of services and provide an exact date for its completion.
- Ensure a clear schedule for the return of funds and crypto assets, indicating instructions for each client.
- Guarantee the return of all client assets before the right to provide crypto services is lost.
- Maintain constant communication with clients via the website, social networks and other channels.
- Provide the ability to exchange crypto assets for traditional funds, which can be transferred to the custodian at the client's request.
Such measures are aimed at protecting the rights of investors, increasing the transparency of the crypto market and adapting all participants to the new regulatory environment.
Current situation in Lithuania
To date, more than 370 companies have declared their activities in the cryptocurrency sphere. However, only about 120 of them are actively working. Only 30 companies have applied for a CASP license, and 10 applications are pending.
These data indicate that a significant part of the market is at risk - without action now, companies may face serious legal consequences as early as early 2026.
IT-OFFSHORE provides professional assistance to crypto businesses in matters of MiCA compliance, preparation for CASP licensing or safe termination of activities. Our experts will help you choose the best path and ensure full compliance with the law.
