Lithuania is the latest impatient member of the European Union seeking to jump the gun by creating its own crypto licensing regime, because EU laws might come too late to safeguard the sector’s reputation, local ministers told CoinDesk.
With Brussels’ landmark law – the Markets in Crypto Assets Regulation (MiCA) – potentially not in force until 2025, the Baltic nation wants to do its “homework” in advance, the country’s deputy finance minister told CoinDesk. But the plans for the law, which is set to be debated in the country’s parliament, are making some companies based in Lithuania fear for their future.
The EU is in the final stages of negotiating MiCA. The single authorization regime for the bloc of 27 nations has been years coming and could transform the sector by allowing businesses to tap a market of hundreds of millions. Some countries, however, can’t wait to grab their slice of the burgeoning sector.
The European Commission, the EU's governing body, first asked for advice...
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