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CJEU ruling prohibits unrestricted access to beneficial owners’ personal data

CJEU ruling prohibits unrestricted access to beneficial owners’ personal data - Ecovis in Lithuania
On 22 November 2022, the EU Court of Justice invalidated provisions of the EU’s Fifth Anti-Money Laundering Directive, which guarantees public access to information about the beneficial owners of companies. Ruling The CJEU ruled that Article 30(5), first subparagraph, point...
Crypto Companies in Lithuania – What to Expect in the Future? - Ecovis in Lithuania

Crypto Companies in Lithuania – What to Expect in the Future?

Global adoption of the cryptocurrency is getting back on track compared to its peak adoption results back in Q2 2021 according to the recent Chainalysis Geography of Cryptocurrency Report. According to the same report, cryptocurrencies are popular because they allow sending...
Revolut gets its fourth FinTech license in Lithuania: Revolut Securities receives brokerage license - Ecovis in Lithuania

Revolut gets its fourth FinTech license in Lithuania: Revolut Securities receives brokerage license

December 1, 2021, the Bank of Lithuania granted UAB “Revolut Securities” category B securities broker license. The license allows reception and transmission of client orders, safeguarding of client funds and securities, provision of investment management and investment advisory services. It...
European Digital Finance Package opens doors for digitalization of financial system - Ecovis in Lithuania

European Digital Finance Package opens doors for digitalization of financial system

Recently the European Commission has adopted a Digital Finance Package, including Digital Finance and Retail Payments Strategies, and legislative proposals on crypto-assets and digital resilience. It is expected that it will boost Europe’s competitiveness and innovation in the financial sector...
Despite the COVID-19 pandemic, the number of electronic money institutions continues to grow - Ecovis in Lithuania

Despite the COVID-19 pandemic, the number of electronic money institutions continues to grow

While the normal life was suspended under lockdown due to COVID-19 pandemic, this did not limit Lithuania‘s speed in FinTech licensing. In last three months the Board of the Bank of Lithuania has issued three new electronic money institution licenses...
Pan-European Crowdfunding platforms allowed to provide services across all EU - Ecovis in Lithuania

Pan-European Crowdfunding platforms allowed to provide services across all EU

The European Parliament approved approved crowdfunding rules that will apply to all member states thus finally offering a pan-European approach to online capital formation while removing much of the friction in the current ecosystem that suffers from regulatory fragmentation. The...
Lithuanian FinTech institutions get access to TARGET2 allowing international Euro payments - Ecovis in Lithuania

Lithuanian FinTech institutions get access to TARGET2 allowing international Euro payments

From February 2020 the Bank of Lithuania (Central Bank) has extended the capabilities of  CENTROlink system previously used only for the transferring of Euro (EUR) payments withing Single Euros Payment Area (SEPA). Upgraded system goes beyond SEPA zone and opens...
FinTech: UK’s Contis Group have picked Lithuania as the best route for accessing the EU - Ecovis in Lithuania

FinTech: UK’s Contis Group have picked Lithuania as the best route for accessing the EU

The Board of the Bank of Lithuania decided to issue the Electronic Money Institution (EMI) license for UAB Finansinės paslaugos „Contis“– part of UK based Contis Group securing groups access to the financial markets of continental Europe. This step followed...

Pan-European Crowdfunding platforms will provide their services across the whole EU

European Commission takes actions to promote Europe as a more attractive place for start-ups by introducing new regulations on crowdfunding. Commission has proposed a draft regulation to enable crowdfunding platforms to access customers across the EU. The executive arm of...

Lithuania aims to become the destination for UK Fintech companies seeking to secure EU passporting rights after BREXIT

An attractive legal and technological environment, business minded and advanced supervisory authority open to financial market innovations, qualified and competitive workforce, opportunities to operate across the EU basing from Lithuania – that‘s what put Lithuania to one of the best...
Singapore-based global payments processor “InstaReM” secures Lithuanian e-money license for European expansion - Ecovis in Lithuania

Singapore-based global payments processor “InstaReM” secures Lithuanian e-money license for European expansion

“InstaReM”, well-known Singapore-based financial technology (FinTech) company, is entering the European market via Lithuania. The regulator Bank of Lithuania issued an Electronic Money Institution (EMI) license to “InstaReM”, which is already operating in more than 50 countries around the world....
FinTech companies will have a unique opportunity to test their new innovative products in real market conditions - Ecovis in Lithuania

FinTech companies will have a unique opportunity to test their new innovative products in real market conditions

Lithuania continues to improve regulation of financial services and will allow for FinTech companies to try the regulatory sandbox. The Bank of Lithuania (Regulator) aims to provide the best possible conditions for the development of new financial technologies and products,...
European banking heaven – Lithuania boosts efforts to improve licensing regulations for international finance institutions - Ecovis in Lithuania

European banking heaven – Lithuania boosts efforts to improve licensing regulations for international finance institutions

Lithuanian authorities making further steps to turn Lithuania into one of the most attractive jurisdictions for banks and finance institutions in the European Union and European Economic Area (EU/EE). The largest Lithuanian business daily “Verslo žinios” investigated recent efforts of...