Lietuvos Bankas, the central bank of Lithuania and the financial supervisory authority, in a statement on February 25 reminded crypto-asset service providers and consumers of the restrictions associated with the transitional period under the MiCA Regulation.

The regulatory framework imposes specific requirements on service providers and the issuance of asset-referenced tokens (ARTs) and electronic money tokens (EMTs).

Under the MiCA transitional period, crypto-asset service providers registered under a national regulatory framework may operate only within their country of registration.

Registration in one EU Member State does not grant the right to provide services in other EU countries.

Providers seeking to operate in multiple jurisdictions must obtain a licence in compliance with Regulation (EU) 2023/1114.

Operating without the necessary authorisation is considered an illicit activity.

As of 30 June 2024, crypto-asset service providers must ensure compliance with MiCA requirements when issuing, offering, or trading ARTs and EMTs.

The European Securities and Markets Authority (ESMA) reiterated this in its statement of 17 January 2025, warning that non-compliant ARTs and EMTs should not be offered.

Providers are also expected to clearly inform investors of these restrictions and take measures to reduce non-compliant tokens in circulation or convert them into MiCA-compliant products.

Although the MiCA Regulation entered into force on 30 December 2024, Lithuania and other EU Member States have introduced a transitional period for existing national crypto-asset service providers.

In Lithuania, the Republic of Lithuania Law on Markets in Crypto-Assets allows virtual currency exchange operators and depository virtual currency wallet operators listed in the Register of Legal Entities to continue providing services.

However, from 1 June 2025, these providers must obtain authorisation under the MiCA Regulation to continue operations.

Featured image credit: Lietuvos bankas