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The Bank of Lithuania has identified significant weaknesses in applications for crypto-asset service provider (CASP) licences, with most submissions failing to meet key requirements.
More than ten applications have been received so far, but the central bank has that most were promptly returned for revision due to missing documents.
"We see significant interest from crypto-asset companies in Lithuania as a jurisdiction, and we are ready to ensure that the licensing process takes as little time as possible,鈥 said Ar奴nas Rai拧utis, director of the Legal and Licensing Department of the Bank of Lithuania.
鈥淗owever, we need to receive detailed information for the assessment," he continued.
According to the regulator, a key problem is failure to provide comprehensive and consistent information on shareholders and managers.
In addition, the regulator has said it is particularly focused on ensuring the suitability of applicants amid concerns about financial sector investments linked to Russia.
This comes after a recent national security assessment an increase in unsuccessful attempts by Russian-affiliated individuals to enter the Lithuanian financial market, potentially to bypass international sanctions.
