Fintech Hub LT welcomes crypto asset companies to join the association

  • 2023-08-25
  • Robertas Sapalas

Fintech Hub LT, an association of licensed Fintech companies in Lithuania, will now accept virtual currency exchanges and virtual asset service providers (VASP) into its Association.

"In May this year, the European Union (EU) adopted the European Markets in Crypto-assets (MiCA) Regulation, which will increase the potential of cryptocurrencies, introduce legal clarity, reduce risks and protect consumers. The EU will be the first political and economic community to put in place a common set of rules for companies operating in the cryptocurrency market. This is exactly what the mature growth of the crypto asset sector has required, our Association believes. Crypto companies have historically been classified as fintech, and we believe that by being part of a single organization, crypto companies, specialized banks, e-money institutions and payment institutions will be able to share best practices, develop new products and thus add more value to their customers, not only in Lithuania, but also across the EU. Such synergies can strengthen Lithuania's position as a European value-added fintech center," said Asta Grigaitytė, Fintech Hub LT Chairwoman of the Board.

Lithuania can become a hub not only for fintech, but also for crypto companies, according to Asta Grigaitytė. We are already starting to see this happen. For example, Bifinity, a company that converts cryptocurrencies into regular money and provides services to the customers of Binance, the largest crypto asset company in the world, is based in Lithuania.

According to the Centre of Registers, there are 478 companies on the list of virtual currency exchange providers in Lithuania and 470 on the list of virtual asset service providers. The same company can be on either list.

Currently, 80 fintech players in Lithuania are members of Fintech Hub LT. The association is in regular contact with regulators such as the Central Bank, the Government of the Republic of Lithuania and other relevant institutions. Its aim is to help create favorable conditions for the activities of fintech companies and to contribute to making Lithuania a center of attraction for fintech companies not only in the Baltic region, but also in the EU.