Los ministros de Lituania no quieren que ocurra un desastre cripto mientras esperan que los legisladores de Bruselas culminan la legislación MiCA.
- Lithuania studies its own law before MiCA.
- “MiCA is the greatest thing to come,” said a Lithuanian minister.
- The Lithuanian law will be a “quick fix” to prevent scandals.
- The draft is ready, with anti-money laundering measures.
Muchos son los países que esperan una ley que regule a las criptomonedas pronto. Unos ya la han hecho, otros están en camino. Lituania es el último miembro la Unión Europea que no quiere esperar por una decisión continental sino que busca apresurarse creando su propio régimen de licencias criptográficas. Considera que las leyes europeas podrían llegar demasiado tarde para salvaguardar la reputación del sector, dijeron los ministros locales al medio CoinDesk.
Although it is one of the countries that has been waiting for the historic law from Brussels, the Regulation of Markets in Crypto Assets (MiCA) The EU, which potentially will not be in force until 2025, Lithuania has decided to go ahead of the curve. This is what it told CoinDesk the country’s deputy finance minister. But plans for the law, which will be debated in the country’s parliament, are causing some Lithuanian-based companies to fear for their future.
MiCA, the law, the delay
The European Union is in the final stages of negotiation of the MiCA. The single licensing regime for the 27-nation bloc has been in place for years and could transform the sector by allowing companies to tap into a market worth hundreds of millions.
The European Commission, the EU’s governing body, first sought advice on how existing regulations apply to cryptocurrencies in March 2018. Since then, the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market has grown exponentially.
The MiCA decision-making process remains slow. However, the EU as a whole has already taken some decisions, such as in March of this year, when it approved a controversial rule that undermines cryptocurrency anonymity which could limit the use of self-custody wallets across the blockchain.
Coindesk says that even once lawmakers work out their final wrinkles in the law, such as how to treat stable Pound-like currencies, non-fungible tokens and decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance, there will be a transition period of up to two years before MiCA goes into effect.
MiCA: the “biggest”
“MiCA is kind of like the biggest thing coming up, it’s a good decision; we support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. it.” Mindaugas Liutvinskas, deputy minister of the Lithuanian Ministry of Finance, told CoinDesk in an interview. “But before we get there, it’s, what, 2025, late 2024; we still have plenty of time.
“What we decided to do is to take practical steps, to do all of our homework, to strengthen our regulatory framework,” he said, calling to its proposed law a “solución rápida” that MiCA can carry “to the next level”.
Liutvinskas is concerned that, unless he acts quickly, less honest companies could bring down the industry’s image.
“For both the government and market an area or arena, online or offline, in which commercial dealings are conducted. participants, the worst-case scenario would be to have some kind of bad situation, some kind of scandal in terms of money laundering or sanctions avoidance.” , dijo. “Reputation is an essential resource in this line of business.”
Like regulators in Estonia, Liutvinskas says he welcomes solid companies, but not empty shells that simply register in the country but operate from elsewhere.
As reported by Coindesk, the main provisions of the proposed law already published in draft and will be presented to parliament between the end of this month and next. They include a MiCA-style requirement to have 125,000 euros (USD $133,000) in capital capital is most commonly defined as the large sum of money you would use to invest. and have anti-money laundering personnel physically based in the country. In the meantime, the industry expects the measures to be implemented on a slower schedule.
Liutvinskas has already agreed not to implement money laundering identity checks immediately, especially since it is unclear what the EU will expect. The negotiations were left up in the air because of what he calls “innovative thinking”. of the European Parliament, which wants stricter control of transactions with cryptographic wallets that are not hosted on a exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. regulated.
Anger of the sector
Its proposals appear to have drawn the ire of the cryptocurrency industry, which complains that Lithuania is acting alone in a global market, given that, in practice, many jurisdictions around the world have not yet implemented the standards set by the Financial Action Task Force (FATF). a global anti-money laundering watchdog.
Requirements for virtual asset service providers (VASPs) to identify their clients, even for the smallest transactions, “make no sense,” with administrative burdens disproportionate to the risk, said Agnė Smagurauskaitė, legal counsel at CoinGate, a Lithuanian company. trading and payment based company.
“VASPs in other jurisdictions will not have the same obligation to share data, making it nearly impossible to transact with them.” told CoinDesk in an email. And the lack of an equivalent to the banking sector’s messaging service. SWIFT means the information may not be secure, he said.
She says she supports measures to make markets more transparent and reliable, but not those that kill innovation or the ability to compete.
Añade que en el proyecto de ley, “there are some points that completely destroy the Lithuanian VASP market”.
But other industry representatives told Coindesk that the new legislation, which could come into force later this year, will not harm the country’s status as a crypto hub.
To companies “they usually don’t like it” to introduce stricter rules, Kęstutis Kvainauskas, a lawyer with the consulting firm Kęstutis Kvainauskas, told the media. Ecovis ProventusLaw, pero “Lithuanian requirements are still considered quite liberal”.
The direction of travel, toward MiCA-style rules, is inevitable, Kvainauskas believes, and smaller jurisdictions may just be trying to get ahead of the game.
“At the moment, I don’t see other jurisdictions able to offer something similar to what Lithuania can offer.” with authorisation offering broad access to markets across Europe, he said.
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