Academic Scientific JournalsChanges in the Regulation of Crypto Exchanges in Lithuania And Estonia
Keywords:
MiCA, crypto-assets, crypto exchange, crypto wallet, AML, paymentsAbstract
This article consults new regulations in Estonia and Lithuania where significant amendments have been adopted for the establishment and approval of crypto exchange services' providers. While Estonia has adopted an important amendment to the regulation of providers of crypto exchange services and of crypto wallet services, Lithuania has adopted a completely new regulation that has never been part of its legal system in any aspect. Despite these amendments, it's expectable that these regulations will have only temporary effect by the adoption of Markets in Crypto Assets Regulation (MiCA), now only at the stage of working paper.
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Legal Acts
Act 174/2017 Coll. of the Estonian Republic, the Money Laundering and Terrorist Financing Prevention Act.
Directive 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (EUR-Lex, L 156/43, as amended).
Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.
Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC.
Amendment of the Act 174/2017 Coll. of the Estonian Republic, the Money Laundering and Terrorist Financing Prevention Act.
Act No. VIII-275 of Lithuania on the Prevention of Money Laundering and Terrorist Financing.
Circular of the Financial Crime Investigation Service of Lithuania No. 25/6-2-12 on the regulation of activities of virtual currency exchanges or service operators in relation to virtual currencies in Lithuania.
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