A European FinTech Hub Prepares to Get Tough on Crypto Companies

Lithuania, which established itself as a hub for financial-technology startups over the past decade, will weed out many of the crypto companies operating there when it starts awarding licenses next year.

While some 580 cryptoasset firms are registered in Lithuania, the number expected pass the hurdle for obtaining full permits will be “much lower,” said Simonas Krepsta, a central bank board member. The process is set to wrap up by June 2025 and unsuccessful applicants will “leave the ecosystem,” he said in an interview on Tuesday.