Virtual currency service providers will have to go through another licensing renewal process with the introduction of a new draft legislative act in Estonia. This time a year ago, virtual currency service providers were busy getting ready for a regulation which ended up causing the revocation of over 1,800 licenses. There are 396 existing licence […]
In its latest rankings Chambers FinTech has ranked Sorainen Fintech team in top tier in Lithuania and Estonia. It is the second year in the row that our team in Lithuania has been awarded the highest ranking. The international directory also named Augustas Klezys, Tomas Kontautas, Laura Matukaitytė and Kätlin Krisak among the top fintech […]
Deals & Cases / Tomas Kontautas, Laura Matukaitytė, Liutauras Vasiliauskas
We advised Bittiq – a Netherlands-based company launching account information business across Europe. The Lithuanian subsidiary of Bittiq – Connectly – will be one of the first companies launching the business based on the new service under the second Payment Services Directive (PSDII) – account information service. Connectly enables consumer centric services based on analysis […]
On 5 October, the European Parliament adopted a Regulation on European Crowdfunding Service Providers for Business. The regulation entered into force on 20 October 2020 opening much wider opportunities for crowdfunding service providers, investors, and project owners looking for alternative sources of financing, as well as for Lithuania. Easier access to new markets for crowdfunding […]
We collaborated with members of the Association of Lithuanian Banks, the Financial Crime Investigation Service and the Bank of Lithuania in preparing Guidelines on Customer Due Diligence. The purpose of the guidelines is to harmonize the processes of preventive action by market participants while achieving clarity and simplicity for users of financial services. First such […]