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 […]
The Estonian Money Laundering and Terrorist Financing Prevention Act was amended in January 2020 whereby virtual currency service providers will be treated equally to financial institutions. The amendments are due to come into force on 10th March 2020. The deadline for implementing the changes within […]
Publication / Augustas Klezys, Laura Matukaitytė, Dalia Augaitė, Liutauras Vasiliauskas
On 17 October 2019, the Bank of Lithuania released Guidelines on Securities Token Offerings. The primary goal of the Guidelines is to provide clarity regarding the legislation on tokens that have features of securities. The Guidelines lay out the neutrality regulation policy exercised by the Bank of Lithuania in regard to technology, meaning that regardless […]
Sorainen assisted WePower, a blockchain-based green energy trading platform, in obtaining a ground-breaking ruling from the Lithuanian tax authorities confirming favourable VAT treatment for issuance of cryptographic tokens. The Lithuanian tax authorities issued a positive ruling confirming that ICOs are VAT-exempt, thus allowing the client to save up to USD 7 million. WePower raised USD […]
