Lithuania: Central Bank Reveals Its Position on Virtual Currencies and ICOs

On October 11, 2017, the approved position of the Bank of Lithuania in relation to virtual currencies and initial coin offerings (ICOs) was released.

According to Marius Jurgilas, a member of the board of the bank, it is important for the sake of the safety and protection of customers of financial institutions, such as banks, payment institutions and other financial market participants (FMPs), that these institutions “legally operating in the country and supervised by the Bank of Lithuania must strictly dissociate themselves from this product type in their activities”.

The key features of the approved position can be summarised as follows:

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