With great success in Fintech, the Lithuanian Government moves forward. On June 7, the Lithuanian Ministry of Finance issued comprehensive guidelines on initial coin offering (ICO) bringing clarity on launching ICO projects, or sales of virtual tokens. As announced in the Ministry’s press release, these ICO Guidelines are aimed at “attracting and creating a favourable and more secure environment for fintech and blockchain business in Lithuania”.
As the ICO market has not yet been regulated, the ICO guidelines set the conditions whereunder the released tokens can be described as security and, therefore, be subject to legislation on financial markets instruments, securities, collective investment subjects.
The Guidelines, which cover corporate, regulatory, indirect taxation and AML aspects, are a perfect tool for investors and entrepreneurs to understand how such innovative business could operate in Lithuania.
Preparation of the ICO guidelines has also been supported by experts of the Bank of Lithuania, the State Tax Inspectorate, the Authority of Audit, Accounting, Property Valuation and Insolvency Management and the Financial Crime Investigation Service.
For detailed information, please refer to the ICO Guidelines.
Earlier this year, the Ministry of Finance expressed its support to our client, DESICO, introducing first security ICO platform (more information here).