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Lithuanian Securities Market Commission Approves Package of Documents for Crypto Company
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VILNIUS, Lithuania - The Lithuanian Securities Market Commission (LMK) has approved a package of documents submitted by a crypto company, paving the way for the firm to operate in the country.
Application and Approval Process
The company, which remains unnamed, had applied for a license to operate as a virtual asset service provider in Lithuania. As part of its application, the company was required to submit a range of documentation, including information about its shareholders, directors, and business plan. The LMK reviewed the documents carefully and has now given the green light for the company to operate in Lithuania.
Anti-Money Laundering (AML) and Know-Your-Customer (KYC) Procedures
The approval comes after a thorough review process, which included checks on the company’s AML and KYC procedures. The LMK also conducted site visits at the company’s premises in Lithuania to ensure compliance with regulatory requirements.
Reaction from Company Representative
“This is an important milestone for our company,” said [Company Representative]. “We are thrilled that the LMK has approved our application and we look forward to commencing operations in Lithuania.”
Lithuania as a Hub for Fintech Companies
Lithuania has established itself as a hub for fintech companies in recent years, with many firms choosing to base themselves in the country due to its favorable regulatory environment. The LMK’s approval of the company’s application is seen as further evidence of Lithuania’s commitment to supporting the development of the fintech sector.
Quote from LMK Representative
“We are delighted that another fintech company has chosen Lithuania as its base,” said [LMK Representative]. “We believe that our regulatory environment is one of the most favorable in Europe and we look forward to continuing to support the growth of the fintech sector.”
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