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Bank of Lithuania’s Position on Virtual Assets and Initial Coin Offering

On February 14, 2019, the Bank of Lithuania issued its position on virtual assets and initial coin offering (ICO) as approved by the board on January 21, 2019. The paper updates the previous version of the position (issued in 2017 under the same name) to reflect changing market circumstances and regulatory evolution and address the risk posed by virtual assets, particularly regarding Article 42(12) of the Republic of Lithuania Law on the Bank of Lithuania. 

The position comprises criteria and requirements that apply to existing and potential financial market participants (FMPs), along with entities intending to organise initial coin offerings or provide the possibility for Lithuanian investors to invest in this product type.

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