Member Info for Chaebol

Lets see who is laughing when bamb it hits .3's .2's we gonna see an exodus next week!

MiCA was the last hope for many here and soon we will find out the BOD made an application that was never going to pass. They must have known this or did they think LT were gonna fold and just give out licenses like they did on VASP

Did anyone get a reply from Renan or the other fella at Bake, thats just farcical ! x;) blocked for asking them about the 15th December deadline ! What a company !!!!

'Tennis Holiday Company'

Thats a first !

Nero is this Josh Thompson

Josh Thompson's website (joshthompson.co.uk) is a personal blog and newsletter run by a young UK-based guy (JT) who's the Managing Director of a tennis holiday company (Active Away). It covers three main topics: business automation (e.g., no-code tools for small UK businesses), AI (e.g., custom GPTs, ChatGPT updates), and personal investing/finance from a UK perspective.His articles and recommendations are solid, beginner-friendly, and practical – think step-by-step guides like "The Ultimate UK 2025 Investing Guide," which emphasizes building an emergency fund, clearing high-interest debt, maxing pensions and employer matches, and using tax wrappers like Stocks & Shares ISAs. He pushes low-cost index ETFs (e.g., S&P 500 trackers like VUSA, global ones like Vanguard FTSE Global All Cap), "S&P and chill" for long-term growth, and limiting riskier stuff (crypto 1-5%, property via REITs). It's sensible, evidence-based advice focused on compounding, diversification, and avoiding hype – nothing flashy or get-rich-quick.He does highlight a few individual companies positively, like Touchstone Exploration (TXP) – he called 2025 a "pivotal year" for them to "prove it" with production ramps and cash flow. Unfortunately, TXP has tanked hard in 2025 (down ~67% YTD, trading pennies, negative returns, operational delays), so that one hasn't panned out well at all. There are also promo-style pages for companies like ME Group International (photo booths/laundry vending), but no deep "buy this now" pushes beyond TXP.Overall, the general advice (index funds, tax efficiency, consistency) is timeless and likely performing fine aligned with broader markets. The site seems low-key (small subscriber base), not a big influencer blog, and no widespread reviews or track record discussions online. If you're new to UK investing, it's worth a read for the basics – just treat specific stock mentions with caution, as always.

Now compare his credentials vs the guy that wrote the mica rejection article lol

Another good article 850 vasps registered end of 2022.

This time LT played far harder.

https://www.linkedin.com/pulse/lithuanias-crypto-kaboom-jonas-udris-llm-7shif/?trackingId=dLP0G41ISfKgot9YJyLZFA%3D%3D

The Metapay wildcard does not fly either.....

For those planning to simply move operations abroad to jurisdictions that still enjoy a comfy MiCA grandfathering period, there is another brick wall:

GDPR.

Client data is not a suitcase you can toss into a taxi and re-book under a new name in another EU country. Moving personal data from one legal entity to another, even within the EEA, is:

a legal challenge (lawful basis, new controller, new purposes),

a technical challenge (security, integrity, minimisation), and

a reputational challenge (try explaining to clients why their data is now controlled by “NewCo Ltd” in a country they never heard of).

If you plan to shut down in Lithuania and resurrect somewhere else, you will have to:

manage data subject rights (access, deletion, objection),

explain your processing chain to both old and new regulators, and

justify every transfer and every retention decision.

Many current VASPs are not ready for that level of adult conversation.

So the real questions for 2026 are:

How many of today’s failed or withdrawn applicants will try again in Lithuania under MiCA, with real substance this time?

How many will quietly move operations to “easier” jurisdictions and hope nobody notices the data trail they leave behind?

How many will simply shut down, archive the mess, and pretend this whole Baltic crypto chapter never happened?

Pick your scenario. Regulators, clients and counterparties will be watching which one you choose.

The VASP register is removed in Lithuania from the 2nd January. So news will be here by then whether GST BOD like it or not.

LT may start adding companies to the non compliant list around that date as well.

At .2's Billy boys EMS's are gonna look good !

5 million shares for 10 grand, that will be a sight........its coming !

Been a while Sunny hope youre well

Ah, Semnet Pte Ltd – the crown jewel of GSTechnologies' diversification strategy, or as I like to call it, the "recurring revenue miracle" that vanished faster than a politician's promises after election day.

Remember the fanfare? Back in late 2023/early 2024, we were sold this gem: a profitable Singapore cybersecurity firm with juicy government contracts, steady recurring revenues, and all the expertise needed to supercharge our neobanking dreams. US$1.8 million later (cash + shares), it was ours – 66.67% anyway – and the RNSs practically glowed with excitement. "Profitable revenue stream!" they crowed. "Critical component!" What could possibly go wrong?Fast forward nearly two years, and... crickets. Zero meaningful revenue contribution reported from Semnet in the latest interims (to Sept 2025).

Disappointing performance? That's putting it mildly – it's more like a black hole sucking in hope and spitting out writedowns.

Those legendary recurring government contracts? Poof! Gone. Did they mysteriously migrate with the former salespeople to the ex-owners' new venture? arbitration notices flew in July 2025 alleging breaches of non-compete and employee obligations. Mediation in December, settlement hopefully soon... but we're still waiting for the juicy details. Fingers crossed the truth emerges before the share price hits new 52-week lows (again).And the cherry on top: zero revenue added in the last six months, massive impairments looming, and dire warnings of "continued poor performance." But hey, don't worry, Semnet just got a frilly new page on the group website! and is working with Govts agian.... All shiny and automated, promising "full automation with zero human intervention" and "sophisticated cybersecurity solutions." Because nothing screams turnaround like a fresh coat of digital paint over a revenue drought, right?

Give it a fortnight, Sunny, and you'll be pivoting harder than a crypto bro in a bear market: "MiCA? Who needs pesky EU crypto licences when we've got Semnet saving the day!"

Oh, and that mysterious Netformx "alliance partnership" lol Radio silence since November 19...... News spigot firmly off – probably conserving ink for the next "transformational" update.

Bonus irony: Angra upgraded its systems and quietly ditched Semnet's tech altogether. Strange, innit? Almost like even the group's own FX arm looked at the "critical cybersecurity expertise" and thought... nah, we're good.

Semnet: From "profitable entity" to "arbitration headache" in record time. Classic GST magic.

Right around the application.....which BOL do not like ! Agnė Penikienė was appointed as CEO (Manager/Director) of GS Fintech UAB on September 23, 2025.This is confirmed by official Lithuanian company registry data (via Rekvizitai.lt, sourced from the Register of Legal Entities), which lists her appointment effective from that date, alongside the formation of a new management board.

Key functions) could change this, but current facts point to alignment with the rejected majority.

'If the licence lands in 2026, it could be a meaningful catalyst.' 'The EMI licence and Polish foothold would materially expand addressable markets. Execution risk remains – licences and integration timelines can slip – but the direction is positive.'

I like his get outs Nero x;)

Here's a breakdown of the specific areas where it falls short, backed by verifiable facts:Management & Substance: Empty Shells with Minimal Local Presence The article criticizes "letterbox" entities: virtual offices, minimal Lithuania-based staff in leadership/risk roles, and heavy outsourcing to non-EEA jurisdictions.

GS Fintech UAB has only 3 employees in Lithuania (per latest Sodra registry data for 2024/2025). This is far below the "actual substance" benchmark set by approved firms (e.g., CoinGate ~55 local staff; Nuvei 100+). Core platform operations (Bake/GS20) and historical expertise remain tied to the Singapore-based group (GSTechnologies' broader team), with decision-making outside the EU.

Governance & Shareholders: Insufficient Local Direction Common rejections involve nominal boards, lack of resident management, or outsourced core functions.

Despite recent appointments (e.g., a Lithuania-based CEO, Agnė Penikienė, in 2025), the entity remains a small subsidiary in a UK-listed group with non-EU roots. MiCA demands effective day-to-day control from the authorized EU entity—GS Fintech's lean setup suggests it's more of a nominal vehicle than a fully substantive operation run "in Lithuania by adults."

AML/CTF and Risk Management: Legacy VASP Limitations The article calls out copy-paste policies, inadequate teams for high-volume/risk flows, and theater-like compliance.

As a pre-MiCA VASP handling staking, lending, swaps across 140+ assets (high-risk cross-border activity), transitioning to bank-grade standards is tough. With just 3 local staff (likely including the MLRO), scaling robust ongoing monitoring, sanctions checks, and client file management for potentially large volumes doesn't match the regulator's expectations for mature AML frameworks.

Overall Business Model: Not "Licensing Businesses in Lithuania" The regulator's clear message (per the article and consultation deck): No more "license factory" shells or PowerPoint plans—only genuine, locally rooted operations.

GS Fintech submitted its application in September 2025 (per GSTechnologies interim results), but the low approval rate (~3 out of 55+ entities) targets exactly these transitional VASPs with minimal footprint. The group's optimism aside, the substance gap is the core issue.

In essence, GS Fintech exemplifies the "denial phase" the article describes: a legacy VASP thinking pre-MiCA minimalism (small team, outsourced ops) could upgrade seamlessly. Post-December 31, 2025, without CASP approval, it must cease EU crypto services, retaining historic data under AML/GDPR. A re-application with major bolstering (e.g., hiring dozens locally, relocating key fun

To: Mr. Lukas Jablonkas

info@lb.lt (mailto:info@lb.lt)

Bank of Lithuania

Dear Mr. Jablonkas, I hope this email finds you well. I am writing to seek clarification on certain aspects of the ongoing MiCA Crypto-Asset Service Provider (CASP) authorisation process overseen by yourself and the Bank of Lithuania. Recently, I came across a LinkedIn article that you appear to have engaged with (liked or shared), titled something along the lines of "Act II: Three Licences and Forty-Something Reality Checks" by Jonas Udris. The piece seems to suggest that only around three MiCA CASP licences are expected to be issued this year, despite over 50 applications having been submitted. Could you kindly confirm whether this accurately reflects the current situation, and if possible, provide any additional public details on the number of applications received, those under assessment, approvals granted to date, or general timelines for decisions?

Additionally, I would appreciate any available information regarding GS Fintech UAB (company code 305964190), which is currently operating under the pre-MiCA VASP registration and transitional provisions until 31 December 2025. Specifically: Has the Bank of Lithuania received a complete and legible application for CASP authorisation from this entity?

If so, is GS Fintech UAB included among the original cohort of over 50 applications referenced in industry discussions?

If the application is under review, could you share an indicative timeline for a decision (approval or rejection)?

I understand that individual application details may be confidential, but any high-level or public insights would be greatly valued, particularly in light of the approaching transitional deadline. Thank you in advance for your time and assistance. I look forward to your response and am available for any follow-up clarification. Best regards,

Lloyd how many staff does Angra have ?

This guy is saying same problems for EMI

Dmitrijus Apockinas

• 3rd+

Fintech consultant, executive and entrepreneur / BA (hons) / MBA / CAMS / ACSI

1d

Spot on, I am actually surprised that three got through :-). Significant part of what you wrote echoes PI and EMI applicants approach to licensing not only in Lithuania, but any other EU member state. Every potential client asks me where it is easiest and fastest to get a license, my reply is always: “where most of your team members and clients are based.” The decision should be driven primarily by that, and not by the perceived easiness of the licensing process so arduously promoted by some licensing advisors :-).

Data center business across the world has exploded since they left it...................Makes sense x;)

Tbh I hope they dont make the Lord present it again, that was awful.........open the comments and please use a proper presenter without reading from paper, we need proper pro stuff to start promoting this and getting belief and sentiment into the share base again.

GS fintech is also listed as consultancy biz, so that would leave them ok , but of course all crypto related biz would cease from the end of the year. GS Fintech still very small presence compared to the others that are being rejected.

Agreed Lloyd, It now has to go to GS Money and GSFintech LTD Angra and innovation pathways API's and EMI's but this is gonna be painful.

Billy.............I know you asked the meaning, here we go............we have a very severe delay x;)

Can you point out anything incorrect.....or we just going to attack character....next it will be I'm shorting.

Insufficient Local Substance and Governance:

MiCA requires robust local presence, including qualified management bodies resident or effectively directing operations from the EU jurisdiction. The proposed model relied heavily on non-EU decision-making and operational control (linked to Singapore-based entities and historical Bake/Cake DeFi structures), lacking demonstrable day-to-day management and oversight from Lithuania.

Thats better than expected x;)

Wasting shareholders funds on fruitless endeavours.

They don't give a fook !