Member Info for Chaebol

Reviewing.

The Original Plan: for MiCA apps in LT Why July (or June) 2025 Mattered

* Lithuania adopted MiCA super aggressively, passing its national law on July 11, 2024, making the Bank of Lithuania (LB) the regulator for CASPs.

* Under the initial rules, the transitional period for existing VASPs (those already registered pre-MiCA) was the shortest in the EU: just 5 months after MiCA's full kick-in on December 30, 2024.

* This meant VASPs had to submit full MiCA authorization applications (including docs like capital proofs, AML setups, and governance plans) no later than June 1, 2025 (or May 31 in some interpretations) to keep operating legally.

* Why the rush? Without applying by then, you'd lose "grandfathering" status—no more transitional ops after June 1, 2025. Unlicensed VASPs would have to shut down, face fines (up to €5M or 12.5% of annual revenue), or get hit by enforcement from the Financial Crime Investigation Service (FNTT). It was all about forcing quick compliance to MiCA's higher standards (e.g., €50K–€150K minimum capital, local presence, and audits).

This "apply by June/July 2025" vibe was real and widely reported—many firms scrambled, and it weeded out weaker players early.

The Extension: Pushing It to December 2025/January 2026

* Good news: Lithuania listened to industry pushback on the ultra-short timeline. In May 2025, Parliament extended the transitional period.

* New deadline: Legacy VASPs can now submit MiCA apps by December 31, 2025, and keep operating until January 1, 2026 (or until a decision on their app).

* This aligns more with the EU's optional 18-month grace period (up to July 2026 in some countries) but keeps Lithuania's rep as strict—late apps might still get rejected, and no extensions beyond that.

* Catch: The extension is for submissions only. Processing can take 3–9 months (up to 25 business days for initial review, then deeper checks), so applying before July 2025 was still smart to avoid delays in approval and any operational hiccups. If you missed that window, you're cutting it close now, but it's not too late yet.

Quick Comparison: Original vs. Extended Timeline

Aspect Original (Pre-May 2025) Extended (Current as of Dec 2025)

App Submission Deadline June 1, 2025 (to qualify for transition) December 31, 2025

End of Transitional Ops June 1, 2025 (if no app/license) January 1, 2026 (or app decision)

So VASPS are going to be allowed to continue in 2026 as long as they have filed correctly by the 31st December 2025. the "apply before July 2025" push was correct at the time and was legit to dodge delays under the original tight rules, and many advisors hammered that point. But the May 2025 extension bought everyone breathing room till year-end.

This may tip the big 10 decision into Q1 (not 1 mica casp announced in all of the EU this month, christmas!) and think its certainty that GST is months away, they must have received multiples of apps prior to September, that they are still

Just got out of a meeting with the feds you bunch of morons..............

“AIM, the fact that your brain even landed on ‘I’m gonna call your boss and tell him you’ve been a naughty boy’ is already unhinged. But to say it out loud? With your whole chest? That’s not just weird, that’s performance-art levels of deranged. Somewhere between a toddler throwing a tantrum or a kid saying give me my ball back. You're a cretin of a so called man..........Real men don’t threaten to snitch to someone’s manager like you have.”

Go back into the grass where you belong....

That would just about sum you up. A proper hood rat grass wow. Nice.

Now the good news......

Please contact Seam Group and ask for the owner. FWIW that person is me x;)

Incessant ramblings...... we had B positive from september saying any day now and then with Noewe and response being hired it was any day now, now that we have 22 biz days left in H2 'theres no point in guessing dates' lol

Ive been guessing 2026 since July but thats all FUD x;)

Also Enki we did not own bake in 2023....

Hope so Lloyd everyone been getting these dates wrong tbf.

So on the basis of those dates Enki the BOL should be updating the market by the 14th December latest.....

5. Initial Completeness Check

The Bank of Lithuania reviews for completeness and requests clarifications if needed. They may involve FCIS for AML checks.

25 working days. Extensions: Up to 25 days per request (unlimited requests possible, but aim for completeness to avoid delays). Feedback provided in writing.

6. Substantive Review and Assessment

In-depth evaluation of compliance with MiCA pillars (e.g., client protection, market integrity, financial stability). Includes:

- Interviews with key personnel.

- On-site/off-site audits.

- Verification of systems (IT, cybersecurity).

- Assessment for "significant CASP" status (if >15M EU users annually, enhanced scrutiny).

60-90 working days (total process: 90-120 days average). Regulator may request revisions; resubmissions allowed without prejudice. Common issues: Inadequate risk controls or governance.

7. Decision and Approval

If compliant, the license is granted. Public register entry follows. Rejections can be appealed to Lithuanian courts. Post-approval: Ongoing supervision, annual reporting, and audits required.

5-10 working days after review. License valid EU-wide; passporting notification to other NCAs within 1 month if expanding.

Applications for preliminary review began in October 2024, with the first full CASP license issued in mid 2025 (to Robinhood Europe, UAB).The process typically takes 4-6 months on average (90-120 days for review), though it can extend to 6-9 months with revisions. Costs include application fees (around €1,000-€5,000, varying by service) and minimum own funds requirements (detailed below).

GSFintech is still at stage 1

Description

Timeline & Key Actions

1. Pre-Application Preparation

Assess eligibility and build compliance infrastructure. Determine if your activities qualify as CASP services under MiCA Article 3(1)(10), e.g., custody, trading, exchange, portfolio management, or advising on crypto-assets. Existing VASPs must map their operations to MiCA. Engage consultants for gap analysis.

1-3 months. Optional: Request individual consultations with the Bank of Lithuania (available since October 2024) for preliminary feedback. Ensure company structure complies (e.g., Lithuanian UAB entity, EU-resident director for oversight).

2. Company Setup and Capitalization

Incorporate or adapt a legal entity in Lithuania (UAB recommended). Deposit minimum own funds into a segregated account:

- €50,000 for advisory/placement services.

- €125,000 for custody/execution services.

- €150,000 for trading/exchange platforms.

Funds must be verifiable and maintained ongoing; higher amounts may apply based on risk assessment.

2-4 weeks. Provide proof of asset origin for owners/shareholders. Implement AML/KYC systems, segregated client accounts, and cybersecurity measures.

3. Document Preparation

Compile a comprehensive application dossier per MiCA Article 62 and Lithuanian rules. Key documents include:

- Business plan (3-5 years, covering model, risks, and MiCA compliance).

- Governance structure (fit-and-proper tests for directors/shareholders).

- AML/CTF policies (customer due diligence, transaction monitoring, suspicious activity reporting).

- Risk management framework (operational, market, liquidity risks).

- Client asset safeguarding procedures (segregation, insurance).

- Complaint handling and conflict-of-interest policies.

- Financial projections and audit-ready records.

- For ART/EMT services: Reserve asset attestations and redemption rights.

All must be in Lithuanian or English; notarized if foreign.

1-2 months. Tailor to specific services; poor documentation is a common rejection reason (e.g., unverified asset origins).

4. Application Submission

Submit via the Bank of Lithuania's secure portal (or email for preliminary reviews). Pay the fee. Existing VASPs use the transitional application track.

Instant. Deadline for transitional applications: January 1, 2026. Preliminary reviews accepted ongoing since October 2024.

Sparky,

Binance have applied multiple jurisdictions and MEXC (huge firm) have already been put on the warning list by ESMA. On paper it is supposed to be 65 days but no one has been approved in those time frames and Lithuania has confirmed they are reviewing apps from April May June So I just cant see how a September filing supercedes those earlier apps, LT has become the toughest place for mica casp approval, no doubt, and they go on holiday for 5 days this month so it could easily be delayed into next year just for the 10 they are reviewing, let alone when GST application comes around.... Werent Lthuanian VASPs supposed to apply before July 2025 to avoid delays?

They are around 10 applications as of october 25 and we are one of them.

Lol ok Aim and we chatting rubbish, Tan confirmed they applied in September, we still dont know if they are past completeness review for authorisation pending approval or still app in progress but in your crazy world, in one month GS Fintech went straight to top 10 apps. Wow!

200 million ish valuation of our ownership in WSHP liquid in Nov 26 v a 7 million GBP debt due mid next year..........

I am sure even the most backward investors could make something work out of that. I am sure the BOD will find solutions especially if god forbid WSHP keep moving up...lol adding again GLA

That sandbox stuff became one massive pivot and and who knows what kind of mixed signals our regulators gave as the FCA guidance was a mess! Criterai being too strict is the line GST gave out, but dealing with the FCA used to be common for me but these days you are dealing with a broken regulator/system so choose your fights wisely with them......Angra should have secured EMI ages ago and maybe that is realistic but like everything with GST WHEN! ?

That took 9 months with Kucoin to complete. Lithuania is proving to be one of the strictest jurisdictions in the EU or has the poorest applicants.

Https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica

Took 7 days for Kucoin to be added to the ESMA database and regulators claim it should be an instantaneous update........Have they all gone on holiday ? Sadly, no new updates for Lithuania.

Volume has fallen hard since end of September, 20-30 million shares a day to barely 5 million and going down. I did suggest the BOD could buy shares or do a buyback to change sentiment and volume but then i just get labelled with FUD x;)

The price, volume and lack of comms leave me feeling with FUD but thats not logical for others.

October 2025 (Oct 1–31)

22 trading days

9,614,614 daily volume

211,521,494 monthly volume

November 2025 (Nov 1–28)

20 trading days

5,614,614 daily volume

112,292,283 monthly volume

And many crypto companies have generated 100 million revenues in their first year. This is why I invest in this sector the risk/reward is off the charts....

Expecting 6-10 million revs a year was not ambitious of me. Most rampers here were saying 6 million per annum before the last financials hit. So maybe its not expectations but actual BOD failures in execution ? but again these per annum figures are tiny and still loss making.

Leew 1.5 million and 2.96 million isn't really revenue in this industry and is far away from the kind of revenue I anticipated when I started making moves in this again in 2023.

When they announced 2.2 million first 6 months of 24/25 it looked like 5/6 million might be achieved for year end but then to come back with 2.96 was a lot less than I thought it would come in at and what everyone was indicating here. But really after 4 years 1.5 mill and 2.96 mill for the last 2 financial years is nothing in the industry they are in.

What should 11.8% of WSHP be valued at for WCAP profitsniffer?