RE: Nearly another whole week without news6 Nov 2025 14:58
They can gain MiCA approval (i.e., Crypto-Asset Service Provider or CASP authorization) precisely because it's a distinct regulatory framework from the traditional "financial market participant" classification under Lithuania's Bank of Lithuania Law. MiCA—fully applicable since June 30, 2024, for stablecoins and December 30, 2024, for other crypto services—doesn't require entities like GS Fintech UAB to first become a bank, payment institution, or other legacy FMP. Instead, it enables non-credit institutions (like VASPs) to apply directly for CASP status under Article 59 of the regulation, provided they meet standalone criteria such as:Minimum own funds: €125,000 for basic services (e.g., custody, exchange) or up to €150,000 for broader offerings, plus additional risk-based buffers.
Governance and operations: Fit-and-proper management, robust internal controls, IT/cybersecurity standards, and a physical presence in the EU (which GS Fintech already has as a Lithuanian UAB).
AML/CFT compliance: Ongoing monitoring, customer due diligence, and reporting—building on their existing VASP registration.
Business plan and conflicts policy: A detailed 3-year projection and measures to avoid conflicts of interest.
The application goes to the national competent authority (Bank of Lithuania), which has 40 working days to review completeness, then up to 9 months for a decision (extendable). Approved CASPs get an EU-wide passport to operate across all 27 member states. Existing VASPs like GS Fintech have a transitional grace period until December 31, 2025, to apply and operate legally in the interim, avoiding immediate shutdowns.For GS Fintech UAB specifically (operating Bake/GS20), they're actively pursuing this: They completed the Bake acquisition in January 2025 to bolster their crypto platform, and as of their March 2025 financials, they're "advancing [their] compliance framework in alignment with MiCA" with a "positive result expected in the second half of 2025."
gstechnologies.co.uk
Integration of Bake into their operations wrapped by March 31, 2025, and they've engaged Lithuanian advisors (e.g., Noewe UAB) for regulatory guidance through year-end.
gstechnologies.co.uk
No public confirmation of full approval yet as of early November 2025—Lithuania has issued initial CASPs (e.g., to Robinhood Europe UAB in June 2025 as the first one
ecovis.com
)—but they're on track within the deadline. If delayed, they could face restrictions post-2025, but their VASP base and proactive steps (e.g., AML enhancements) position them well. For real-time checks, the Bank of Lithuania's licenses page (lb.lt/en/licences) lists authorized entities, though the full CASP register is still ramping up. If your complaint ties into this, escalating via their consumer portal could prompt updates on their transition.
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