Member Info for Chaebol

Is the Lord being responsive to any more phone calls ? all the emails that come back to me from Angra about EMI is this 'The company will not comment on an ongoing regulatory process and an announcement will be made in due course.' and that has been their messages to various ID's since jan 23rd this year.

LT is going and to me Balinski had a Polish VASP sale to profit from and GST scooped it up hook line and sinker, I emailed Tim and the bake x page on the 1st January explaining how useless the Polish VASP was for MiCA and that cross border EU transactions are seriously restricted if not illegal. Finferno now is shown as a dumb buy but it was even dumber at the time. Id be getting away from the Balinski cats, should never have gone to that point!

For someone who claims he owned so many shares......I am continuously astounded with your lack of knowledge in this sector. And you had the audacity to call me confused lol

Lets pretend we are comparable to Revolut, lets pretend 93% down from last January is just inconvenient.

And lets pretend with the next RNS of hopeful bs they will get it right. Lets pretend finferno wasnt a waste of time and money and lets pretend the BOD have not BS'd about these licenses for months with no detail but huge expenses......

Well i cant pretend they've suspended crypto services because they want to wait for MiCA, theyve been told to close ops down or risk fines and regulatroy issues, that is the real news here.

Revolut provides a clear benchmark for how challenging and expensive obtaining a proper MiCA licence can be, especially in Lithuania.

Revolut founded its European banking entity in Lithuania (Revolut Bank UAB) and secured a full banking licence from the European Central Bank via the Bank of Lithuania back in December 2021.

Despite this established presence and significant investment in local substance, when it came to crypto under the new MiCA regime, Revolut still chose to pivot its crypto operations to Cyprus. They secured a full MiCA CASP licence from CySEC in October 2025, allowing them to passport services across the EEA while maintaining their Lithuanian banking base.

This move demonstrated two key realities:

* Even a well-resourced company with deep roots in Lithuania found the MiCA “mind and management” and substance requirements demanding.

* Cyprus offered a faster, more pragmatic route for crypto-specific licensing.

In stark contrast, GST’s execution has been reactive and poorly communicated.

In November 2025, GST leadership publicly stated they were “confident and optimistic” of securing MiCA authorisation by the 31 December 2025 deadline, claiming they had “answered comprehensively to follow up questions.” Yet their Lithuanian entity (GS Fintech UAB) received no approval when the transitional period ended. The only follow-up was in its vague RNS stating they had been “they would re submit their application in Q1 2026” and bake claiming they had been re invited to re submit— regulator-speak for the original application being inadequate.

GST failed to build meaningful substance or mind-and-management presence in Lithuania during Q1. Instead, they acquired the small Polish VASP entity Finferno ( maybe a 100k 200k cost with just 103k in share capital) as a temporary bridge.

With no clear disclosure on where they are now re-applying for the full MiCA licence, when they expect approval, or how they plan to meet the stricter PSD2 requirements for stablecoin-related services (post the 2 March 2026 EBA cliff edge), GST has announced a complete suspension of all crypto trading services via Bake/Finferno from 15 April 2026.

Serious applicants either suspended operations in December 2025 to properly build substance in Lithuania (as many peers did), or they proactively switched jurisdictions — the exact approach I highlighted back in September last year.

* Revolut — Already had a banking licence in Lithuania, yet still invested heavily to secure a clean MiCA licence in Cyprus with proper planning.

* GST — Over-confident public statements, followed by regulatory rejection in Lithuania, an expensive short-term Polish bridge, and now a damaging suspension with zero visibility on the next steps.

This highlights not just how difficult and costly MiCA compliance is (especially in Lithuania), but also the significant gap in strategic foresight and execution between the two companies.

Agreed, 0.17 definitely going imo. The doom loop continues. No doubt.

There are new safeguarding rules kicking in on May 7th in the UK for the industry of API's EMI's etc...... is Angra compliant ? they said they updated their internal systems to ramp up volume but might have been for this new rule coming in, thats maybe why GST was added to angra latest confirmation stmnt and allocating of shares/ capital. Not for the EMI but for the safeguarding of capital funds and what that entails. We will find out soon

EMI news soon lol and then the court case next week, I expect counter claims and security costs flying in and they're now fighting a big four law firm in Singapore, what could go wrong lol Zheng and Zhu telegraphing what they're gonna do.....but of course we are both confused and stupid until it actually happens x;)

Lol

Just saw your email to Tim Deacs, GL getting a substantive reply.

LT is over. They confirmed that in the RNS this morning imo.

Malta and Estonia could be easier, I think Bake mean applying from Poland into another jurisdiction and that definitely wouldnt work for LT. So will be interesting where they do pivot to if any after all this time and expense.

YOU CANNOT APPLY FOR MICA IN POLAND.

No Polish firm has secured a MiCA license domestically because Poland has not yet passed the necessary national implementing legislation.

While the EU's Markets in Crypto-Assets (MiCA) regulation is directly applicable, the Polish Financial Supervision Authority (KNF) cannot process applications or issue licenses until a domestic act is signed into law.

Legislative Stalemate: President Karol Nawrocki vetoed the MiCA-implementing bill (Act on the Crypto-Assets Market) in December 2025 and again in February 2026, citing concerns over over-regulation and high supervisory fees.

Grandfathering Period: Existing Polish Virtual Asset Service Providers (VASPs) can continue to operate under their current national registration until 1 July 2026. After this date, a full MiCA (CASP) license will be mandatory for legal operations.

Passporting Disadvantage: Because no domestic licenses are available, Polish firms cannot currently "passport" their services to other EU countries. Conversely, foreign firms like Coinbase (licensed in Luxembourg) are already operating in Poland using their EU-wide MiCA rights.

Be careful what you wish for EMI rejection RNS tomorrow.

16 months in hello lol

But in his favour Bake do not know either

Someone tell massi you cant get a license in Poland ffs

MiCA does not exist in Poland lol

These rampers and their knowledge........scary.

Until a MiCA license is obtained in Poland.

Oh dear

Leave him be Kat he's clinically insane, best thing he can do is green box it all.

Lol yeh that would be it.

I said months ago the BOL one of the most efficient strictest regulators, GST found out there is no harmony with EU MiCA rules LT wanted to clean up its wild west vasp crypto image so they raised the bar, its all about Lithunaia substance Lithuanian mind management, Gs fintech bake Finferno was none of that ever.

Without authorisation (or a pending application meeting strict conditions), firms are expected to cease those specific EMT-related payment activities and offboard affected clients.

So if they had a good app filed with the BOL meeting strict conditions they could have carried on, LT is over. What did response and noewe do in all this time Noewe October 24 response March 2025, neither of them have secured a successful MiCA application for any firm let alone GS fintech. Very odd.

2 March 2026 date is real and important. It marks the end of the EBA's transitional "No-Action Letter" relief regarding the overlap between MiCA and PSD2 for activities involving Electronic Money Tokens (EMTs) — i.e., stablecoins used in a payment-like way.

What the 2 March 2026 "Cliff" Actually Means

The European Banking Authority (EBA) issued guidance in February 2026 clarifying that, after 2 March 2026, If a CASP (like GST’s Bake/Finferno) provides services involving EMTs (stablecoins) that qualify as payment services under PSD2 (e.g., transferring funds, executing payment transactions, or certain custody/administration of stablecoins), they generally need proper PSD2 authorisation (as a Payment Institution or Electronic Money Institution) or to partner with a properly authorised PSP.

The previous supervisory tolerance (the "no-action" period) ended on that date.

Without authorisation (or a pending application meeting strict conditions), firms are expected to cease those specific EMT-related payment activities and offboard affected clients.

This is separate from the broader MiCA CASP licensing requirement (which has its own transitional rules, often until July 2026 in countries like Poland).

How This Applies to GST / Bake / FinfernoFinferno

operates under a Polish VASP registration, which gives it some breathing room for general crypto services until around 1 July 2026.

However, if Bake/Finferno was offering stablecoin transfers, deposits, withdrawals, or any payment-like functions involving EMTs (USDT, USDC, etc.), those activities likely fell into the PSD2 overlap.

GST has not publicly disclosed holding a PSD2 licence (or EMI licence) for its crypto operations. Their announcements focus on VASP/CASP status, not PSD2.

As of late February/early March 2026, they were already in a vulnerable position for any stablecoin-related payment services.

This is very likely one of the main (unspoken) reasons they decided to suspend all crypto trading services from 15 April 2026, rather than risk operating in a grey zone or facing enforcement after the 2 March cliff edge.

Why They Suspended (Updated View)

The suspension is a defensive move driven by multiple overlapping pressures: PSD2-EMT cliff on 2 March 2026 — They probably realised (or were advised) that continuing stablecoin-related activities without proper PSD2 cover was becoming too risky.

MiCA CASP uncertainty — Poland’s full CASP licensing framework is still not fully operational (due to legislative delays), so they can’t easily get the full licence quickly.

Overall risk management — Rather than run close to the edge and potentially face fines, client complaints, or forced offboarding, they chose to pause everything proactively.

In short: They are not fully non-compliant today for general VASP activities, but they are likely non-compliant (or at high risk) for any stablecoin payment services after 2 March 2026 without PSD2 authorisation.

He's getting warmer x;)

Lol x;)

Posted on the 24th Feb....

Chaebol

Posted in: GST

Posts: 11,597

RE: 2nd March Deadline for VASPS24 Feb 2026 08:17

As of February 24, 2026, GSTechnologies (GST) does not have the required PSD2 (Payment Services Directive 2) authorisation for stablecoin-related payment services. While it operates as a VASP (Virtual Asset Service Provider) through its newly acquired Polish entity, this status is insufficient to meet the specific "cliff edge" requirements starting 2 March 2026.

The "March 2nd" Regulatory Cliff

The European Banking Authority (EBA) has mandated that any entity providing "payment-like" services for stablecoins—officially E-Money Tokens (EMTs)—must hold a formal PSD2 license (as a Payment Institution or Electronic Money Institution) by 2 March 2026.