Member Info for Chaebol

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Given the Bank of Lithuania's (BoL) current track record—rejecting over 95% of former crypto registrations, MiCA is not a shoe in for anyone……look at the big names that left LT

For GS Fintech, the BoL’s ‘”Aml/KYC and Fit and Proper" questionnaires is essentially a forensic audit of the soul and the wallet. Here is what they are likely facing in that document:

Critical AML Gaps for Bake Clients

When a firm like GS Fintech acquires a platform with 700,000 registered users, the BoL does not allow them to simply "grandfather in" those clients. They must prove every user meets current MiCA and Lithuanian standards. 

* Historical KYC Deficiencies:

* Bake operated for years under Singaporean and lighter VASP regimes where documentation requirements (like "proof of address" or "live selfies") may not have met the Lithuanian "face-to-face" equivalent standards for remote identification.

* The BoL requires a complete re-verification of the entire user base if the original KYC data is deemed incomplete or outdated.

* Transaction Monitoring (TM) Gaps:

* The BoL frequently rejects firms that cannot demonstrate automated, real-time monitoring of historical transactions for suspicious patterns.

* For the $80 million in digital assets under custody from Bake, GS Fintech must prove they can trace the "Source of Wealth" for all significant holders—a massive operational hurdle for legacy retail accounts.

* The Travel Rule (FATF):

* Lithuania requires strict compliance with the Travel Rule for all transfers over €1,000, requiring full originator and beneficiary data.

* If Bake’s legacy infrastructure was not built to collect and transmit this data at the protocol level, it creates an immediate compliance gap that the BoL will not overlook.

* Sanctions Screening:

* Lithuania has some of the world’s strictest sanctions monitoring requirements due to its geopolitical position.

* Any failure to screen Bake’s 700k users against updated EU/UN/OFAC lists with high-frequency "fuzzy matching" is considered a "gross and systematic" violation by the BoL. 

Why This Matters for the Reapplication

The BoL has a "zero-trust" policy for acquired user bases. They view a platform with thousands of un-verified or poorly-monitored users as a massive liability rather than an asset. In their view, if GS Fintech cannot "clean" the Bake database to Lithuanian standards before the license is granted, the risk of money laundering is too high.

Nero

https://sg.jooble.org/jdp/9156025113291735330

Thats a job vacancy for office planner pte ltd

AI Automation Engineer

Office Planner Pte Ltd

Commonwealth, Singapore Country

I think all your concerns should be on GST, even if it applied today I doubt you get a decision until October/November. I think the BOL were being polite when they told GST to reapply, especially as BOL carried around 10 apps over from last year with possibly 1 more app to be approved from those, if GST app was so good they would still be inspecting it and not telling them to reapply.

UAB MICAR proved its substance and its stric BOL review by obtaining the license, so unless GS Fintech is partnering with a regulated broker in LT it has nothing to lean on GST? good luck explaining that sheet show to regulators.....Tan such a great crypto expert he's off the application totally now !!!! Then the BOL ask for mind managment board meeting minutes to confirm Agne is the brains behind the op and oh we dont have those minutes........this is the kind of stuff thats gone down but i'm so confused lol

So we will see who is confused last day of June when it goes past polish VASP expiration with no MiCA, I still expect some sort of pivot news soon, as this cant carry on like this with no news and the constant drift downwards...... and still no one can tell me GS fintech substance and mind management in LT ? Agne lol 40k in jewellery sales last year and im confused you cant make this board up

READ

Gediminas Trumpis, CEO of Micar Assets and Myriad Capital, comments:

"The crypto-asset service provider license opens a new horizon of opportunities and marks a strategic stage in our expansion across Europe. Micar Assets will provide services to both private and corporate clients, offering crypto-asset services to retail as well as professional investors.

The crypto-asset sector is at the beginning of a structural transformation. A clearer regulatory framework is emerging, market maturity is strengthening, and investor expectations continue to evolve. We see this period as a meaningful opportunity to contribute to the development of a sustainable and responsible digital asset ecosystem.

Our objective is to operate as a long-term, regulated and trusted partner, enabling clients to participate in the rapidly developing digital finance market safely and efficiently. We appreciate the recognition and confidence demonstrated by the Bank of Lithuania, particularly as we are among the first companies to receive this type of license in Lithuania."

The "Dual Authorisation" Rule: The Bank of Lithuania has clarified that CASPs offering specific services involving E-Money Tokens (EMTs) that are regarded as payment services must also hold a relevant payment services authorisation.

CoinGate and Nuvei successfully secured dual authorisation from the Bank of Lithuania in December 2025.

The "Dual Authorisation" Milestones

Both companies obtained two distinct licences simultaneously to ensure they could handle both crypto-assets and traditional electronic money tokens (EMTs) under the new regulatory standards:

CoinGate (Decentralized, UAB):

MiCA CASP Licence: Became the first homegrown Lithuanian company to receive a full Crypto-Asset Service Provider (CASP) licence for its core business.

Payment Institution (PI) Licence: Simultaneously granted a supplementary PI licence to support fiat-related payment services.

Date Granted: 16 December 2025.

Nuvei (Nuvei Liquidity, UAB):

MiCA CASP Licence: Authorised to provide custody, administration, and exchange of crypto-assets for funds.

Payment Institution (PI) Licence: Secured a strategic PI licence specifically to provide services related to Electronic Money Tokens (EMTs), such as USDC stablecoins.

Date Granted: December 2025.

Why Dual Licensing Was Necessary

This "dual-licence structure" is now considered the strategic standard in Lithuania for high-level players. It allows these firms to support fiat-to-crypto and crypto-to-fiat flows through a single regulated platform, which would not be possible with a CASP licence alone

You're just not getting it BFD that UAB Micar is the Crypto arm for Myriad capital clients, and all of its substance and fit proper tests come from Trumpis 10 years running a brokerage in LT. Myriad back office will be transacting the clients but all this nuance is difficult for the rampers to grasp here. It has tried and tested methods, not the crypto bros growth before KYC that cost Lithuania a loss of credibility during its VASP days.

You will see either we get pivot news soon that theyre not re-applying (due to expense or substance) or it goes past June with app still pending with BOL.

Coingate and Nuvei took 8 months each to secure their license and I can only presume GST (as its not a regulated broker) is going to take the same amount of time.

Ive asked a few times BFD but you conveniently ignore, where is GS fintech mind management and substance coming from let alone the gaping holes in its AML trail for bake clients.

But just substance and mind management in LT will do for now....... Would love to hear it instead of no Chaebol youre wrong again, GIGO etc.......

How does BAKE win new clients ? its far different for Bake than it is UAB Miccar but understanding the nuance of MiCA rules seems to be difficult here.

Importance of Targeting the Right Customers

Your Program of Activities must explicitly define your target markets and how you will reach them.

Manimama

Manimama

Market Mapping: The BoL evaluates your business model based on exactly where and how your services are marketed.

Targeting Existing Bases: In the case of Micar Assets, the strategy involves targeting an existing base of over 8,000 clients from its parent, Myriad Capital.

Verification of "Fit": The regulator assesses if your services (e.g., custody, exchange, or advice) match the needs and sophistication of your stated target audience (retail vs. professional investors).

Consumer Protection: If targeting retail investors, the BoL requires much stricter transparency and disclosure standards to mitigate the volatility risks inherent in crypto.

In short, the BoL does not grant licenses to "concepts." They grant them to functioning organisations with local staff and a pre-defined, legitimate audience to serve.

"It’s fascinating how 'GIGO' works both ways, isn't it? If you put in the 'garbage' assumption that UAB Micar Assets is just a random startup with no history, you get a 'garbage' conclusion.

The reality? This isn't a 'crypto bro' project; it’s a strategic play by Myriad Capital, a Lithuanian financial powerhouse with 10+ years of regulated brokerage experience.

A few facts for the 'books' you claim don't exist:

Built-in Substance: They aren't hunting for users; they are targeting Myriad’s existing base of 8,000+ clients.

Market Reach: Through Myriad, they already have infrastructure in 90 global markets.

Leadership: Gediminas Trumpis (CEO of both entities) isn't exactly a newcomer hiding in a basement—he’s running one of the country’s established brokerage firms.

The Bank of Lithuania didn't 'crawl through empty books.' They vetted a decade of regulated financial history and a massive existing client ledger. But hey, don’t let the actual press release and a decade of audited compliance get in the way of a good 'empty website' narrative

https://myriadcapital.lt/investavimo-naujienos/%F0%9F%9A%80-big-news-uab-micar-assets-officially-licensed-under-mica/

That would assume it's a back to first principles application, which we already know it isn't

Must try harder Chaebol

They applied as a VASP and they no longer exist, if they even reapply which i doubt, its a brand new app from scratch as far as BOL is concerned and 3-5 months process if super clean..... a lot longer for complicated apps like GST and missing amls on BAKE clients prior to 2025 and GST taking it over.

Https://www.lvmt.eu/nares/vilniaus/agne-penikiene?lang=en&id=v19

Is Agne Jewellery biz more important than GS Fintech role? Part Time CEO ?

Agnė Penikienė is the head and co-founder of MB Irlena, which operates the luxury brand Aukseja.lt.

The reason you may not see her name on certain summary versions of the Lithuanian business register (like Rekvizitai.lt) is due to how "Small Partnerships" (MB) are displayed:

Single Shareholder Structure: MB Irlena is registered as having one individual shareholder. In many Lithuanian business directories, if a company has only one owner, the specific name of that shareholder is often withheld from the free/summary view for privacy reasons, simply listing them as "1 shareholder (individual person)".

Official Role: Her status as the head of the company is confirmed by her official profile in the Vilnius Business Women’s Network, where she is explicitly listed as the Co-founder of Aukseja.lt and the head of MB Irlena.

Public Representation: She is the primary representative and "face" of the brand, managing its luxury jewellery operations.

Summary Table for Agnė Penikienė's Entities

Company Name Her Role Status

MB Irlena (Aukseja.lt) Head & Co-founder Active

GS Fintech, UAB CEO / Manager Active

To view her name directly on the formal state register, you would typically need to request a paid, full extract from the Lithuanian Centre of Registers using the company code 304597161

If investors can’t see the massive gap between UAB Micar Assets and GS Fintech, they simply don't understand how the Bank of Lithuania (BoL) operates. The BoL isn't looking for "innovative" startups or flashy apps; they are acting as a regulatory scythe, cutting away the "crypto-bro" era to make room for institutional-grade finance.

Claiming Micar has no substance while GS Fintech is currently unlicensed is a failure to grasp the basic reality of MiCA .

1. Lineage vs. "Speculative Cleanup"

Micar Assets (The Institutional Path): Micar didn't appear out of thin air. It is the crypto arm of Myriad Capital, a firm with a 10-year audited track record and a €1.3M+ net profit. When they applied for MiCA, they brought 8,000+ pre-vetted, regulated brokerage clients with them. The BoL approved them because their compliance history is already a decade deep.

GS Fintech (The Regulatory Rescue): GST is currently in a "speculative cleanup" phase. They acquired Bake, a platform with weird retail volume but a glaring lack of AML data prior to the 2025 takeover. Regulators view "missing data" as a toxic risk, not an opportunity.

2. The "Substance" Delusion

Investors talking about "substance" are ignoring the only metric that matters: The License.

Micar has the MiCA CASP license (granted March 2026). In a regulated market, a license is the ultimate proof of substance. It means the BoL has crawled through their books and found them "fit and proper."

GS Fintech missed the 2025 deadline and had to flee to a Polish VASP registration (Finferno) just to stay alive. In the eyes of a top-tier regulator like the BoL, shifting jurisdictions because you couldn't meet local standards is the opposite of "substance"

3. "Crypto Bros" vs. Compliance Officers

The BoL designed MiCA to kill the VASP model where "growth" came before "KYC"

Micar’s success is built on confirmed business practices and transacting clients correctly within a brokerage framework.

GST’s struggle is trying to retroactively apply 2026 compliance standards to an old offshore retail model. Hiring a local CEO like Agnė Penikienė is a good step, but it doesn't magically fix the AML black hole from Bake’s previous years.

UAB Micar Assets GS Fintech / Bake

Fully Licensed (MiCA CASP) Unlicensed (Resubmission Pending)

History 10 Years of MiFID II Compliance "Speculative" cleanup of retail assets

Client 8,000+ Regulated Investors Retail users with unverified legacy data

Strategy Institutional Bridge Regulatory "Catch-up"

To suggest Micar is the "startup with no substance" is a total inversion of reality. and are ignoring the fact that licensing is the proof of substance. You don't get a MiCA license from the BoL by being a "startup with no data" you get it by proving you have the capital, the history, and the clean data that GST is struggling to produce

https://www.lvmt.eu/nares/viln

Interesting that Nuvei application was submitted to the Bank of Lithuania in April 2025. 8 months for approval, GS Gintech is seeking the same sort of license, so tbf even if they reapply its going to be a 4-6 month process from here.

https://www.sorainen.com/deals/nuvei-liquidity-part-of-nuvei-group-granted-micar-and-payment-institution-licences-in-lithuania/

“To the dreamers”

Today we announce KAST has raised an US$80M Series A, co-led by QED and Left Lane.

We launched in July 2024, and initially there was no belief in my thesis that the biggest opportunity wasn’t stablecoins themselves, but building a global-first financial platform on top of stablecoins.

But one step at a time, this changed. Many individuals came into the pre-seed, and Peak XV and Hong Shan led the seed round. Now QED and Left Lane double down with conviction.

Yes it’s a historic day; for a company to go from zero to such a large raise in ~16 months is rare.

https://www.linkedin.com/posts/activity-7436732236374208513-PZgW

KAST is very different to GST plus its gone from 0 to 600 million value in 16 months, when firms know what they're doing this is what happens!

Ence, seriously how do they emulate KAST ? amongst many of its failures, its taken 5 years to get to GS Money website in-complete. Plan was to be UK's first listed stablecoin winner, at first sign of rejection, their conviction faltered and we never heard of UK stablecoin apps again from them.

I am all for hope but this mob is not doing the most simplest things correct, check out trust pilot advertises old bake address go to you tube channel and it still talks about ems wiring, these are the things that can be fixed so easy but they don't get fixed. . A 90 % drawdown on any recognised fintech company would have seen vultures buying into the company, we have not had one tr1 from anyone, or any sort of consistent buying at this level. its been a sellers market since it came out of suspension and the 60 % drop recognises that.

But emulating KAST and 600 million valuations is a nice dream but the reality for most here is now getting out of the red.

The following law firms oversaw the license applications in Lithuania for these companies.

Nuvei (Nuvei Liquidity UAB): Sorainen advised on obtaining a dual licence: a crypto-asset service provider (CASP) licence under the EU MiCAR and a payment institution licence.

Robinhood (Robinhood Europe, UAB): Ellex Valiunas supported the company throughout the process of obtaining a Category A brokerage license and Lithuania's first MiCA CASP license.

CoinGate (UAB Decentralized): COBALT advised the company throughout the licensing process for its MiCA CASP licence and a supplementary payment institution licence.

UAB Micar (Micar Assets): WALLESS acted as a strategic partner, advising on regulatory positioning and preparing the documentation framework for its MiCA CASP licence.

GS Money regulatory limbo……….to do what GS Money wants to do it requires an EMI license. Angra now deep into month 15 with no guidance whatsoever, So I really cannot see how GS Money obtains EMI realistically within the next 2 years……..and would GS fintech LTD UK even be able to achieve API status ? And when was that app made ? and is it even true because we are reading from an unfinished website………

https://gsmoneyweb.caliber.com.sg/contact.php

FAQ’s

We do not have a regulatory license just yet. GS Fintech Ltd is currently applying for an Authorised payment institution (API) license with the FCA: Financial Conduct Authority. Electronic Money Institution (EMI) licensing is to be decided.

In the last 6 trading days here you have just 125 trades and 64 of them are 100 pounds or less.

This story does not need a picture anymore to tell you how decimated this is.

Posts more than I do.......this does get funny

5.09 posts per day v 3.79 posts per day.........you win again.

MassiveRayMember since: August 8, 2013

Last post: March 6, 2026

Total posts: 23,374

Days active (inclusive): From Aug 8, 2013 to Mar 6, 2026 = 4,594 days (12 years + 7 months + ~28 days; exact delta accounts for leap years)

Years active ≈ 12.58 years

Averages:Posts per day: 23,374 ÷ 4,594 ≈ 5.09 posts/day

Posts per month (using ~30.437 days/month average): 23,374 ÷ (4,594 / 30.437) ≈ 155 posts/month

Posts per hour (24-hour basis): 5.09 ÷ 24 ≈ 0.212 posts/hour (or roughly 1 post every ~4.7 hours on average)

ChaebolMember since: December 20, 2017

Last post: March 6, 2026

Total posts: 11,369

Days active (inclusive): From Dec 20, 2017 to Mar 6, 2026 = 3,000 days (exact: 8 years + 2 months + ~14 days)

Years active ≈ 8.21 years

Averages:Posts per day: 11,369 ÷ 3,000 ≈ 3.79 posts/day

Posts per month (using ~30.437 days/month average): 11,369 ÷ (3,000 / 30.437) ≈ 115 posts/month

Posts per hour (24-hour basis): 3.79 ÷ 24 ≈ 0.158 posts/hour (or roughly 1 post every ~6.3 hours on average)

2.33

And his faithful followers followed his yum yum buys 'gifts' for months with the promise of riches and then when it went into oblivion and hit oblivion the board slowly began to realise, billy was the narcissist. x;)

Please tell me your running a short here, it would begin to make some sort of sense.

Nice fairytale you've made up about myriad though. A company with no defi experience and a CEO moonlighting at a start up lol show me how much you know about MiCA.

If any of your mayhem was true they still beat GS Fintech to a license.