Financial Services, Good for Business, Investments, Legislation, Lithuania, Security, Technology

"Lithuania needs a transparent and regulated crowdfunding platform in order for it to fulfil its plan of becoming a future fintech leader of the Baltic-Nordic region. Lithuania already has an exceptional regulatory advantage," Finance Minister Vilius Sapoka said in a press release.

"It is the first European Union member state to already legally regulate ICOs, and have a Law on Crowdfunding. Meanwhile, other EU countries, as well as the United States, Canada, and China are only just changing their legislation to legally regulate ICOs", he added.

According to the ministry, blockchain-based startups will be able to access the DESICO licensed and regulated crowdfunding platform.

"DESICO's financial brokerage license will allow the secondary trading of tokens, whilst its European E-Money license will allow the issuing of IBAN accounts, plus the conversion of crypto currencies into euros and vice versa," it said.

"DESICO is also expected to foster Lithuania's fintech and blockchain communities by promoting the settlement of global blockchain and fintech businesses in Lithuania. Moreover, all ICOs wishing to be listed on the DESICO platform will have to choose Lithuania as their base country. This is due to Lithuania being DESICO's country of registration and its favorable legal environment for ICOs".