Lithuania Grants Two New MiCA Crypto Licences as Dual Authorisations Become the Standard
Lithuania has issued two new crypto-asset service provider (CASP) authorisations under MiCA, confirming the country’s role as one of the most active EU jurisdictions for early MiCA licensing. On 17 December 2025, the Bank of Lithuania authorised CoinGate and Nuvei Liquidity, bringing the total number of MiCA-era licences in Lithuania to three, following Robinhood’s earlier approval.
Both approvals were issued just weeks before Lithuania’s MiCA transitional period ends on 31 December 2025, a deadline after which only authorised CASPs may legally operate in the country.
Publish Date
23 Dec 2025
Reading Time
7 minutes
Category
Legal News
Jurisdiction
Lithuania
CoinGate: CASP Plus Payments in One Regulatory Stack
CoinGate operates under UAB Decentralized, one of Lithuania’s longest-established crypto businesses, founded in 2014. The company received CASP authorisation under MiCA, covering core crypto-asset services, and simultaneously secured a Payment Institution licence, enabling activities involving electronic money tokens (EMTs).
According to the Bank of Lithuania, CoinGate’s authorised model covers crypto payment processing, transfers, conversion and custody — a structure that reflects the growing convergence between crypto services and regulated payments.
Nuvei Liquidity: Institutional Model with Global Backing
Nuvei Liquidity was also granted CASP authorisation, allowing it to provide custody, transfer and exchange services for crypto-assets, including both crypto-to-fiat and crypto-to-crypto transactions. Like CoinGate, Nuvei Liquidity obtained a Payment Institution licence, enabling EMT-related operations.
Nuvei Liquidity forms part of the Nuvei Group, a Canada-based global fintech active in more than 20 jurisdictions and operating in Lithuania since 2004. The authorised structure reflects a clear split between retail-oriented crypto services and institutional settlement and payment solutions — a model regulators increasingly favour under MiCA.
What These Licences Signal Under MiCA
The back-to-back approvals highlight several regulatory trends emerging under MiCA:
- Dual licensing is becoming the norm. CASP authorisation alone is no longer sufficient for firms offering payment-adjacent crypto products. EMT capability matters.
- Well-prepared applications still move forward. Despite stricter scrutiny, regulators are approving firms with established compliance, governance and operational substance.
- Lithuania remains open — but selective. The regulator continues issuing licences, yet only to applicants with mature business models and clear regulatory alignment.
The Bank of Lithuania has repeatedly warned that firms failing to secure MiCA authorisation before the end of 2025 will be required to cease operations, underscoring the importance of early and complete applications.
A Narrowing Window for MiCA Entry
With only a handful of MiCA licences granted so far and the transitional period closing, Lithuania’s recent approvals suggest momentum — but also a narrowing window. CASPs without payment capabilities or robust AML, governance and capital structures are increasingly unlikely to succeed.
For operators and compliance teams, the message is clear: MiCA authorisation is achievable, but only with full regulatory alignment and realistic business models.
Legasset continues to monitor MiCA licensing activity across EU jurisdictions and advises clients on CASP applications, EMT structuring, and transition planning ahead of post-2025 enforcement.
