Lithuanian fintech developers will create a blockchain system that will allow foreign companies register firms and manage them in the EU remotely. An innovative system based on the distributed ledger technology will be created with the support of the central bank of the Republic of Lithuania. According to Marius Jurgilas, the member of the Board of the Bank of Lithuania, nowadays the regulator is engaged in the creation of a complex of blockchain solutions LBChain, aimed at supporting the fintech industry.
“The initiative to create virtual companies, based on the blockbuster is another step towards a more ambitious goal, which is to create LTChain. The latter will allow transferring meaningful social services to blockchain technology, “he added.
According to analysts from the agency Invest Lithuania, the new solution will attract companies from the US, Singapore, Israel and other non-EU residents.
“At present, the country is already offering finteh companies the opportunity to obtain a license for the possibility of accepting payments (PI) or electronic money (EMI) in just three months. This is 2-3 times faster than in other EU countries, “said Managing Director of Invest Lithuania Mantas Katinas.
Also, he said, small companies and large corporations whose shares are traded on stock exchanges will be able to use the new blockchain system. All these organizations will be recognized as legal entities in accordance with the legislation of the country. At the same time, they will have to file financial statements and pay taxes in Lithuania.
The launch of the new system is expected next year. However, for the implementation of this project, it will be necessary to make some amendments to the legislation of the country. What is more, in the end of last year, the Bank of Lithuania published the legal framework for ICO in the country.