Lithuanian fintech granted first DLT licence in Baltics
0
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
The licence, authorised under the EU's DLT Pilot Regime, is the first such one to be issued in the Baltics-Nordics region. It also makes Axiology only the second firm in Europe to receive such authorisation.
As a result, it will be to ramp up its service providing digital bond issuance, trading and settlement to SMEs and retail investors in the region.
According to a statement from Axiology, the firm uses a permissioned version of the XRP ledger as the backbone of its digital assets market infrastructure.
'Despite years of policy work, Europe's capital markets remain costly, fragmented, and inaccessible to smaller participants,' said Marius Jurgilas, Axiology's CEO.
'This licence allows us to operate the full capital market stack under a single, digital-native structure providing process synergies, cost savings and efficiency gains.'
The licence award comes at a time when Lithuania looking to build on its status as one of Europe's most active fintech domiciles by amending its regulatory framework to lower the compliance burden for low-risk companies.
According to Invest Lithuania, the country's investment promotuion agency, the new framework has been developed to be more in line with the EU's latest Anti-Money Laundering and Counter Terrorism Financing rules by enabling companies with lower-risk business models to apply a risk-based approach for simplified due diligence processes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 days ago
- Reuters
Norway's Telenor beats 2nd quarter earnings expectations
July 18 (Reuters) - Norwegian telecom operator Telenor ( opens new tab reported second-quarter earnings that were above analysts' expectations on Friday, benefiting from a strong performance in the Nordics.
The Independent
3 days ago
- The Independent
The Crypto cabinet: One in five of Trump's closet allies hold significant cryptocurrency assets
Around one in five of Donald Trump 's closest allies, including members of his administration and nominees, currently hold significant assets in cryptocurrency, according to a new report. Several cabinet members, including Vice President JD Vance and Treasury Secretary Scott Bessent, have all reported personal stakes – as well as the president himself, who has reported at least $51 million worth of investment. Despite being skeptical of the digital currency during his first term, digital assets now feature heavily on the president's disclosures, according to analysis by The Washington Post. As recently as this week, Trump extolled the virtues of crypto. 'HAPPY CRYPTO WEEK!,' he wrote on Truth Social on Tuesday. 'The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better!... Digital Assets are the FUTURE, and we are leading by a lot!' Back in January, three days before his second inauguration, Trump announced the launch of his own Meme Coin, '$TRUMP.' A batch of the memecoins is due to be unlocked – made available for trading or transferring – which could add almost $100 million to the president's net worth, according to Bloomberg. According to The Post's examination of financial disclosure forms from nearly 300 top-level appointees, around 70 administration officials and nominees held cryptocurrency or investments in blockchain or digital-asset companies. Some, who went on to be sworn in to office, told the outlet that they had divested (sold off) their assets, or planned to. In total, Trump officials and nominees reported a minimum of $193 million in crypto assets, including both cryptocurrency holdings and investments in crypto or blockchain companies, per analysis by The Post. The Independent has contacted the White House about the scale and range of those in the administration investing in cryptocurrency. White House spokesman Harrison Fields told The Independent that the investments reflected the success of Trump officials in the private sector but insisted there were no conflicts of interest. 'President Trump has assembled an Administration of extraordinarily talented and successful Americans whose achievements come not from a career in the public sector, but from the private sector,' Fields said in a statement. 'Every member of this team abides by all ethical guidelines, and conflicts of interest are never tolerated. The President is solely focused on enriching this nation and the American people, and month after month, the data is clear: hardworking families are doing much better today than they were four years ago.' The large number of Trump administration crypto investors comes in stark contrast to that of his predecessor. No officials in the Biden administration cabinet reported digital currencies in their final financial disclosures, according to The Post's analysis. Before Trump, no other president had held cryptocurrency or digital assets.
Reuters
3 days ago
- Reuters
VIEW US House sends "Genius Act" stablecoin bill to Trump to sign
July 17 (Reuters) - The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections in order to promote pro-crypto candidates. Shares of crypto-related companies were mostly higher after passage of the bill, dubbed the Genius Act, that would expand the Commodity Futures Trading Commission's oversight of the industry. Bitcoin , the largest crypto currency, was down 0.54% at $119,298.87, trading near a record high reached earlier this week. Rival ethereum rose 1.42% to $3,429.47. ANDREW FORSON, PRESIDENT, DEFI TECHNOLOGIES (by email): 'It signals the start of a new era for digital assets and public companies. We're seeing an unprecedented wave of corporations embracing digital assets, diversifying beyond Bitcoin into Ethereum, Solana, and more. But for many institutions, education gaps and regulatory uncertainty have been real barriers.' 'By establishing clear, actionable rules for stablecoins and digital assets, the Genius Act unlocks broader adoption by traditional institutions and brings much-needed trust and transparency to the sector. This paves the way for compliant, bank-backed digital money and new solutions for corporate treasuries, helping to bridge the gap between innovation and investor protection.' DANTE DISPARTE, CHIEF STRATEGY OFFICER, CIRCLE, NEW YORK: 'The House vote to clear the GENIUS Act for the President's signature is a defining moment for the future of money and the internet financial system. It signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins. We commend Congressional leaders for delivering a regulatory foundation that puts consumer protection, financial integrity, and U.S. competitiveness at the forefront.' SUMMER MERSINGER, CEO, BLOCKCHAIN ASSOCIATION (press release): 'The bipartisan passage of the GENIUS Act is a watershed moment for digital assets in the United States. For the first time, Congress has moved comprehensive legislation that provides enforceable, tailored rules for stablecoins — a foundational technology for the future of finance. This marks real momentum toward regulatory clarity that protects consumers, supports innovation, and reinforces the strength of the U.S. dollar in the digital economy. We now call on President Trump to swiftly sign the bill into law, ensuring that the United States continues to lead in shaping the global standards for digital assets.' MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES: "Crypto stocks have been strong the past two days in expectation that the bill, which didn't pass on Tuesday, would eventually get the necessary votes to pass, which it has done this afternoon. That is part of the reason that crypto stocks have been outperformers in the last two days."
