Lithuania's CASP Dominance: Why the Baltic Nation Leads Europe's Crypto Growth

In the rapidly evolving world of cryptocurrency regulation, one Baltic nation has achieved something unprecedented: According to the Crypto Economy Organization, Lithuania has become Europe's crypto capital, attracting 5 of the world's top 10 cryptocurrency exchanges and establishing itself as the premier destination for digital asset businesses across the continent.

However, recent public statements from Bank of Lithuania representatives revealed a nuanced position: while Lithuania proudly positions itself as a "Fintech Hub" for traditional financial services like EMIs and PIs, officials have distanced the country from being labeled a "crypto hub." Their rationale centers on crypto's "extra high risk" profile, with leadership emphasizing that Lithuania seeks "not many companies here, only very solid ones."

This selective approach sparked a compelling question: Who exactly are the "solid ones"? Which companies operating in Lithuania's crypto ecosystem truly demonstrate the regulatory readiness, operational preparedness, and compliance standards that would earn the Bank of Lithuania's favor in the increasingly competitive MiCA licensing landscape?

This question became the catalyst for our CASP Preparedness Ranking—a comprehensive assessment designed to identify which crypto asset service providers are genuinely positioned for long-term success in Lithuania's evolving regulatory environment.

The Methodology Behind Our CASP Ranking

While our CASP Preparedness Ranking serves as entertainment, it reveals a deeper truth about Lithuania's extraordinary position in the global cryptocurrency ecosystem. By analyzing over 100 data sets—from visual branding, number of employees, paid taxes, initial share capital, public reviews, website compliance.. to company owners, management, employee background, UBO information and various regulatory compliance indicators—we've created a comprehensive assessment of which companies are best positioned for MiCA licensing success with the Bank of Lithuania. The list, however, does not include companies outside the current official VASP list with the Commercial Registry.

The ranking answers a crucial question:

"What is the likelihood that the Bank of Lithuania will favor this applicant over others?"

Since the Regulation is demanding, the budget and finances needed to succeed are likewise demanding. So this begs a further interest to explore if Lithuania is a viable place to start Crypto Asset Service Provider activities for the investment that one is to commit?

The Titans Leading Lithuania's Crypto Ecosystem

Our CASP Preparedness Ranking reveals the exceptional caliber of companies that have chosen Lithuania as their European headquarters. These aren't just local startups—they represent some of the most recognizable names in global cryptocurrency.

Top Tier Champions (7.00+ Score)

1. UAB "Decentralized" (CoinGate) - 7.99/10

The leader with a very good score, the company has been operating since 2014 and represents one of Europe's most established crypto infrastructure companies. Their score reflects deep regulatory compliance, strong brand recognition, and operational excellence that has made them a cornerstone of Lithuania's crypto ecosystem.

2. Bifinity UAB (Binance subsidiary) - 7.72/10

Bifinity represents Binance's European operations hub. Their high score demonstrates the sophisticated compliance infrastructure required for global crypto leaders.

3. Uphold Lithuania UAB - 7.59/10

A major US-based crypto platform's European entity, showcasing how international players view Lithuania as their preferred EU gateway. Uphold's strong score reflects their commitment to regulatory excellence and their confidence in Lithuania's long-term stability as a crypto hub.

4. Blockchain (LT), UAB - 7.44/10

Representing one of the world's most recognized crypto brands, their strong Lithuanian presence validates the country's strategic importance in the global digital asset landscape.

The Distinguished Second Tier (6.50-7.00)

The depth of Lithuania's crypto ecosystem becomes even more apparent when examining companies in the 6.50-7.00 range:

UAB "Kinesis Money Lithuania" (6.96)

FINRAX, UAB (6.83)

UAB Nexo services (6.78)

CEX.IO EU VASP, UAB (6.64)

Notable entries also include Nuvei Liquidity UAB (6.52), Gate Global UAB (6.32), and Bitrue Lithuania UAB (6.12) - all major international crypto companies that chose Lithuania over other European jurisdictions.

Find the TOP30 list, and should you seek your company in the overall score or to see where others rank, do leave your email for contact.

Why Lithuania Dominates European Fintech & Is A Worthy Investment

Lithuania's fintech leadership isn't accidental—it's the result of strategic regulatory innovation and business-friendly policies implemented by the Bank of Lithuania that have created an unprecedented concentration of financial technology companies.

Chart #1 - Number of Active EMI Licenses in the EEA

Chart #2 - Fintech Licensing between Categories

The Numbers Tell the Story

Lithuania's dominance becomes crystal clear when examining the raw numbers:

1. Active EMI Licenses: 70+ (representing approx. 1/4 of all EU EMI licenses)*

2. Payment Institution Licenses: 30+ (Top10 in EU)*

3. Active Lithuanian Crowdfunding Companies: 16 UAB entities (Top6 in EU)**

4. Registered VASPs: ~370 (unprecedented EU concentration)

5. Major Global Crypto Exchanges: 5 of the world's top 10

Further, in the early years as per #3 Chart, Lithuania was the quickest to approve most applicants.

Chart #3 - EMI Licensing between Periods

Lithuania vs. Europe: A Comparative Analysis

When compared to other major European fintech jurisdictions, Lithuania's dominance becomes even more remarkable:

• Germany - Despite being Europe's largest economy with 83 million people, it holds only ~20 EMI licenses

• France - The EU's second-largest economy, with 68 million people, manages ~35 EMI licenses

• Netherlands - Known for crypto-friendly policies and 17 million people, has ~20 EMI licenses

Chart #4 - EMI + Crowdfunding + PI Licenses divided by the Country Population

Lithuania, with just 2.8 million people, outperforms countries with populations 20-30 times larger in every fintech category, demonstrating efficiency and attractiveness in financial technology regulation and treating fairly.

Business Environment Optimized for Success

With strong Regulatory Guidance, the Bank of Lithuania has published CASP licensing application forms and guidance documents, setting clear expectations for well-prepared, thorough applications that demonstrate high regulatory standards.

EU Passporting Rights: Perhaps most importantly, a single Lithuanian license grants access to all 27 EU and EEA countries, eliminating the need for additional local registrations and providing immediate access to over 500 million potential customers.

Cost-Effective Operations: Lithuania offers competitive and one of Europe's lowest corporate tax rates. Also, its average asking salary from the C-level and Senior manager employees is approximately 25-30% lower than that in comparison with the Netherlands, France, and Germany.

Operational Flexibility: Physical presence requirements are flexible, with no residency requirements for foreign founders and some director roles, though a local AML compliance officer, country manager, and Chief Compliance Officer are highlighted as of high importance from the Bank of Lithuania guidance.

Payment Rails: Unlike many jurisdictions where crypto companies struggle to establish banking and payment processing relationships, Lithuania has a network of well-known financial institutions licensed domestically to process and partner with Crypto industry players.

Domestic fintech and crypto associations in Lithuania play a vital role in fostering a thriving and collaborative ecosystem that drives innovation and supports business growth. Organizations such as Fintech Hub Lithuania, Crypto Economy, and Invest Lithuania Technology actively promote knowledge sharing, regulatory dialogue, and international cooperation among industry players.

Economic Impact and Validation

The success of Lithuania's approach is measurable: the crypto sector contributed over €90 million in taxes during 2023-2024, demonstrating a substantial economic impact from this concentrated ecosystem. This represents significant value creation for a small nation and validates the strategic decision to embrace cryptocurrency innovation.

Strong Pipeline Indicates Continued Growth

With 40+ companies having submitted MiCA license applications as of June 2025 and 10+ applications under active review, Lithuania's pipeline suggests continued strong growth in high-quality crypto businesses.

In late May, Robinhood Europe UAB became the first company in Lithuania to receive a MiCA CASP license. This achievement wasn't just symbolic—it placed Lithuania on the map for MiCA implementation and proved the effectiveness of their regulatory framework with one of the biggest and well-known players in the field.

Network Effects at Scale and Infrastructure Maturity: With 370+ VASPs, 140+ licensed fintech companies, and major global players established, Lithuania benefits from powerful network effects. Companies choose Lithuania not just for regulatory advantages, but because their customers, partners, and service providers are already there. Moreover, the ecosystem is mature and self-sustaining with AML tools like AMLYZE and domestic law firms that hold an unmatched success rate with multiple licensing projects annually (such as Response Legal).

Conclusion

The CASP Preparedness Ranking is ultimately a mix of lighthearted observation and serious industry insight — a snapshot of who seems most ready for MiCA licensing in Lithuania right now. But the real entertainment is still ahead: over the next few months, we’ll see which of these highly ranked companies can meet the Bank of Lithuania’s strict standards and secure that coveted CASP approval. With hundreds of hopefuls in the race and only the best surviving, it promises to be an exciting watch for the industry — and a defining moment for Lithuania’s position in the European Crypto market.

The CASP Preparedness Ranking is compiled independently for entertainment purposes. Rankings are based on publicly available information and proprietary assessment criteria. Companies listed have not endorsed their inclusion, and results should not constitute investment or business advice—data current as of 13th of August, 2025.

*According to EBA, EMI and PIs register

** According to ESMA 2025 Market Report

*** Methodology: The estimates are based on: Ireland: Central BanRegistru Centras; Malta: MFSA VFA licenses specifically for exchange operations; Netherlands: AFM CASP register; France: AMF PSAN register; Lithuania: Official Registru Centras list;