VASPs Reporting an Equity Balance in Lithuania

This week we held a seminar regarding the upcoming domestic requirements that enforce local Virtual Asset Service Providers to report their Balance Sheet, and Total Equity to be proofed at minimum of EUR 125 000 (same as the fully paid-up Share Capital or higher).

Should you refer to the Article 20(10) in regards to this Legislation.

Key Takeways:

• The Balance sheet should be signed by the CEO and or the Accountant who prepares an Interim Report;

• It can be dated any date in between 01.08.-31.08.2024. and reporting must be done before 31.08.2024.

• The Equity consists of Authorized Capital, Share premiums, Reserves and Retained profit(loss);

• Equity Level should always be at least EUR 125 000;

• The reporting function can be performed by any company legal representative;

• If you have any amendments made, post the reporting in August (ie. data amended in September 2024, the company should update the records also with the FNTT/Regulator).

• Only those VASPs who are established before 31.07.2024. are obliged to Report;

Further questions to ask:

1. Have you filed your past years Annual Reports ie. 2022, 2023?

2. Are you an active company, actively transacting or not yet?

3. Do you have an accountant?

4. Was your Share capital Paid-up in Full (EUR 125 000) in a bank account or equivalent?

Should you be ready to report, CAML can share a free to go template that are acceptable for Lithuanian Accounting Standard.

For any unique situations, do not hesitate to reach out to us. Our legal and accounting team will be there to assist.