The Bank of Lithuania has approved the applications of cryptocurrency payment processing company CoinGate (UAB Decentralized) for both a MiCA (Markets in Crypto-Assets) license and a payment institution license.
Following this decision, CoinGate became the first homegrown Lithuanian company to obtain a MiCA license. The scope of licensed services includes the custody and administration of crypto-assets on behalf of clients, the exchange of crypto-assets for funds, the exchange of crypto-assets for other crypto-assets, and the transfer of crypto-assets on behalf of clients. The payment institution license additionally allows the company to provide transfer services for electronic money tokens (EMT).
CoinGate CEO Vilius Semėnas emphasizes that the licenses represent more than a formal authorization to operate:
“We have been operating for more than 10 years, which is why the MiCA license represents a strategic foundation for our next phase of growth. Our goal is to continue building and improving reliable financial infrastructure, designed to appeal to a broader range of customers, and based on blockchain, cryptocurrency, and electronic money token solutions. We chose to pursue the license in Lithuania first and foremost because it is our home. We have strong confidence in Lithuania’s regulatory framework and in the demanding yet professional supervision of the Bank of Lithuania.”
What Is MiCA?
The Markets in Crypto-Assets Regulation, better known as MiCA, is a European Union regulatory framework designed to create a unified and transparent regulatory environment for crypto-asset market participants across the EU. Its goal is to ensure consumer protection, strengthen trust in the market, and support innovation in the rapidly developing crypto-asset sector.
The regulation was adopted on May 31, 2023. Since then, all European companies providing crypto-asset-related services (or Virtual Asset Service Providers, VASPs) and wishing to continue operating have been required to prepare for the transition to Crypto-Asset Service Provider (CASP) licensing under MiCA. The regulation began to apply on December 30, 2024, with a transitional period granted to companies in Lithuania that will last until the end of 2025.
CoinGate’s license was issued on December 16, 2025. In addition to CoinGate, only two other companies have so far received a MiCA license in Lithuania. Once licensed, crypto-asset service providers may operate freely across all EU member states without additional national requirements.
Although CoinGate has been operating in the market for over a decade, and its core AML/CTF and sanctions screening requirements had been consistently implemented well before the MiCA came into force, the licensing phase required changes to internal governance, processes, and technological solutions in order to ensure compliance with the newly applicable legal framework. In practice, this meant maintaining continuous compliance while simultaneously adapting to a rapidly evolving EU regulatory environment, including MiCA, DORA, and Travel Rule requirements.
“Until recently, Lithuania had hundreds of registered crypto companies, many of which existed largely on paper. MiCA has changed that reality by introducing clear, almost bank-level expectations around governance, staffing, capital, risk management, and consumer protection. Crypto has long suffered from stigmas linked to speculative use, as well as risk and compliance concerns. A regulatory framework that applies standards comparable to those of payment institutions and banks is exactly what mainstream businesses and financial institutions need to feel comfortable integrating crypto-assets into their payment, settlement, and treasury infrastructure, and could realize the potential of these technologies.”
At the same time, market participants acknowledge that stricter regulation also results in higher operating costs and greater responsibility, making it significantly more difficult for new players to enter the market.
What Requirements Must Companies Meet to Obtain a MiCA License?
Under the MiCA regulation, crypto-asset service providers must meet minimum share capital requirements, which depend on the type of services offered. Companies must also ensure a clear organizational structure, a sound business plan, and risk management systems that comply with regulatory requirements. This includes strict consumer protection protocols, safeguarding of client funds, transparent disclosure of information, and prevention of conflicts of interest.
Crypto-asset service providers are also required to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations and to maintain clear procedures for identifying and preventing financial crime.
Although CoinGate has been operating in the market for over a decade, and its core AML/CTF and sanctions screening requirements had been consistently implemented well before MiCA, this year’s licensing and transition phase required an exceptionally high level of organizational, process, and technological effort.
In practice, this meant maintaining continuous compliance while simultaneously adapting to a rapidly evolving EU regulatory environment – ranging from MiCA, the Transfer of Funds Regulation (TFR) and DORA, to payment-sector requirements under PSD2, as well as the upcoming PSR/PSD3 package, which is still being finalized at the EU level.
“Dual regulation, where MiCA and payment services requirements apply in parallel, not only increases complexity but also significantly raises responsibility. Our goal was to maintain service quality and customer trust while strengthening internal control systems, team capabilities, and technological solutions. Achieving this required close dialogue with supervisory authorities and the ability to adapt in real time, as rules, guidelines, and implementation timelines continue to evolve simultaneously,” says Dovilė Marcikonienė, Compliance, MLRO at CoinGate.
CoinGate’s Future Plans
CoinGate has been operating since 2014 and, over more than a decade, has consistently expanded its technological solutions and the quality of services offered to businesses working with cryptocurrencies.
Following the receipt of the MiCA license, the company plans to continue actively investing in platform development by expanding the range of services available to businesses, strengthening its compliance capabilities, and pursuing expansion beyond the European Union.
More information about CoinGate’s services is available on the official CoinGate website.
About CoinGate
CoinGate is a Lithuania-based crypto-asset service provider founded in 2014. CoinGate offers flexible, automated cryptocurrency payment processing and accounting services for businesses of all sizes seeking to modernize their payment methods, attract more customers, and increase sales.
