New Policy Updates By Lithuanian Central Bank Shows A Real Warming Up To ‘Virtual Assets’

Through an announcement made on 14th February, the Central Bank of Lithuania notified that they are updating their position around cryptocurrencies and ICOs. They provided a better definition for digital assets and also established the conditions for crypto-based businesses. The official announcement says: "Taking into account current market developments and evolving regulatory regimes as well as seeking to ensure a level playing field for all financial market participants, the Board of the Bank of Lithuania has updated its position on virtual assets and initial coin offering. The position is intended for existing and potential financial market participants as well as entities intending to organize initial coin offerings or provide the possibility for Lithuanian investors to invest in this product type." What's notable about this updated position is that the term 'virtual currency' has been replaced by 'virtual assets.' This was to make clear of the fact that virtual assets can be used