Lithuania grants the MiCA CASP authorisation through the Bank of Lithuania, the single competent authority, replacing the national VASP registration. The bank has been publicly selective: it wants a small number of solid firms rather than the several-hundred-strong pool the legacy regime attracted, and it shortened its grandfathering to twelve months, so legacy VASP cover ended on 1 January 2026, well ahead of the EU backstop. Robinhood Europe took the first authorisation on 29 May 2025, and only around four CASPs had been authorised by March 2026. Providing crypto services without authorisation has been illegal since the start of 2026.
That selectivity is the defining feature. Very few of the legacy registrants have converted, and the difficulty sits at the demanding end of LicenceMap's scale despite the administrative efficiency the jurisdiction is known for.
Capital follows the MiCA class-based own-funds minimums, scaling with class, or a quarter of fixed overheads where higher; the legacy VASP regime already carried a meaningful own-funds floor. The regulator's own application fee is modest, and the larger spend is the legal work, company formation and substance build. Ongoing supervision is charged as a share of gross annual income with a small minimum, alongside local compliance staff, audit and the permanent own-funds buffer. A well-prepared file, including set-up and substance build, clears without the multi-year timelines seen in the slowest regimes.
Substance expectations include at least one EU-based director, effective local management, and a locally based AML and compliance officer, with fit-and-proper management and robust AML and ICT systems. Full MiCA conduct rules apply, including client-asset safeguarding and market-abuse controls. Once granted, the authorisation passports across the EU and EEA by host-state notification.