Lithuania has reinforced its position in the evolving European crypto regulatory landscape by granting two new crypto-asset service provider licences under the Markets in Crypto-Assets Regulation (MiCA). The approvals were issued to CoinGate, operated by UAB Decentralized, and to Nuvei Liquidity, UAB. The decision highlights Lithuania’s increasingly selective approach to crypto regulation and reflects a broader shift across the European Union toward tighter oversight and regulatory harmonisation of digital asset services.
As MiCA becomes applicable at an EU level, a trend developing in national regulators is the move from transitional registration models towards full authorizations. The past decisions in licensing within Lithuania are a good example of the trend, where preference has been given to well-established candidates with operational experience, a clearly defined business model, and a strong compliance structure.
Lithuania is among the EU jurisdictions transitioning from national registration to full MiCA authorisation
Lithuania has been in the past few years one of the friendliest crypto business EU jurisdictions, especially when it comes to earlier-developed virtual asset registration systems. However, this changed once MiCA was put in place. High volume registration has been substituted by Lithuanian authorities with a more controlled and supervision-focused approach.
MiCA will entail uniform requirements at the EU level for providers of crypto-asset services in terms of governance, risk management, protection of consumers, capital adequacy, and ongoing supervision by regulatory authorities. This approach pursues an objective of no regulatory arbitrage between member states and that providers of crypto services have to adhere to coherent rules across the internal market. Recent permitting in Lithuania of CoinGate and Nuvei Liquidity firms, basing delivery of a license only on proof of long-run operational continuity of an organization other than its short-run ease for regulatory convenience, show that the country is nearing these goals.
CoinGate has obtained MiCA authorization.
CoinGate, which is owned by UAB Decentralized, is a well-known crypto payments platform that allows businesses to accept payments in cryptocurrencies. With the MiCA authorization, CoinGate is now able to offer quality services for major crypto-investments in the market, which includes custody and administration functions of crypto-assets, transfer services, and exchange platforms that allow exchanges of crypto-assets against fiat or other digital assets.
The permission allows CoinGate to work under the unified legal framework of the EU and thereby reduces uncertainty arising from cross-border activity. The MiCA authorization increases confidence by merchants and partners as to the company’s observance of common requirements for adequate protection of client assets, operating transparency, and proper regulatory supervision.
That is also a reflection of the rising reaction in regulated crypto payment infrastructures for digital assets. As more authorities move toward regulating and supervising crypto payments in terms of protecting consumers, fighting fraud, and preserving the integrity of the financial system, it will be easier to be commercially utilized.
Nuvei Liquidity in Regulated Crypto Space
UAB Nuvei Liquidity received its MiCA permit On 17 December 2025 —a significant development for the Lithuania crypto market. Nuvei Liquidity is a part of the bigger Nuvei Group—one of the most globally prominent payment technology companies that provide favors to merchants and platforms across the world.
This MiCA authorization allows Nuvei Liquidity custody, administration, transfer, and exchange of such crypto assets with payment flows as supplementary to traditional payment solutions to retail and corporate clients. In addition, further activities would also support retail and corporate customers.
In addition, Nuvei Liquidity was granted a license for the settlement of payments in the capacity of a payment institution, thereby gaining access to the execution of settlement flows that include tokens of electronic money within regulated remittance processes of a crypto-related nature. The other part of licensing deals with the gradually growing interconnection of crypto services with the traditional financial infrastructure: in this case, between remittances establishments and tokens of electronic money.
Payment Institutions and Electronic Money Tokens
The most interesting part of each of the two licensing acts was the awarding of a payment institution license together with MiCA approval. This shall allow the two firms to offer favors related to e-money tokens, which are highly regulated under MiCA in view of their impact on payment systems and monetary stability.
These tokens are often coupled with fiat currencies and closely linked with payment use cases for stablecoins. Indeed, the regulators have given special emphasis to the fact that EMT-related activities are to be carried out under a strong supervisory framework, especially when used for merchant payments or customer settlements.
By providing CoinGate and Nuvei Liquidity with authorization for service provision connected with crypto-assets and payments, the Lithuanian authorities convey their conviction in the regulation of the intersection of both areas in a holistic—not isolated—manner.
Selective Licensing Environment
This also demonstrates the selective steps that have been taken by the MiCA licensing process. Unlike previous registration regimes, MiCA entails a high level of document scrutiny, operational readiness, and regulatory engagement on the part of companies. Besides showing that they have the technical capacity to operate, they have to demonstrate effective governance arrangements, transparent ownership structures, and sound risk management frameworks.
That being said, the number of crypto-asset service providers in Lithuania that actually received proper licensing under those registration regimes is still very small. Many companies that used to operate based on registration either left the market or began reshaping their business model at that time. Now the big idea of regulation at the European level would net fewer suppliers while tightening the demands and enhancing supervision.
Implications for the European crypto market
The permitting of CoinGate and Nuvei Liquidity offers insight into how the EU crypto market may develop under MiCA. Authorised providers gain the ability to operate across the European Economic Area through adjustment passporting mechanisms, reducing the need for multiple national approvals.
At the same time, the cost and complexity of conformity increase, particularly for smaller or early-stage projects. MiCA favors companies with established infrastructure, professional management teams, and the economic capacity to meet ongoing regulatory obligations.
For consumers and firm users, this approach aims to improve trust and reliability in crypto services. For the industry, it represents a move toward institutionalisation, where crypto businesses are expected to operate with standards comparable to those of traditional economic establishments.
Future positioning of Lithuania
By issuing MiCA licenses to CoinGate and Nuvei Liquidity, Lithuania is showcasing itself as a jurisdiction that is supportive of innovation in the realm of cryptography, at the same time being very disciplined in regulation. Lithuania is not in a hurry to race for speed or regulatory flexibility but seems to concentrate on reputation for quality, compliance, supervisory credibility.
As MiCA moves towards implementation in the European Union, the adjustment policy of Lithuania can act as an inviting circumstances for companies seeking a stable and predictable environment in the long run. It is, however, pretty obvious that entry into this market will come with massive upfront preparations and engagements.
Conclusion
Lithuania’s decision to grant MiCA crypto-asset service provider licenses to CoinGate and Nuvei Liquidity has set the scene for the country’s transition into the new EU regulatory substructure on digital acquisitions. These approvals signal a broader shift in harmonized supervisory oversight, reinforced expectations in relation to compliance, and deepening integration of crypto services with traditional payment systems.
Overall, these developments point to the way the European crypto market is looking post-MiCA: tougher rules, harder supervision, and market participation more selective. Only those companies that will manage to adapt to the new standards will be able to access the single market of the EU; others unable to do so will struggle to survive.
While MiCA is still playing out the reform of the industry, the way Lithuania has gone about things is a clear example of how national regulators are transposing the regulation into practice, with a focus on stability, transparency, and long-term sustainability rather than speed of scaling.
