Lithuania is set to crack down on unlicensed crypto firms, with fines, website blocks, and possible prison time for violators starting next week. Only around 30 out of 370 firms have applied for MiCA licenses, leaving many exposed to enforcement. The deadline for compliance is December 31, 2025, after which stringent action will be taken.

Authorities in Lithuania are urging firms to secure licenses or initiate orderly shutdowns for non-compliant operations. The crackdown aims to position the country as a strict gateway for MiCA-compliant operations, targeting both active platforms and registered entities maintaining websites or custody services. This move follows a broader trend of regulatory tightening across Europe.

Latvia is also aspiring to become a Baltic gateway to MiCA, leveraging its talent and financial infrastructure to strengthen its economy through the crypto industry. Global platforms like KuCoin and Coinbase are moving quickly to achieve MiCA compliance, as authorities worldwide emphasize regulation, compliance, and investor protection in the crypto space.

Read more at Yahoo Finance: Europe Could Wipe Out Hundreds of Unlicensed Crypto Firms Next Week