The financial and credit sector is a strategically important sector for national security under the Law on the Protection of Objects Important for National Security. The list of economic activities in this sector, in addition to payment services, issuance of electronic money, investment services, and management of investment funds and companies, also includes activities related to crypto-assets and the issuance of asset-referenced tokens or electronic money tokens, as established in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 20219/1937 (“MiCA Regulation”). Accordingly, when preparing an application to the Bank of Lithuania for a crypto-asset services licence, do not forget that you will also need to apply to another body – the Commission for Coordination of Protection of Objects Important for National Security (“Commission”), which verifies whether the shareholders and beneficial owners of the prospective crypto-asset service provider have interests contrary to national security interests.
Carrying out economic activities classified as belonging to a strategically important sector for national security creates additional obligations. A shareholder of a company that plans to carry out such activities (or founders, if a new entity is to be established), acting independently or jointly with other persons acting in concert, who would hold shares granting 25 % or more of voting rights in an entity operating in a strategically important sector for national security, must notify the Commission of the planned establishment in accordance with the procedure set out in its rules of procedure. The notification provides information on the shareholder and UBOs activities, jurisdictions in which activities are carried out, cooperation links with entities from other states, and other relevant details. Such notification is also required when seeking to acquire a shareholding of this size in a company already operating in a strategically important sector for national security. It is recommended to wait for the Commission response (which, if there are no indications of possible threats to national security, should be provided within one month) and only then establish or acquire the company, since the consequences may be severe: transactions contrary to national security interests are unlawful and void from the moment of their conclusion.
