Lithuania introduces world’s first security ICOs platform, opens up for global blockchain based businesses

Date

2018 05 03

Rating
3
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World’s first security ICO platform DESICO aims to create a safe and legally regulated environment in order to develop global financial and blockchain technologies, this is in line with Lithuania's ambition to become the most progressive fintech center.

An ICO is becoming an increasingly popular way to raise capital through issuing digital tokens. As a result, a strong market demand for blockchain technologies has emerged.

“Lithuania needs a transparent and regulated crowdfunding platform in order for it to fulfil its plan of becoming a future fintech leader of the Baltic-Nordic region. Lithuania already has an exceptional regulatory advantage. It is the first European Union member state to already legally regulate ICOs, and have a Law on Crowdfunding. Meanwhile, other EU countries, as well as the United States, Canada, and China are only just changing their legislation to legally regulate ICOs”, says Minister of Finance Vilius Šapoka.

Thanks to its use of multiple regulatory licenses, DESICO is expected to play a significant part in Lithuania’s endeavor to become a European fintech hub of the future.

Blockchain-based startups will be able to access the DESICO licensed and regulated crowdfunding platform. DESICO’s financial brokerage license will allow the secondary trading of tokens, whilst its European E-Money license will allow the issuing of IBAN accounts, plus the conversion of crypto currencies into euros and vice versa.

DESICO is also expected to foster Lithuania’s fintech and blockchain communities by promoting the settlement of global blockchain and fintech businesses in Lithuania. Moreover, all ICOs wishing to be listed on the DESICO platform will have to choose Lithuania as their base country. This is due to Lithuania being DESICO’s country of registration and its favorable legal environment for ICOs.

Lithuania’s developed I.T. sector as well as advantageous public institutions are all fully committed to the creation of a fully legally regulated security ICO platform in Lithuania. Furthermore, government of Lithuania has set up an active cross-institutional working group aimed at solving issues related to the legal regulation of ICOs and security tokens.

DESICO will operate on the Law on Crowdfunding of the Republic of Lithuania.