Lithuania creates a blockchain-based system for foreign enterprises to remote registration and management of companies in the EU. The initiative approved by the Central Bank of the country.
According to a member of the management Board of the Bank of Lithuania Marius Jurgilas (Marius Jurgilas), the regulator is working on the establishment LBChain – complex solutions on the basis of the blockchain, which aimed to support the FINTECH industry.
«As the world moves to free from paper and bureaucratic systems of the future, jurisdictions that adapt to the growing demand for instant solutions, will benefit in the long term», – said the managing Director of the analytical Agency Invest Lithuania mantas Katinas (Mantas Katinas).
He said that Lithuania already offers FINTECH-companies just three months to get a license to be able to receive payments (PI) or electronic money (EMI).
«This is 2-3 times faster than in other EU countries. The initiative on creation of virtual companies in the blockchain is another step in this direction», – said the analyst.
Katinas reported that the use of the blockchain system will be able small companies and large corporations, shares and securities of which are traded on stock exchanges. All users of the platform will be recognized as legal persons in accordance with the laws of Lithuania, respectively, to file financial statements and pay the taxes they should in this country.
Taking into account the necessary amendments to the legislative framework in Lithuania, organizations from around the world will be able to use the new blockchain system in 2019.