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The Bank of Lithuania warns that domestic crypto asset service providers must obtain a license by December 31, or they will be considered illegal operations and face penalties. The transitional period for compliance preparations previously provided to crypto exchanges and wallet platforms will expire at the end of 2025. The central bank stated that from January 1, continuing to onboard new users, accept crypto assets, or provide services without MiCA authorization will be deemed illegal financial activity, potentially resulting in fines, website bans, or up to 4 years of imprisonment. As of now, only about 30 institutions have submitted license applications, while over 370 local crypto service providers are registered, with approximately 120 still actively operating. (Cryptopolitan)