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Regulator for blockchain companies

Published:
March 26, 2020

LITHUANIAN BANK CREATES A REGULATOR FOR BLOCKCHAIN ​​COMPANIES

The Bank of Lithuania is creating a regulatory and technological platform that allows developing and testing innovative technologies. The platform is code-named LBChain, which is also known as a regulator for blockchain companies.

With its help, not only local, but also international blockchain companies will be able to test their startups and test one of FinTech’s newest and most attractive innovative technologies.

Marius Jurgilas, a spokesman for the Central Lithuanian Bank, noted that blockchain technology is a huge, not yet fully disclosed potential, whose innovative technologies can be used in the financial and public sectors.

In his speech, Jurgilas said that the creation of a regulated platform for blockchain companies will contribute to the development of technology and attract investment in the country.

He also expressed the opinion that innovative blockchain technologies are relevant for procedures requiring a high level of reliability and protection of data transfer. This applies to all financial transactions and voting through technology.

ACTIONS OF THE CENTRAL BANK

The Central Bank has specially developed the LBChain technological sandbox so that Lithuanian and international companies can use it to test ideas, and they can develop, test and introduce innovations in the banking and government sectors.

The technology platform will be available to selected organizations and meeting the criteria specified by the Bank of Lithuania.

Members of the LBChain sandbox will be companies that comply with established rules and engage in innovative technology services. They can count on support from the Central Bank.

INTRODUCTION OF INNOVATIVE TECHNOLOGIES

The Central Bank of Lithuania seeks to keep up with innovative technologies and implement them in financial institutions. Mr. Jurgilas expressed wishes for additional funding for the platform from members of the European Association.

He believes that the implementation of the platform will be powerful support for FinTech and the first step towards regulating innovative technologies and services.

The Bank of Lithuania has set a course towards the development of regulation of the FinTech system and the promotion of financial innovations.

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