“Lithuania’s policy is getting very tough on fintech. While a few years ago we were declaring that we would be a hub for financial innovation, now we are taking a very conservative approach. I have heard the sad news that of the 500 companies that have come to Lithuania as financial innovators, only five are going to stay here in 2024. All this is due to the planned tightening of regulation,” Laurs told Žinių radijas on Monday.
These companies include a number of unicorns, he noted.
“These are companies worth billions of euros that have set foot in Lithuania and have already hired people,” the entrepreneur said.
The CEO of Nextury Ventures pointed out that the legislation planned for 2024-2025 to regulate the fintech sector includes impossible requirements.
“For example, blockchain-based organisations will be required to open accounts in European banks. But it also says that European banks are not allowed to work with such companies,” Laurs explained.
Nextury Ventures is a venture capital firm and incubator that invests in early stage startups and companies.