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Foreigners setting up start-ups in Lithuania will receive start-up visas twice as fast as now

21/06/2019 As of 1 July 2019, the process of start-ups visa (“Startup visa”)  issuance for foreigners from the third countries will be shorten twice than before in Lithuania – from

Biometric data proceeding: what should be known?

31/05/2019 State data protection inspectorate carried out an investigation on biometric personal data processing in the gyms. Biometric data is considered to be personal data received after special technical processing,

The first significant fine was imposed for non compliance with the GDPR

17/05/2019 After less than 1 year from the General Data Protection Regulation (hereinafter – GDPR) entry into force, State Data Protection Inspectorate (hereinafter – Inspectorate) imposed first significant fine for

Swiss company SONECT AG comes to Lithuania and promises revolution in cash out

10/05/2019 Swiss company SONECT AG, managing payment application, which allows customer to deposit and withdraw money in convenient access points free of charge, have chosen Lithuania for its activity in

“Legal 500” once again evaluated ECOVIS ProventusLaw as one of the strongest law firms

12/04/2019 ECOVIS ProventusLaw remains in the top law offices in it’s main areas of expertise – banking, finance and capital markets, dispute resolution, labour law, real estate and construction as

The List of data processing operations for which an Assessment of Data Protection Impact becomes mandatory has been approved

State Data Protection Inspectorate has approved the list of data processing operations subject to the requirement to perform a Data Protection Impact Assessment.

Starting from March 2019 the employment of citizens from third countries will be much easier

22/02/2019 From the 1st of March 2019 the procedures of foreigners arriving to Lithuania for non-highly qualified jobs become way easier. Employers will no longer need to provide documents, confirming

Lithuania proactively implements anti-money laundering measures for financial institutions

18/02/2019 Lithuania‘s efforts and attention to money laundering and measures to combat such illicit activities was acknowledged by Moneyval, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures

What Should You Know When Transferring Data to the United Kingdom After the Brexit Agreement Is Not Signed?

22/01/2019 After the UK Parliament rejected the Brexit Agreement terms proposed by the Prime Minister, companies which transfer personal data to this country in some way should pay attention.

What measures for personal data protection shall be taken in the organization?

04/12/2018 The State Data Protection Inspectorate of the Republic of Lithuania has published 20 minimum organizational and technical requirements and measures aimed at protecting personal data in each organization. These

ECOVIS ProventusLaw strengthens position among the best law firms

12/04/2018 A major international legal directory “Legal 500” recently published newest law firm ranking according to which ECOVIS ProventusLaw remains among the best law firms in following rankings: – Banking,

Pan-European Crowdfunding platforms will provide their services across the whole EU

06/04/2018 European Commission takes actions to promote Europe as a more attractive place for start-ups by introducing new regulations on crowdfunding. Commission has proposed a draft regulation to enable crowdfunding

Lithuania made a triple jump into becoming the European FinTech centre

12/02/2018 The fact about Lithuania as one the most favourable and friendly jurisdiction for FinTech companies, planning to offer payment service across the EU is spreading out. 30 electronic money

UAB “ConnectPay” is entering the European Electronic Money Institutions Market

22-01-2018 UAB “ConnectPay”, for which ECOVIS ProventusLaw has assisted in acquiring an electronic money institution license, has successfully completed the entire licensing process. The Board of the Bank of Lithuania

UK financial institutions will lose EU “passporting rights” after the BREXIT, EU chief negotiator Michel Barnier says

23/11/2017 “BREXIT means BREXIT, everywhere. Those who claim that the UK should pick parts of the single market must stop this contradiction. The single market is a package, with four

Guidelines for impact assessment in the field of protection of personal data have been approved

During preparation to apply the EU legislation of direct application – General Data Protection Regulation (the “Regulation”) starting 2018 May 25th in Lithuania, as in other Member States of the

The Bank of Lithuania launches real time pan-European payments available for the clients of Lithuanian licensed FinTech companies

22-11-2017 The Bank of Lithuania (financial regulator) has opened up the possibility for the banks and non-banking financial institutions to offer their clients the most cutting-edge innovation in the field

The Chinese financial service provider is moving through Lithuania to the EU market

2017-11-13 The Bank of Lithuania issued a payment institution license for a Chinese investor company UAB “Vanepay”. This news is the focused result of a work with emerging markets in South

Lithuania is seeking to attract FinTech companies from China

2017-10-30 The central Bank of Lithuania seeks to attract financial technologies (FinTech) companies from China. This week the Bank of Lithuania initiated seminar in Beijing (China), where Lithuania’s FinTech potential

Singapore-based global payments processor “InstaReM” secures Lithuanian e-money license for European expansion

“InstaReM”, well-known Singapore-based financial technology (FinTech) company, is entering the European market via Lithuania. The regulator Bank of Lithuania issued an Electronic Money Institution (EMI) license to “InstaReM”, which is

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