Bank of Lithuania to regulate ICOs that mimic securities

The Bank of Lithuania is only responsible for regulating initial coin offerings (ICOs) if the “tokens” on issue behave like securities, according to a document published by the country’s finance ministry earlier this month.  

According to the new regulatory guidelines, the central bank does not have regulatory purview over ICOs associated purely with crypto assets as they are not considered part of the regulated financial sector.

“Only the entities that are planning to provide regulated financ