- iSun CEO Ieva TrinkÅ«naitÄ— shared insights on Lithuania’s journey as a crypto hub ahead of the Web3 Summit.
- The iSun executive stressed the importance of collaboration between businesses and regulators.
- The firm intends to act as a facilitator in the next wave of technological innovation.
Jurisdictions worldwide are slowly warming up to blockchain and crypto technology, with the focus shifting to regulation. However, the novelty of the technology means that not all regulators agree on the right approach.
The European Union approved the Markets in Crypto-Assets (MiCA) framework in April of 2023 to offer clarity and provide safeguards for the nascent industry.
As local regulators race to implement the MiCA framework before it becomes applicable, iSun, a Swiss financial service company, CEO Ieva Trinkūnaitė has called for a practical focus fostered by collaboration.
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Trinkūnaitė sat down with DailyCoin Sections Editor Stefan Trapp to discuss the role of Lithuania in driving this next wave of technological evolution and how collaboration could be critical. The interview comes ahead of her appearance at the Web3 Summit Vilnius 2023 on November 9.
The Q&A has been edited for clarity and brevity.
Lithuania’s Plan to Grow Its Workforce and Chart a Path to Clear Regulations
Lithuania initially put its name on the map with lasers and computer tech. Now, it’s pushing forward in the FinTech sector. What role do you hope to see the country play in building this new sector and helping with its evolution?
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Well, I think in terms of electronic money institutions, Lithuania played a big role in attracting FinTech startups and enabling people to build payment platforms.
In terms of crypto, we are limited in people. And in Lithuania, we’re only what? Three million, even less than that. In my view, I see that we are lacking specialists. We have a limited workforce, and it’s becoming quite hard to find people because it’s a very popular sector with a lot of demand.
In that respect, Lithuania plans to set up an AML [Anti-Money Laundering] Institute and do professional training, which is a great incentive. I think it will really help boost the workforce supply amid rising demand.
We’re also lacking clear regulations for crypto. We only recently had the FNTT [Lithuanian Financial Crime Investigation Service (FCIS)] regulating the virtual electronic world and virtual money institutions. And we’re still in the process of actually setting a clear path for businesses to work. I think our company couldn’t be happier to have clear requirements, because it’s very hard to work with something vague and changing. But I’m confident it’s just a matter of time before things take shape.
iSun’s TrinkÅ«naitÄ— Calls for Collaboration
Looking at Lithuania, in general, where would you like to see the government and institutions focused?
I would say talking more to businesses and seeing their problems rather than just relying on some general regulations and ticking boxes. I’m always into the more practical use of everything.
At iSun, we always say we create practice because we love to work with the practical things that actually make sense, that solve problems, that can stop crime, or stop things that could be potentially illegal. So, in that sense, we don’t want to just tick a box because it says so. We always want to look at the practical side of things, like why it will help and how it will minimize our costs and improve the results. So, I think this is something that is very important in terms of setting guidelines.
Collaboration with businesses would bring a lot of that practical knowledge. I think this should be the main focus, and the government shouldn’t disregard it.
Nonetheless, I’m not a big fan of making changes overnight. I think the understanding is that the government and all the regulatory institutions are in the process of adapting something, and no one knows how it would be best. But in that process, everyone should also be understanding so we can separate real issues from the noise. In my opinion, this is extremely important.
The Importance of Dialogue and the Aim of the Web3 Summit
On November 9, you’ll be speaking at the Web3 Summit, and there’ll be a lot of attendees from these institutions, from the government and the Bank of Lithuania. Are these issues something that you’re hoping to talk to them about?
I think the dialogue with institutions is vital. It’s important for them to understand our daily work and for us to understand their worries.
FinTech and neo-banks are all about transparency, and in general, crypto is about transparency. This is what we want to achieve and what we want. With these institutions, it’s always important to keep open dialogue, and we aim to address our issues and explain how we solved them.
With our experience, we can guide the regulators on how to deal with things, and I’m of the view that they can also see that the crypto industry is not scary. You can control many things if you have the right instruments.
iSun’s Trajectory in Lithuania
When people think of iSun, they think of Swiss excellence and bringing that to Lithuania. Can you tell me a little bit more about iSun’s journey and goals?
While iSun started in Switzerland, we turned to Lithuania when we were looking for employees because it was a great place to hire people and build the business. But inflation has hit Lithuania quite strongly, which has created complications in terms of compensation versus added value.
It’s quite a tricky period, I would say. But I also think that it’s a short-term thing. I think that the market will adapt.
And we intend to maintain Swiss quality and Lithuanian deliverables in the services that we bring to our clients.
Where do you see iSun being in 10 years in terms of Lithuania, Europe, and Web3?
We work in the background, building the IT systems that empower our clients to do great things. This is the way I see iSun in the future as well. We’re like the brain, allowing our clients to take the spotlight.
On the Flipside
- Like other EU member states, Lithuania will have to work within the MiCA framework, which will not be applicable until 2024.
Why This Matters
Practical rules for crypto businesses would make it significantly easier for rules to be enforced and for firms to operate safely in Lithuania. These points could spark an influx of businesses.
Read this to learn more about how MiCA can serve as a boon for crypto advertising:
How MiCA Simplifies Crypto Advertising Compliance
Can regulations like MiCA drive crypto adoption? Find out more:
MiCA Could Boost Crypto Adoption, But U.S. Cases Hold the Key
