According to the statement, The Bank of Lithuania contacted with blockchain banking firm Bankera regarding its token sale. The sale was advertised on two websites and raised over 80 million euros. Currently, ICO's official website claims that it has raised more than 100 million euros.
The bank considers that the token sale constitutes an offering of securities under state law.
In addition, the ICO distributes its authorized cryptocurrency and has already attracted more than 80 million euros. Taking into account the features set out in the heading and based on the information provided by Bankera's business plan, it is concluded that this ICO falls within the scope of the Law on Securities, i.e. is considered a public offer, and therefore must be executed in accordance with the established requirements.
The Bank of Lithuania
According to the central bank, The Bank of Lithuania draws the attention of other media to the requirements of legal acts and recalls that the Law on Advertising prohibits the advertising of activities that violate the requirements of legal acts.
This action comes after Lithuania’s released guidance for the blockchain. Last week, Switzerland's financial regulator, the Financial Market Supervisory Authority, released new guidelines last week, indicating it will also treat some ICO tokens as securities.