Lithuania vs Libya
Crypto regulation comparison
Lithuania
Libya
Legal
Banned
Cryptocurrency is legal and regulated in Lithuania. The Bank of Lithuania oversees VASPs under AML regulations and has been an early mover in crypto regulation within the EU. Lithuania attracted a large number of VASP registrations due to initially favorable conditions, though it tightened requirements significantly in 2022-2023. The MiCA framework now applies.
Libya has a restrictive stance on cryptocurrency. The Central Bank of Libya has warned against crypto use. Political instability and a divided government complicate any regulatory development.
Tax Type
Capital gains
Tax Type
None
Tax Rate
15%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Bank of Lithuania (Lietuvos Bankas)
Regulator
Central Bank of Libya
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No stablecoin regulation
Key Points
- VASPs must register with the Bank of Lithuania under AML/CFT law
- Capital gains from crypto taxed at 15% personal income tax rate
- Lithuania became a major EU hub for crypto companies; over 500 VASPs registered by 2022
- Tightened VASP requirements in 2022-2023, including local substance and capital requirements
- MiCA transition underway from December 2024
Key Points
- Central Bank of Libya has warned against cryptocurrency use
- No specific cryptocurrency legislation
- Political instability limits regulatory development
- Crypto used informally despite restrictions
- No licensed crypto exchanges operate