Quote from: Papartynas on February 15, 2018, 03:45:08 PM

Now, we really need some good explanations. One of the largest news sites in Lithuania published this article today, which I took time to summarise and translate.

Questions for Bankera:
1. Have you registered the prospectus?

"The Bank of Lithuania has sent inquiries to Bankera regarding the ICO, whether the ICO follows the legal requirements established in Lithuanian law.

According to the official position expressed by the Bank of Lithuania, in those cases when virtual currency coins contain features of securities, requirements stated in the Law on Securities are applicable, which include provisions regarding advertisments of the emmission of securities. Fines or other means could be applicable if the provisions of the Law are not followed" - stated Vaidotas Cibas, Head of the Regulatory Market Surveillance Division of the Bank of Lithuania

On October 10, 2017 the Bank of Lithuanian approved its position "Regarding virtual currencies and initial coin offerings", states the press release. This position states, that in those cases, when ICO coins contain features of securities (e.g. grants property rights, share of the profit or a say in management, interest, of the coins are to be redeemed ), and also there is an option to sell the coin and to trade it in a secondary market or at organized trading venues, the requirements of the Law on Securities must be applied. One of the main requirements is that before selling coins in our country the company has to prepare a prospectus and the prospectus must be approved by the Bank of Lithuania or relevant authority within the European Union.

Then some general information regarding the ICO.

According the features stated in the position and according to the information stated in Bankera business plan (white paper?) we come to conclusion that this ICO is covered by the regulations of the Law on Securities, therefore is considered a public offering, therefore it must follow established regulations. Law on Securities state, that should the persons organise and conduct public offering without the approval of the prospectus or the public offering and trading in the regulated market is prohibited, stopped or do not follow the the Law on Securities, a maximum fine could be applied, which may exceed the common nominal value of the publicly offered securities. The Regulator have a right to apply sanctions to the company and its directors and other persons responsible for the transgresion, including subjects which disseminate the advertismens of illegaly conducted ICO."
https://www.delfi.lt/verslas/verslas/lietuvos-bankas-ispeja-del-virtualiuju-zetonu-platinimo.d?id=77185697

Hello,

We do not need to register any prospectus because we have never promoted Bankera in the Lithuanian territory. Also, our law company is in process to answer all relevant questions.
What you read in the article is basically a warning for news agencies; they should not promote ICO's in Lithuania.