The Lithuanian parliament, the Seimas, has approved legislation tightening the supervision of virtual currency companies, BNS reports. Under the amendments, crypto asset companies will have to obtain licences from the Bank of Lithuania. The amendments implement the European Regulation on Markets in Crypto-Assets (MiCA). Market participants have until June 2025 to be licensed. The central…
A public petition in Latvia is collecting signatures for a ban on the Chinese social media network, TikTok, LSM reports. The author of the initiative, Arturs Babuskins, stated that the social media application was used to “glorify Russian crimes, incite hatred, and divide society.” Moreover, the petition cites data security concerns. Public petitions need at…
Internet connection speeds in Estonia are among the slowest in the entire EU, ERR reports. According to DELFI, Estonia ranks 26th out of all 27 EU member states by the share of households with internet connections of at least 100 mbps. While 76% of houses have high-speed broadband available, only 35.5% of Estonian households are…
Lithuania’s Klaipeda State Seaport plans to begin the construction of a new cruise ship terminal in 2024, BNS reports. The terminal will be located near the port city’s Winter Harbour area. The port has opened tendering to select the construction contractor. The new terminal complex will also include a new office building for the port…
The shadow economy accounts for up to 90% of the car service sector in Latvia, which has completely distorted competition, Andris Kulbergs, board chairman of the Latvian Automotive Association (Auto Asociacija), told LETA. The total turnover of the shadow economy in the sector amounts to almost EUR 200mn per year, the association estimates. The state…
Estonian Finance Minister Mart Võrklaev suggested floating the company coordinating the Rail Baltica railway project, RB Rail, on the stock exchange to raise more funds amidst rising construction costs, ERR reports. Construction costs in Estonia alone are estimated at EUR 3.1bn, with EUR 1.2bn secured from EU funding. Võrklaev said that the government expected to have…
The Lithuanian government has granted special status to German arms manufacturer Rheinmetall’s planned artillery ammunition plant in Radviliskis district, BNS reports. The designation allows the company to begin construction of the plant without the standard construction permits, which must be obtained before completion. The plant, which will be named the Lithuanian Centre of Excellence for…
Latvia’s Riga International Airport (RIX) served 3.2mn passengers in the first half of 2024, which was 4% more than in the same period of 2023, LSM reports. The number of passengers now exceeds the pre-pandemic indicators. RIX accounted for 40% of the total number of passengers and 38% of flights served at all Baltic airports…
The volume of transit shipments of cereal products from Russia via Latvia totalled 994,726 tonnes in the first half of 2024, which was up 39.3% from 714,097 tonnes in the same period of 2023, according to data from the State Revenue Service (VID), LETA reports. Wheat and maslin accounted for 598,705 tonnes of the total…