Inlock Services UAB is now the provider of the Inlock platform and the mobile application!
We are delighted to announce that as of 31 March 2022, Inlock Services UAB is now licensed to handle crypto in Lithuania. The entity will be responsible for operating Inlock’s services in the future. We will inform all our clients about the finalization of the takeover process.
What activities will this enable?
The Lithuanian crypto license has two categories:
1. Cryptocurrency exchange license
A company holding such a license can exchange digital currency for FIAT currency or vice versa, or cryptocurrency for another cryptocurrency, receiving a commission for the service provided. The license creates the operational framework for the functioning of many of our services: swap, tokenmarket, and certain sub-functions of the loan. It also provides the legal basis for many of our new services that are currently in the development stage.
2. Crypto wallet and custodian services license
A company holding such a license may provide wallet services to its clients under a regulated framework, where the keys that are necessary to manage the crypto wallet are held exclusively by the service provider.
Inlock has obtained both licenses!
Why is this happening?
Over the past months, we have been working behind the scenes to provide a new and broader range of Inlock services to our clients, while at the same time creating the legal framework to do so. In addition, the regulation of cryptocurrency-related services is becoming increasingly important on the international stage. The licenses we have obtained under Lithuanian jurisdiction will allow us to easily comply with these regulations that are being developed.
Why Lithuania?
Many countries across the EU provide legislative frameworks for various crypto-assets, but most of them are still at a very early stage. In many cases, these also lack regulatory implementation and supervision. Lithuania is particularly innovative in this field. Many international crypto exchanges and service providers choose Lithuania as their EU headquarter because of the established regulatory supervision system, which provides a much more predictable framework for the provision of licensed services.
What will happen to your Inlock account?
Your account that was previously maintained and managed by Variance Hodling Ltd., will be transferred to Inlock Services UAB. You can continue to use your account without any problems and there is nothing to do.
For more information, read the updated General Terms and Conditions. Please also note that our Privacy and KYC Policy has been updated as well.
If you decide to terminate your Inlock account because of the changes mentioned above, you can do so by the 1st of July 2022 by sending a letter of intent to [email protected].
If you have any questions or complaints about the information shared above, please contact Inlock’s client support or email [email protected].