VILNIUS, Jan. 9 (Xinhua) -- The Bank of Lithuania on Tuesday announced it would launch a platform service for financial technology (fintech) companies to test their blockchain based solutions.
According to the Bank of Lithuania, its platform LBChain will be a "regulatory and technological sandbox" for fintech companies to carry out blockchain technology research, gain new knowledge on the technology, adapt and test it.
"Giving room to regulated development of this technology would provide our country with particularly favorable opportunities for investment and attraction of talents as well as acceleration of advanced innovations," said Marius Jurgilas, board member of the Bank of Lithuania.
Lithuania's financial watchdog announced that the platform service would be available to selected domestic and foreign innovative companies. They would receive consultations on applicable regulations to their blockchain-based solutions.
The Bank of Lithuania expects to launch the service in 2019.
The decision comes amid the country's efforts to become an international hub for fintech companies by providing favorable regulatory environment to register in Lithuanian and provide financial services throughout the EU.
Since 2016, the Bank of Lithuania has issued around 20 licenses of electronic money and electronic payments institutions to domestic and global fintech companies.