Former TGS Baltic Associate Partner Ieva Dosinaite has joined Ellex Valiunas as Partner and Co-Head of Finance with Partner Giedrius Stasevicius.
In recent years, blockchain technology has offered the business world a variety of new and innovative ways to improve and grow. Starting with initial coin offerings, blockchain technology has found its way into the financial services industry and many other fields of business in Lithuania. The trend of “asset tokenization” has recently become popular among companies seeking to adopt innovative modern technologies and create novel ways to apply blockchain technology when doing business. However, as convenient and simple as it may seem, asset tokenization is an extremely complicated business model, challenging not only the traditional approaches to the sale and purchase of assets, but also raising questions about the relevance of applicable laws and regulations currently in effect.
The European Union’s General Data Protection Regulation is, according to the EU-hosted GDPR website, “the most important change in data privacy regulation in the past 20 years.” The Act, which was approved by the EU Parliament on April 14, 2016 and will become fully effective on May 25, 2018, was designed “to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy, and to reshape the way organizations across the region approach data privacy.”
The new Lithuanian Concessions Law came into force on January 1, 2018. With the new legislation, Lithuania has adopted European Parliament and Council Directive 2014/23/EU on the award of Concession Contracts, which establishes a balanced and flexible legal framework for the award of concessions and ensures effective and non-discriminatory access to the market for all economic operators. The new Lithuanian legislation aims to ensure transparency and fair competition in the development of infrastructure and the provision of services of general economic interest, as well as the attraction of national and EU-wide private investors to the public sector.