Vilnius, November 24th, 2025. The crypto world loves to talk about disruption. But in Vilnius today, it was the regulators who did the disrupting. On stage at the opening panel of Crypto Talks, hosted by Mykolas Majauskas, two of the most senior central bank officials in the Baltics did something rare: they spoke plainly. No jargon. No hedging. Just a direct call to the industry, raise your standards, or get left behind. Santa Purgalie from the Bank of Latvia and Marius Skuodis from the Bank of Lithuania went beyond polite soundbites, laying out what’s working, what isn’t, and why Europe can’t afford to move slowly anymore.
Baltics Are No Longer Watching
Let’s start with Santa Purgalie. Latvia isn’t just entering the fintech scene, it’s showing up with a coordinated national playbook. Santa didn’t mince words: Latvia’s AML crisis forced a reset. That reset became a launchpad. “If we’ve gained that huge experience, this huge knowledge… let’s do it together,” she said, referring to regulators and the crypto industry working in sync.
It wasn’t just words. Latvia’s building infrastructure. They’re testing DLTs in capital markets. They’re rallying national institutions around fintech. And Santa made it clear: small countries don’t win alone. Regional collaboration is non-negotiable. “We used to have good hands-on working mode… and we gained the Baltic markets as one,” she said.
So yes, Latvia is coming, with policy, people, and a story.
Lithuania Isn’t Sleeping, But It Is Reflecting
Marius Skuodis wasn’t defensive. He was direct. Lithuania’s ecosystem is mature, but the crypto sector? “Only a very small number of really operating companies,” he admitted. Of the 400 registered virtual asset providers, 80–85% didn’t show any revenue. One-third of license applications came in last-minute, some auto-generated with AI.
Still, he’s optimistic. Robinhood’s entry into Lithuania was “a major win for Europe.” But Marius also wants Lithuania to be the “number one choice for top-notch fintechs globally.” That means quality, not quantity, and stronger outbound work. “We should have hunted more companies,” Mykolas challenged. Marius agreed. “That’s homework we need to do,” he said.
Europe’s Crypto Problem Isn’t Just Speed, It’s Visibility
There’s a bigger issue here: Europe is slow, and it’s invisible.
Crypto talks often get stuck in local competition. Latvia vs. Lithuania. Lithuania vs. Estonia. But as Mykolas put it, “In Argentina, they don’t ask about Lithuania. They ask about Estonia.” That’s not a PR failure. It’s a strategy gap.
Santa nailed it: “The PR of the country comes from some specific events, not necessarily the ones you want.” Her point: visibility needs intention. The Baltics have the talent. The infrastructure. The credibility. But people outside the EU don’t know it. That has to change.
Both she and Marius agreed: it’s time to promote the Baltics as one. Shared story. Shared events. Shared wins.
Regulating the Unregulated with Real Tech, Not Just Talk
The panel didn’t dodge the tough questions. When asked if Baltic regulators have the tools to supervise the sector in real time, Marius was blunt: “We are only talking about that.” They’re building a massive data lake, investing in AI, but the infrastructure isn’t there yet.
Latvia might be further ahead. Santa said they already run nine AI assistants and are partnering with the SEC and blockchain analytics tools for supervision. “Technology is part of supervision nowadays,” she said.
Still, the gap between regulation and innovation is real. And it’s growing.
Europe’s Achilles Heel: Centralization vs. Fragmentation
One of the most important moments came toward the end, a question about central supervision in Europe. Should ESMA take over the biggest crypto firms?
Both Skuodis and Purgalie said yes.
“I would be very much in favor,” Marius said. “What we need is to create a level playing field. Right now, it’s lacking.” Santa added that even without a formal EU-wide licensing system, the coordination already exists behind closed doors. “Everyone should agree, everyone can challenge,” she said.
That’s not small talk. That’s two national regulators supporting a shift in power to Brussels, in the name of long-term integrity, not short-term wins.
The Real Takeaway
This wasn’t a crypto hype session. It was something rarer: regulators asking for better players, not fewer rules. Industry leaders admitting that the playbook needs rewriting. And a region trying to shift from being known as the cheap licensing corner of Europe to being the launchpad for actual innovation.
Want to build something in Europe? The Baltics are no longer just the easy door in. They’re trying to become the right one.
PR alone won’t fix credibility. Speed alone won’t build trust. But if you can combine regulation that’s firm, tech that’s modern, and messaging that’s global, that’s a region worth betting on.
And right now, it’s not just a race between Latvia and Lithuania. It’s a race to prove that Europe can still matter in crypto.