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by JumpCrisscross
2549 days ago
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> Those policitians who tried to oppose giving the license to Revolut were publicly attacked from all sides as "working on behalf of Scandinavian banks" I rest my case. That such financial regulation is being politically decided gives Revolut more leeway in Lithuania than it would have in e.g. the U.K. |
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It's not being politically decided, but multiple senior members of the parlament in the committee on Budget and Finance have publicly expressed their concerns.
I agree that there is a lot of general inexperience in the entire system, and I don't believe that Lithuania would be able to regulate Revolut properly, as it's based in the UK.
The point was, that Revolut was more than welcome in Lithuania, and they didn't need to try to influence anyone. The politicians and regulators were even proud that one of the biggest fintech startups in Europe chose to set foot here.
They also saw that N26 was successfully granted a license in Germany, Monzo in the UK, and Bunq in Netherlands. Therefore, it wasn't seen as such a big risk.