Сrypto license in Lithuania

Сrypto license in Lithuania

Lithuania has created almost ideal conditions for launching fintech business. The central bank supports the development of financial technologies and non-bank payment services. Also created a favorable environment for the development of fintech startups, and simplified the procedure for obtaining licenses. Over the past year, the number of fintech companies has increased by 40%, and the interest in the Lithuanian market is shown by large international players. Although Lithuania does not have a comprehensive legal framework for dealing with cryptocurrencies, it has introduced licensing of cryptocurrency exchange companies and maintenance of cryptocurrency purses, becoming one of the few European Union states, Have a procedure for licensing and authorization of a new virtual currency.

Benefits of crypto license in Lithuania

Stable situation in political and economic spheres. Full foreign ownership of business is allowed. Favourable environment for foreign investment. High level of confidentiality. Businessmen have access to EU markets. Developed banking and financial sector.

The main types of crypto license in Lithuania

There are two types of crypto license in Lithuania: specialized – issued by authorized bodies, allow the exchange of cryptocurrencies for fiat assets and traditional – needed by companies that provide conventional financial services and additionally work with cryptocurrency: in this case, the exchange of digital assets is regulated only indirectly, along with normal monetary activity. The type of license required depends on the specifics of the cryptocurrency project.

How to get a crypto license in Lithuania?

The following is usually required:

  • Register business in the desired jurisdiction.
  • Open corporate and other necessary accounts.
  • Hire specialists with the required qualifications, especially the AML officer who will combat money laundering and the Compliance officer responsible for customer feedback and communication.
  • Configure hardware and purchase software.
  • Collect the required documentation, submit it to the financial regulator and obtain a license.

What do I need to get a crypto license in Lithuania?

In order to obtain a license to exchange cryptocurrencies in the Republic of Lithuania, you need to register a Lithuanian company. This requires at least 1 shareholder, which can be both physical and legal person of any residence. Minimum 1 director (may be a shareholder), without residency requirements. After that, you can apply for a crypto license. The application period usually takes about a month. Note that data on beneficiaries are disclosed to regulators. The compliance specialist must have previous professional experience. The FCIS monitoring body may request information about the company’s activities, especially regarding compliance with predefined AML/KYC policies.