Cryptocurrency business opens a lot of opportunities for entrepreneurs from all over the world. Activities that are related to virtual funds like convenient conditions for managing digital assets - this is the reason why crypto-businessmen open their companies in Lithuania. This is not surprising, as this country supports crypto licenses and has low tax. One more thing: foreign ownership is in no way subject to Lithuanian regulatory restrictions, so non-residents can be directors of cryptocurrency-related firms. Obtain crypto license in Lithuania in a few steps which we will talk about in the article Let's talk about everything in order!
Why choose Lithuania to register a crypto company: what types of crypto licenses exist
Initially, let's list the pros of registering a digital money company in this state. It is also worth mentioning that the Lithuanian state does not impose strict requirements on issuers (organizations that are engaged in securities for the purpose of development and financial security of their own activities). Despite the fact that Lithuania does not have a full-fledged legal system for dealing with cryptocurrency, maintenance of virtual wallets and cryptocurrency exchange is available.
In addition, Lithuania is called a true paradise for fintech entrepreneurs: the Central Bank supports the development of financial technologies and various services.
Pay attention also to the varieties of cryptocurrency licenses in Lithuania:
- licensed operators of a depository wallet with digital funds (designed for entrepreneurs who want to offer cryptocurrency storage services);
- licensed exchangers with virtual funds (it is needed for those who want to provide services for exchanging paper money into virtual money and vice versa).
These licenses are regulated by FCIS (Financial Crimes Investigation Service). A huge plus is that a crypto company can get two licenses at once - for an exchange and for crypto wallets. Well, the corporate tax in Lithuania is 15 percent - an order of magnitude lower than in most EU countries. Next, let's talk about how to get at least one of them.
Stages of getting a crypto license in Lithuania
Obtain crypto license in Lithuania can be done in a few steps. First of all, you need to register a UAB (limited liability company). And then move on to the next one:
- create a C2B and B2B bank account;
- to have authorized capital of 2500 EUR;
- to comply with KYC and AML rules;
- get approval of the shareholders by the IAC (investor appraisal commission);
- hire a minimum of three managers, and invite one director (he can be a manager at the same time) and one shareholder.
You can learn about all aspects of this process by contacting us to simplify the procedure for obtaining a crypto license. We will help to shorten the process and save you from paperwork. Simplicity and ease will be synonymous with crypto license - contact us!