The country is characterized by a favorable and regulated environment for companies that provide services related to crypto assets.
Getting a crypto license in Lithuania can be a beneficial option for those who plan to start a crypto business in Europe. In today's piece, we will look at the key features of obtain crypto license in Lithuania. Therefore, we will talk further about this process.
Characteristics of the main licenses
Licensing is overseen by the Lithuanian Financial Crimes Investigation Service (FCIS). You can obtain a crypto license in Lithuania as:
- Virtual currency exchange service provider (Virtual currency exchange operator). The permit covers fiat to cryptocurrency and cryptocurrency to cryptocurrency exchange services. This business license registration allows you to register a cryptocurrency exchanger in Lithuania and operate such an enterprise in a regulated manner.
- Crypto Wallet Service Provider (Operator of deposit virtual currency funds). License of Crypto Wallet Service Provider in Lithuania applies to services that create keys for customers, which can be used to store and transfer cryptocurrencies.
Registering a crypto exchange in Lithuania and obtain crypto license in Lithuania for cryptocurrency exchange requires strict compliance with local laws. Licensed businesses must comply with established AML rules and notify regulators of suspicious transactions.
Crypto license requirements: registering a firm
In order to obtain a license for cryptocurrency exchange in the Republic of Lithuania, you need to register a Lithuanian company. This requires:
- a minimum of 1 shareholder, which can be either an individual or a legal entity of any residency;
- minimum 1 director (can be a shareholder), no residency requirements;
- AML compliance officer;
- availability of registered office (virtual office is acceptable);
- minimum capital is 2500 EUR.
After that, you can apply for a crypto permit. The application processing period usually takes about a month. Please note that beneficiary data is disclosed to the regulatory authorities. The compliance officer must have previous professional experience. The FCIS monitoring body may request information about a company's activities, especially with respect to compliance with predetermined AML/KYC policies.
Contact us to simplify the entire process of registering a license and the crypto company itself. You will get comfortable terms of cooperation and bypass the pitfalls of the procedure and paperwork.
