CRYPTOCURRENCY LICENSES IN LITHUANIA – WHO CAN GET THEM AND HOW?
Lithuania in recent times as another Baltic country after Estonia is becoming a friendly jurisdiction for virtual currency service providers. The country has decided to open up to a new market and make it possible to obtain a cryptocurrency license in Lithuania.
So, let’s consider what conditions need to be met to have a cryptocurrency license in Lithuania. The simplicity of the procedure for obtaining a cryptocurrency license in Lithuania, the speed of its entry, as well as the friendliness of the regulator are a number of good arguments to be interested in the issue of virtual currency licenses in Lithuania.
Who can obtain a cryptocurrency license in Lithuania?
Obtaining a cryptocurrency license in Lithuania is possible for a Limited Liability Company (Lithuanian UAB Company). This company is established before a Lithuanian notary public and can be established by one or more legal or natural persons. Such a company must have the initial capital of 2.500 EUR and such capital must be paid in full, besides it must of course have a registered address (to which it has a legal title), one director (authorized to represent the Company). Lithuanian companies are registered in the appropriate register of entrepreneurs.
The cryptocurrency license itself in Lithuania is actually divided into two concerning two objects of activity – (I) offering services of storing other people’s cryptocurrencies (the so-called wallet service), (II) offering services of exchanging virtual currencies into other virtual currencies or fiat currencies (the so-called cryptocurrency exchange office). The conditions for obtaining from each cryptocurrency license in Lithuania are the same.
What requirements must be met to obtain a cryptocurrency license in Lithuania?
First of all, the Company applying for a cryptocurrency license in Lithuania must meet the formal requirements related to the entity incorporation itself, as mentioned above. In addition, the company must have an appropriate AML policy and KYC procedures in place. The company should also have an AML Compliance Officer, which can be an appointed board member.
A properly completed application for a cryptocurrency license in Lithuania is recognized by the Financial Crimes Investigation Service (FCIS), which examines the contents of the application and documents. FCIS has the authority to request additional documents, indicating the AML Compliance Officer’s experience with virtual currency services, as well as detailed descriptions regarding the planned activity.
For whom a cryptocurrency license in Lithuania is a good solution?
A company with a cryptocurrency license in Lithuania is a great solution for modern startups that want to benefit from convenient tax solutions, friendly administration and full electronification of public life. Feel free to contact our advisors to see if cryptocurrency licenses in Lithuania is the right solution for you.