AI Products 

Acquire crypto licence and a Lithuanian (EU) company

Baltic Legal
Acquire crypto licence and a Lithuanian (EU) company

The EU member state of Lithuania has a legal framework for acquiring a crypto license for businesses. The regulation regarding crypto assets in Lithuania is flexible enough to make it an attractive option if the goal is to have crypto legally in the European Union. There are two options: register a legal entity as a brand now, or buy a ready-made solution - a shelf company with crypto authorization setup (banked and unbanked available). Shelf company with a cryptocurrency license and an optional bank account Expected full setup costs at a glance. With bank account 15000€ Without a bank account 12500€

Crypto Exchange or Crypto Wallet License Lithuania has created an excellent environment for FINTECH business. The jurisdiction has a startup environment where two types of cryptocurrency licenses have been introduced – Crypto Exchange (license for cryptocurrency exchange operators) and Crypto Wallet (operators of cryptocurrency custodians).

Current regulation has greatly simplified the process of acquiring a crypto license.

Crypto Exchange License in Lithuania A company, branch or registered legal representative has the right to exchange between digital currencies and receive a commission for exchange services, in addition to services related to the exchange of fiat currencies into cryptocurrencies and vice versa.

Crypto wallet license in Lithuania A company, branch or registered legal representative has the right to manage and hold cryptocurrency wallets owned by consumers and other third parties.

License Registration Companies or branches can apply for the Lithuanian crypto license. This applies regardless of whether the company is based in the EU or not.

Crypto Wallet licence in Lithuania A company, branch or incorporated legal representative holds the right to manage and safekeep cryptocurrency depository wallets owned by consumers and other third parties.

Licence registration Companies or branches can apply for the Lithuanian crypto licence. This is regardless of the fact if the entity is a resident or non-resident of the EU. The Central Bank of Lithuania aims to strictly separate traditional financial institutions and cryptocurrency service providers – companies buying, selling, storing, or exchanging cryptocurrencies. However, digital assets can be show in turnover of traditional market players. The Central Bank has extensive framework to encourage the development of non-banking payment services.

Continuation requirements An entity operating under cryptocurrency regulation must follow specific set of guidelines. The requirements include: Customer identification and verification procedure for all customers Thorough accounting and records of customer data must be managed Mandatory introduction of internal control procedure – transaction monitoring AML (Anti-Money Laundering) Policy officer must be appointed Mandatory reporting to FCIS (Financial Crime Investigation Service) of Lithuania Ongoing expense Lithuania option for crypto licence is especially appealing as there are no requirements for local personnel. The single requirement for a local employee is in regard to AML/MLRO officer. The employment of such officer can be hourly based, for instance, 10 hours a month.

Company registration in Lithuania Baltic Legal and its extensive professional experience in Lithuanian market is at your disposal when you are considering registering a company in Lithuania with crypto licence. Registering a limited liability company (in Lithuanian language - UAB) can make the process quicker and increase the success for acquiring Lithuanian crypto licence. Here are some indications when preparing to open a Lithuanian company: Ensure the presence of at least 1 shareholder and 1 director [1];

A local professional AML Compliance Officer. [1] Director can be a member of the board. There are no restrictions on citizenship or place of residence. The company’s recommended minimum share capital is 10 thousand euros for each shareholder. Additional requirements

AML (Anti-Money Laundering) Policy Officer or Compliance Officer reporting to FCIS must be different individuals in case your company is planning to have both. There’s no requirement to have both positions. The Compliance Officer must be a resident of Lithuania. Shareholders/UBO must be approved by the Investor Appraisal Commission (IAC). To conduct cryptocurrency asset business in Lithuania, there must be a clear information control of all clients and transactions as per AML/KYC regulation, which is done internally by AML/MLRO officer. The control must include external client identification and transaction monitoring system implementation.

Baltic Legal business support and licence registration services If any of the information above does not answer your question regarding cryptocurrency licence in Lithuania, our employees can provide you with a comprehensive advice based on crypto legal framework and regulation in Lithuania. One of the top reasons why Lithuania is selected as a jurisdiction for incorporating a cryptocurrency exchange entity is the size of tax rates for local and foreign entrepreneurs. There is a low-income tax rate of 15% in Lithuania. Availability of EMI licenses in Lithuania assists many companies to avoid high tax burdens. The European member state is different in the presence of designated goals for the effective development of financial technologies. Please contact us if you are interested to open a company in Lithuania and subsequently acquire a crypto licence.

Baltic Legal
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more