Organizations working with cryptoactives ought to have appropriate permission. Getting cryptolicense in Lithuania requires accordance with many demands arising from normative base provisions. In Lithuania, loyal atmosphere for cryptobusiness was built; among others, it is fully controlled and clearly marked.
Development of a FinTech-friendly regulatory and supervisory system, as well as promotion of financial segment innovation, is today one of the main strategic directions of Bank of Lithuania. Together with other government departments, the Bank aims to create a favorable environment for cryptofirms registration, which will contribute to cryptoindustry development in state.
Cryptolicense in Lithuania
Conducting activities legally has become mandatory measure for organizations for continuing acting in framework of country’s legislation. Procedure is new for many; difficulties may arise due to ignorance of the nuances. Let’s try to figure out how to obtain a permit to run cryptobusiness, what are features of regulating such a business. Many countries have already appreciated the growing potential of cryptocurrencies and have developed norms and rules for functioning in market, suggesting business owners to operate transparently.
Lithuania sets good foundation for creating and successfully developing Fintech project. Notably, these structures take Central Bank aid, which also contributes to the active promotion of non-banking activities. That is substantial, especially for start-ups, in Lithuania mechanism for getting cryptocurrency license and firm registering has been greatly streamlined.
Following permits types for cryptoactivities are available in the state.
- License allowing exchange deals: cryptocurrencies exchange for real assets and conversely, and cryptoactives among themselves, getting commission from these operations.
- Other permission gives company the right to act as cryptowallet operator for holding cryptocurrencies. Provider of such services creates a special encrypted code used for various manipulations with virtual assets.
If needful, organization can obtain both. Whole act for obtaining cryptolicense in Lithuania is governed scrupulously. As a rule, the term for registering a crypto company in Lithuania and getting a license takes 2 weeks.
Applicant Requirements
For preventing income receipt from criminal cases, cryptocompanies functioning is subject to strict control by relevant regulatory institute. Getting cryptocurrency license in Lithuania assumes all heads have no penal responsibilities and have blameless commercial reputation.
Cryptocompany operating within Lithuania complies with several demands:
- presence in company’s head representatives of 1 holder and board member;
- AML compliance representative;
- virtual address in Lithuania.
Data received from customer is subject to storage in the company’s archive so that, if necessary, they can be passed to regulator. Plus, to obtain cryptolicense in Lithuania, company must develop procedures for assessing possible risks and providing internal activities monitoring.
Cryptolicense in Lithuania: stages and professional assistance
- Documentation collection required for setting cryptocurrency company in Lithuania and taking license.
- Registering procedure – it is possible to find ready-made structure.
- Applying for cryptolicense.
- Form consideration by regulator.
Sometimes, additional records may need to be provided to official authority.
For more information regarding cryptocurrency direction, please contact our specialists. Eternity Law International team will not only provide you with comprehensive advice on a particular point, but will attend you when establishing cryptoexchanger in Lithuania and getting cryptolicense in this jurisdiction. You can see our offers in category ready-made companies and licenses for sale.
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