Eternity Law International News Peculiarities of obtaining a cryptocurrency license in Lithuania

Peculiarities of obtaining a cryptocurrency license in Lithuania

October 11, 2021

All Lithuanian entrepreneurs, in order to conduct business in the provision of services related to cryptocurrency, need to obtain a crypto license. Lithuania offers a friendly and fully regulated legal environment for companies offering cryptocurrency exchange services and storage wallets, with refined rules that have been in effect since 2020.

Cryptocurrency license in Lithuania

This jurisdiction has established excellent conditions for the creation of a fintech business. The Central Bank provides comprehensive support in the development of financial technologies and non-banking services for making payments. In addition, Lithuania supports crypto startups and tries to promote their development in every possible way, in particular, the procedure for obtaining cryptocurrency licenses has been greatly simplified.

Lithuania provides 2 options for crypto licenses

  1. Crypto Exchange in Lithuania (Virtual currency exchange operator or Virtualiųjų valiutų keityklos operatorius). The operator of the exchange of cryptographic currency for service providers for the exchange of this currency for money – a company or a department of an enterprise gets the opportunity to change the cryptocurrency, receiving a commission. This is an official license that covers the services of exchanging real money for cryptographic currency and vice versa, as well as crypto for crypto. In addition, this license in Lithuania is issued for the activities of a cryptocurrency exchange.
  2. The second permission is from the operator of the depository wallet of the cryptographic currency (Operator of deposit virtual currency funds or Depozitinių virtualiųjų valiutų piniginių operatorius). This is a license required for those who provide cryptocurrency storage wallets to have. The crypto wallet service provider creates encrypted keys for customers who can use the service to store, exchange and transfer virtual money.

A firm can request both licenses at once. Crypto licenses are regulated by the Lithuanian Financial Crime Investigation Service (FIU). The period for consideration of the application is approximately 3-4 weeks.

How to get a license for a cryptocurrency exchanger in Lithuania?

To apply for a Lithuanian crypto license to be able to provide cryptocurrency and/or wallet exchange services, you must first create a limited liability company (UAB). Below we will consider what the applicant must do in advance.

  1. Ensure the presence of at least 1 shareholder and 1 director (may be a member of the board). There are no restrictions on citizenship or place of residence.
  2. Minimum 3 members of the board, not necessarily residents of the country.
  3. Having a local AML Compliance Officer who is a professional.
  4. The minimum recommended share capital is 10 thousand euros per shareholder..
  5. The board member who will be responsible for implementing the AML procedures and policies and the Compliance Officer who is responsible for negotiating and reporting to the FIU are necessarily different people. The Compliance Officer must be a resident of Lithuania.
  6. Shareholders/UBO must be approved by the Investor Appraisal Commission (IAC).
  7. In order to conduct business with cryptocurrency assets in Lithuania, a licensed firm must maintain clear and constant control of all clients and transactions in accordance with AML/KYC rules. The FIU inspection body may require information on the operation of an enterprise. Now activities are regulated by the Law on the Prevention of the Turnover of Illegally Received Funds, and the establishment of a company for a crypto business requires the preparation of documents to comply with the law.

If any information remains unclear for you, or if you have any questions regarding cryptocurrencies, our employees can provide you with comprehensive advice. The specialists of Eternity Law International are also ready to accompany you at all stages of registering a cryptocurrency exchanger in the Lithuanian jurisdiction and obtaining a license to conduct crypto activities.

You can also see our offers in category ready-made companies and licenses for sale.

If you need any help contact us!

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