To be able to operate in cryptocurrency field in this state, an entrepreneur must go through a separate process and get a special crypto license. Lithuanian jurisdiction provides fairly loyal conditions for cryptoorganizations working with cryptocurrency exchanges and wallets. In addition, a normative legal basis has been created and maintained for such firms in Lithuania, which sets out strict rules for all such deals. If you are interested in this industry and want to open your own business, contact Eternity Law specialists – we provide cryptocurrency exchange license services in Lithuania and in other jurisdictions; we offer detailed advice and full assistance.
Lithuania provides most favorable regulatory ground for starting Fintech businesses. In particular, organizations engaged in non-bank payment services and dealing with cryptocurrencies receive full support from Central Bank. In addition, crypto permit getting process has been vastly simplified. Below we will discuss main conditions for getting a crypto license in Lithuanian jurisdiction and key demands that apply to the future licensee. This article will be useful to you if you are interested in purchasing a ready crypto license in this state.
Basic requirements for cryptolicense in Lithuania: kinds of permissions and getting procedure
There are two kinds of cryptocurrency licenses.
- Crypto Exchange – fiat currency for crypto and vice versa, as well as one cryptocurrency for another. Such crypto exchange license in Lithuania allows cryptoassets trade on an official regulated basis.
- Operator of deposit digital currency funds – cryptocurrency wallet management service.
The company can simultaneously become the owner of both licenses. On average, the application review period is on average 1-2 months. The receipt procedure and all issues related to this process are regulated by the FIU. Both residents and non-residents of the European Union can apply for a crypto permit.
Cryptolicense getting process in Lithuanian jurisdiction
To apply, you need establish a limited liability company (UAB). In addition, applicant should fulfill following.
- At least 1 shareholder and 1 director; no limitations on residence and citizenship.
- To obtain a crypto license in Lithuania, you should have at least three board members, also without residency requirements.
- The company must appoint an AML employee with the appropriate qualifications and experience.
- The recommended minimum share capital is EUR 10,000 per shareholder.
- Shareholders / UBO must be approved by the Investor Assessment Commission (IAC).
If we talk about the basic requirements for a licensee, the following should be noted:
- it is mandatory to conduct KYC for each client, which means getting data on the origin of funds present at the client;
- development of AML politics and their application in the process of activity;
- own web resource presence;
- company must receive permission from tax police.
Cryptoexchange license in Lithuania implies deals performed by the company and corresponding documentation are conducted in accordance with the instructions of the regulatory representative offices.
Client identification
- The company must determine on what behalf the client acts: whether from its own or is under external control.
- The collection of data about the client is mandatory, in particular, about the organization and structure of the business, about the policies for controlling business relationships, about the nature of the transaction and interaction with third parties.
- Client identity is verified based on the documents received or information taken from an independent open source.
- All business relationships are under stable control.
- A license is provided only with regular future review and updating of all documentation of the company and its beneficiaries.
The company is obliged to take measures to suspend suspicious monetary transactions in the event of their detection or suspicion of their implementation. In addition, the firm must issue an appropriate warning reporting to the regulatory authorities.
If you intend to do business in this industry, then a ready law firm – cryptolicense in Lithuania is a possibility to launch activities quickly and without additional nuances. Eternity Law specialists are ready to help you in this matter, guide you through all stages of the transaction and provide you with many offers for the sale of crypto licenses on favorable terms.
If you still have questions about obtaining a license in Lithuania or another jurisdiction you are interested in, contact our specialists for detailed advice or write to us in the CRM form at the bottom of the page, our specialists will answer you online. You can also see our offers in category ready-made companies and licenses for sale.