Country, we will examine today offers favorable terms for fintech corporations wishing to acquire a virtual money permission or a monetary system license and work and manage in EU zone.
Lithuania is recognized as one of the fastest growing Financial Technologies communities in the EU region and worldwide. The country offers favorable circumstances for fintech businesses, has a clear legal framework and a stable political environment.
Additionally, the Central Lithuanian Bank offers a pilot habitat for monetary innovation and supplies developers of innovative monetary products with the opportunity to test them in a real habitat under the oversight and administration of the General Bank.
A permission obtained in the territory of country makes it possible to provide favors throughout the European Union without additional licensing. The term for obtaining a license is 3 months, and the minimum authorized fund of a business-company engaged in the provision of monetary favors under this permission is 20,000 euros. Lithuanian regulation is aimed at supporting businesses, especially in the field of fintech, so the costs for opening such an enterprise are lower here, and the terms for achieving permits are shorter.
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