The main types of crypto license in Lithuania
Cryptocurrency exchange operator (legal entity that exchanges client-owned cryptocurrency for commission fee). Cryptocurrency wallet operator (legal entity that manages cryptocurrency client wallets). Cryptocurrency and crypto-wallet operators need to be separated from licensed traditional financial activities. However, licensed financial institutions can service fiat payments to cryptocurrency companies and their clients and so create an effective mechanism of fiat payments related to cryptocurrency.
Features of crypto license in Lithuania
Lithuania has become Fintech country, many startups are seeking to Vilnius to establish their companies here, why? One reason is the propitious environment for the registration of financial companies. If in other countries the obtaining of licenses is delayed for years, Lithuania crypto license deadlines and agreements are strictly adhered to.
Requirement for legal entities engaged in cryptocurrency-related activities
Registered companies in Lithuania can apply for registration of crypto activities. The Registrar of Legal Entities of Lithuania must be notified of the activities related to cryptocurrency, as well as of the measures taken to counteract the legalization of proceeds of crime. The activities of cryptocurrency and cryptocurrency wallets are controlled by the Financial Crimes Investigation Unit (FIU).
The basic requirement of legal entities in Lithuania
- clean record
- customer identification and verification;
- reporting to the fiu of lithuania;
- maintaining customer records and data.
Appointment of a manager responsible for compliance with the requirement to prevent the legalization of proceeds of crime.
What you need + package of documents
CV of each company member (board member, owner, beneficiary) and AML officer. Certificate of criminal record in each country of residence, each participant of the company (member of the board, owner, beneficiary) and AML officer. Rented office in Estonia (lease agreement will be required). Must be a local board member and AML officer. Authorized capital of 12,000 euros (cash contribution only). An account opened in the Eurozone (not necessarily a bank, may be a payment system, but with IBAN number). Pay the state fee of 3300 euros.