Crypto license in Lithuania

Lithuania is a true European fintech hub and one of the most crypto-friendly countries. This jurisdiction was one of the first to officially regulate the cryptocurrency market and pass corresponding laws. Lawyers from SBSB Fintech Lawyers recommend obtaining a crypto license in Lithuania for companies planning to operate in the Baltic region and within the European Union.

Regulation of Lithuanian Cryptocurrency Industry

The activities of Virtual Asset Service Providers (VASPs) are regulated by the Financial Crime Investigation Service (FCIS). The FCIS is also responsible for issuing licenses and conducting targeted inspections. The central bank strives to ensure transparency in the entire financial sector and in the crypto industry in particular, as well as safety for service providers and users of various crypto platforms. Lithuania cryptocurrency laws are aimed at reducing the risks of money laundering. The jurisdiction strictly adheres to the norms of Lithuanian AML/CFT legislation, as well as the 4th and 5th EU Directives. Additionally, the requirements of MiCa are gradually being implemented.

Types of Crypto License in Lithuania

Providers of virtual asset services can obtain the following types of permits for official activities:

• License for cryptocurrency exchange. With the Lithuania crypto exchange license, exchanges can work with both virtual and fiat currencies;
• Cryptocurrency wallet license. This permit allows operators to create custodial wallets, store cryptocurrency there on behalf of clients or transfer it, as well as create and store encrypted private client keys.

Additionally, an officially registered VASP can conduct ICOs. However, it’s worth seeking legal advice regarding the status of the token, so contact our experts for a consultation.

If you need assistance in purchasing a ready-made solution, the SBSB team can help you with Lithuania crypto license search. Our experts have been helping clients launch businesses with Lithuanian registration for several years, so we know all the legal aspects of local legislation and the regulator’s requirements, and we also closely monitor changes. This allows us to provide professional services at a high level and solve all bureaucratic issues, making licensing a smooth and fast process. Contact us, and you will see for yourself!

Benefits of Lithuania Crypto License for Service Providers

This Baltic jurisdiction is considered an excellent starting platform for business for several reasons:

• business costs here are lower than in other European countries;
• the licensing process does not take much time;
• issued licenses are valid indefinitely;
• there are no strict requirements for the residency of directors and shareholders;
• the possibility of remote registration;
• favorable regulatory framework and developed fintech infrastructure.

If you are interested in registering in this Baltic country, contact SBSB experts!

How to Obtain Cryptocurrency Licenses in Lithuania — Regulator Requirements and Procedure

To start official activities, a potential licensee must go through several stages. According to Lithuania cryptocurrency regulations, the licensing procedure is as follows:

• choosing a unique name;
• preparing information about founders and directors (notarized copies of passports, as well as certificates of no criminal record);
• collection of corporate documents (charter, organizational structure);
• registration of a limited liability company (UAB);
• sending a notification to the AML bureau to include the company in a special register and submitting an application to the FCIS;
• opening a bank account.

When reviewing documents, the regulatory body may request additional data.

Regulatory bodies have the following Lithuania crypto license requirements:

• the size of the authorized capital is €125,000;
• the company must have an AML officer responsible for complying with KYC/AML requirements. They must be a Lithuanian tax resident;
• developed unique AML policies and KYC procedures for the company;
• directors, shareholders, and ultimate beneficiaries must have a good business reputation, as well as relevant education and relevant work experience in the financial sector.

Contact SBSB experts, and we will guide you through all the registration stages!

Lithuania Crypto License Cost 

Please note that the final cost of each project varies. The price depends on the complexity and specifics of the business model, the number of services provided, and additional factors (company registration, preparation of AML/KYC policies, opening a corporate bank account, and finding office space for rent).

Contact us, and we will provide you with the exact registration price after analyzing your project!

Why You Should Turn to SBSB Fintech Lawyers for Lithuania Cryptocurrency License

Preparing documents for the Lithuania crypto license register or in any other jurisdiction requires careful legal preparation and solving many bureaucratic issues. The SBSB Fintech Lawyers team has extensive experience in successfully launching crypto projects in different jurisdictions. Since 2013, we have specialized in fintech and crypto business, helping clients bring their ideas to life in strict compliance with the requirements of the legislation of the chosen jurisdiction.

Contact SBSB experts, and you will receive comprehensive turnkey legal support at all stages of the licensing process!