Crypto license in Lithuania
- Price includes:
- Registration of the custom made according to the request company in Lithuania
- Cryptocurrency licence obtainment
We have been specializing in full legal and AML/CFT support, consulting, and recruitment services for crypto projects since 2017. Over the years, we have successfully obtained cryptocurrency licenses in the EU for more than 300 of our clients, some of who are large exchangers and exchanges. We are professionals in our field: our company values its business reputation and takes the privacy of our customers very seriously.
Lithuania is one of the most popular countries in terms of having the most accessible EU jurisdictions for obtaining a license to work with cryptocurrency exchangers and exchanges. At the moment, we have an office in Lithuania and many local residents among our employees. We are a direct-service provider that fully controls all stages and works without intermediaries.We can guarantee that you will obtain a crypto license in Lithuania within 30 to 45 days. The full package, including company registration and getting the said license, will cost you just 2 500 euros. We are ready to become your reliable partner and share our experience. Send enquiry
CRYPTOCURRENCY LICENSE IN LITHUANIA
Obtaining a virtual asset service provider license
Since 2017, our company has been specializing in licensing, consulting, and legal support of crypto businesses in the EU and by now has impressive practical experience. We have prepared a comprehensive legal base on AML/CFT issues, developed and implemented efficient algorithms for interaction with the regulator, and acquired many partners from all over the world, among who are payment systems, crypto exchanges, and specialized services.
We closely monitor the latest changes in legal acts, regulations, and international AML/CFT standards; as well as follow daily news and events in the field of crypto/fintech to constantly improve our skills and knowledge.
Our company offers an opportunity to obtain a cryptocurrency license in Lithuania on a turnkey basis within 30-45 days. Our employees do all the work without involving any intermediaries and third-party specialists.
- Financial Crime Investigation Service (FCIS)
- Legal acts:
- Anti-Money Laundering and Prevention of Terrorism Financing
- Directive 2015/849 of the European Parliament and the Council (4th Anti-Money Laundering Directive, 4AMLD)
- Directive 2018/843 of the European Parliament and the Council (5th Anti-Money Laundering Directive, 5AMLD)
Lithuania, with its straightforward cryptocurrency regulation and reputation as a European center of financial innovation and fintech start-ups, has one of the most attractive jurisdictions in the EU for business-related activities with cryptocurrencies and virtual assets.
- Obtain a Lithuanian crypto license in the shortest possible time
Registering a company and obtaining a crypto license takes between 30 and 45 days on average.
- Simple corporate structure
Creating a Lithuanian crypto company requires just one founder and director, who can be a resident of any state.
- Fully remote procedure
Establishing a Lithuanian company and obtaining a cryptocurrency license does not require a personal visit to Lithuania as everything can be done through an attorney.
- Minimal financial costs
The cost of obtaining a crypto license in Lithuania, as well as further support and maintenance of a crypto project, is noticeably lower than in other cryptocurrency-friendly jurisdictions.
A Lithuanian crypto license is the best solution for beginner crypto companies or start-ups, which will also become a reliable tool for reducing or diversifying regulatory or jurisdictional risks for existing crypto exchanges, exchangers, and blockchain projects of a different focus.
LITHUANIAN CRYPTO LICENSE AND ITS ADVANTAGES
In 2020, amendments were adopted to the current AML/CFT legislation of Lithuania, which expanded the circle of persons obliged to apply AML/CFT measures. It now includes crypto exchanges, exchangers, persons conducting an initial coin offering (ICO), and other blockchain projects that provide services for the exchange or storage of cryptocurrencies, tokens, and other virtual assets.
According to the current legislation, service providers, who wish to work with exchange and circulation of virtual assets, are required to register their activities and obtain a "virtual currency exchange operator" license (lit. virtualiųjų valiutų keityklos operatorius) or a"cryptocurrency depository wallet operator" license (lit. depozitinių virtualiųjų valiutų piniginių operatorius).
- Virtual currency exchange operator
Shall mean a legal person who provides services of virtual currency exchange, purchase and/or sale for remuneration, including:
- crypto vs. fiat exchange
- fiat vs. crypto exchange
- crypto vs. crypto exchange
- Custodian virtual currency wallet operator
Shall mean a legal person who provides services of management of custodian virtual currency wallets on behalf of the customers, including:
- virtual assets and crypto storage service
- crypto transfer service
According to the amendments mentioned above, the legal framework of Lithuania has accepted definitions of virtual currency (lit. virtualioji valiuta), virtual currency address (lit. virtualiosios valiutos adresas), virtual currency depositary or crypto wallet (lit. depozitinė virtualiųjų valiutų piniginė), and initial offering of virtual currencies or ICO (lit. pirminis virtualiosios valiutos siūlymas).
REQUIREMENTS FOR CRYPTOCURRENCY SERVICE PROVIDERS
Representatives of the crypto business are held to a high standard, which is associated with peculiarities and high risks of the cryptocurrency industry in the context of combating money laundering and terrorism financing.
- Directors, shareholders, and beneficiaries
Everyone involved with a cryptocurrency company must have a flawless business reputation and a clean criminal record, including financial or fiscal offenses.
- Internal AML/CFT policy and risk management
Crypto companies must develop and implement effective AML/CFT measures into their internal activities, which must include and regulate the following instances:
- the procedure for identifying the client and applying security measures to them;
- the procedure for tracking business relationships and regular updates of customer information;
- the procedure for screening and monitoring transactions and client activities;
- the procedure for applying international financial sanctions and restrictive measures;
- the procedure for assessing risks related to company activities and the policy for managing identified risks;
- the procedure for submitting a notice and information to the FCIS;
- the procedure for internal control and complying with the AML/CFT measures by the employees.
- Qualified MLRO/AML officer
A crypto company must hire a qualified AML officer (Compliance Officer), also known as MLRO (Money Laundering Reporting Officer), to communicate with the FCIS and inform the regulator about suspicious transactions. A candidate for the position of an AML officer must have the knowledge and competence in the AML/CFT field, speak sufficient Lithuanian, and understand the Lithuanian legislation.
- Obligation to notify and inform the regulator of suspicious transactions
Companies that work based on a Lithuanian crypto license must notify the FCIS about suspicious or unusual transactions and inform the FCIS about other instances and circumstances indicated in legal acts and regulator guidelines. One of the unique features of the Lithuanian AML legislation is the obligation to inform the FCIS of all completed crypto transactions if the value of the indicated transaction is equal to or exceeds 15 000 euros or an equivalent amount in another foreign or virtual currency.
- Obligation to store customer and transaction data
All Lithuanian crypto companies are obligated to comply with AML/CFT measures, therefore they must store customer data, information about transactions made by them, and other significant data during the entire period of existence of business relationships with the client, as well as for 8 years from the date of their termination.
We will carefully analyze all the details and business flows of your project, contribute to the development and implementation of effective AML/KYC principles, and offer the most rational organizational solutions for obtaining a license to work with cryptocurrencies as soon as possible.
THE PROCEDURE FOR OBTAINING A CRYPTO LICENSE IN LITHUANIA
The process of obtaining a crypto license in Lithuania consists of several steps: submitting a notice to the state authorities about the intention to conduct activities for the exchange or storage of virtual assets, registering relevant activities in The Register of Legal Entities of Lithuania (Juridinių asmenų registras), and performing other procedures and formalities, which are listed below for your information:
- Registering a company in Lithuania
To conduct cryptocurrency activities and obtain a Lithuanian crypto license, it is best to register a limited liability company (lit. Uždaroji akcinė bendrovė or UAB.) As part of the registration process, a company must have a share capital of at least 2 500 euros in the administrative account, which is created at a local bank or through a payment system (EMI or PSP).
- Development of all internal AML/CFT documentation
An essential condition for obtaining a crypto license in Lithuania is developing and implementing effective AML/CFT measures into the company’s internal activities, evaluating risks, and managing identified risks.
- Registration of cryptocurrency and virtual asset exchange activities
A company that wishes to obtain a cryptocurrency license in Lithuania must inform the state authorities of its intentions and register itself as a "virtual currency exchange operator" and/or a "cryptocurrency depository wallet operator" in The Register of Legal Entities of Lithuania, and receive a corresponding note on the company's register card. By applying for registration, the crypto company and persons related to it confirm that they are familiar with the AML/CFT legislation of Lithuania and are committed to respecting it.
- Setting up an administrative account
Every company that has received a virtual asset service provider license needs a reliable payment solution for settlements with clients. We offer various options for opening administrative accounts for crypto projects through banks or EMI/PSP payment systems, which are acceptive of high risks and representatives of the blockchain industry.
- Involving an MLRO/AML officer
MLRO/AML officer's main responsibility is to represent the interests of the crypto business to the regulator (FCIS) and to submit notices of suspicious transactions to the regulatory authorities. We will help you find a competent candidate for the MLRO position in your company.
- Informing the regulator about persons responsible for implementing the AML/CFT measures
Companies that provide services for the exchange or storage of virtual assets are to notify the FCIS in written form and provide contact details of the MLRO, the director, and other persons responsible for implementing measures to fight money laundering and terrorist financing.
Our company specialists will offer you the best solutions for obtaining a crypto license in the shortest possible time. All mentioned activities are done either in person with a company representative or remotely on the basis of a power of attorney.
Many years of experience and the competence of our specialists will help your blockchain startup enter the legal framework of the European Union in the shortest possible time. We will provide you with complex support, assist you in registering a company in Lithuania and obtaining a crypto license for the provision of services for the exchange and storage of virtual assets.
To request an individual consultation or make a proposal on the question of obtaining a crypto license in Lithuania, please contact our experts by phone, e-mail, or leave a request on our website.
PRICES | CRYPTOCURRENCY EXCHANGE LICENCE IN LITHUANIAInformation regarding prices of services including legal supervision of company formation and licence obtainment for operations with cryptocurrency in Lithuania as well as prices of additional supporting services:
- Type of servicesPrice
- Company formation in Lithuania and crypto licence obtainment2500 €
- Ready-made Lithuanian company with cryptocurrency licence priorly obtained5000 €
- AML officer and MLRO services (starting from, monthly price)500 €
- Bank or payment system account (EMI or PSP) opening (starting from)500 €
- Accounting services for the crypto company in Lithuania (starting from)250 €