Crypto license in Lithuania
At the moment, Lithuania is one of the most popular jurisdictions of the European Union for obtaining VASP license to operate crypto exchange or other crypto related project with simple and understandable AML/CFT legislation.
Apply for a crypto license in Lithuania – price from 3500 €
We have been specializing in full legal support for crypto projects since 2017, as well as providing financial and AML/CFT consulting services. Over the years of work, we have successfully obtained licenses for crypto related activities in the EU for more than 300 of our clients, including large crypto exchanges and other type blockchain projects.Get a crypto licence in Lithuania for your blockchain-strartup just in few weeks! Send enquiry
CRYPTO EXCHANGE LICENSE IN LITHUANIA
Getting a Lithuanian virtual asset service provider VASP 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.
Within the scope of this proposal, we recommend considering Lithuania as a jurisdiction for obtaining a crypto-license for Virtual Asset Service Provider (VASP) or Crypto-Asset Service Provider (CASP) activities.
REGULATION OF THE CRYPTOCURRENCY INDUSTRY IN LITHUANIA
Lithuanian crypto regulation: what legal norms regulate the activities of VASP in Lithuania?
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.
- Financial Crime Investigation Service (FCIS)
- Legal acts:
- Law on the Prevention of Money Laundering and Terrorist Financing of Republic of Lithuania
- EU directive 2015/849 (4th Anti-Money Laundering Directive, 4AMLD)
- EU directive 2018/843 (5th Anti-Money Laundering Directive, 5AMLD)
- EP and the EU Council draft regulation 2020/593 (Cryptoasset Markets Regulation, MiCA)
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.
CRYPTO COMPANY IN LITHUANIA – A READY-MADE SOLUTION
Buy a Ready-Made Company with a Crypto License in Lithuania
We offer the opportunity to purchase a ready-made company in Lithuania with a registered share capital of 125,000 euros and a pre-obtained crypto license. Buying a ready-made company will help you launch your crypto startup in the shortest possible time.
Get a Lithuanian crypto licensed company and launch your blockchain-startup!
Find out the cost and conditions of acquiring a ready-made solution for your crypto project right now.
ADVANTAGES OF THE LITHUANIAN CRYPTO LICENSE
Why should you consider Lithuania for registering your crypto company?
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 Virtual Asset Service Provider License in Lithuania
A Lithuanian VASP authorization is the best solution for beginner crypto companies or startups, 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.
- Obtain a Lithuanian crypto license in the shortest possible time
Registering a company and getting authorization 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 getting authorization does not require a personal visit to Lithuania as everything can be done through an attorney.
- Minimal financial costs
The cost of getting 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.
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.
POSSIBILITIES OF THE LITHUANIAN CRYPTO LICENSE
What services can a crypto company that has obtained a VASP license in Lithuania provide?
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).
VASP/CASP License in Lithuania
Crypto service providers VASP are authorized to provide the following services:
- 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 LITHUANIAN CRYPTO COMPANIES
What requirements are made for cryptocurrency service providers in Lithuania?
Representatives of the crypto business (VASP) 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.
- Share Capital
Lithuanian legislation stipulates that the share capital of a crypto company must be at least 125,000 euros. However, the Lithuanian Commercial Code allows for the formation of share capital in such a way that 25% of the declared cash amount is contributed at the initial stage, and the remaining 75% must be contributed within one calendar year.
- 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 authorization 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 getting a license to work with cryptocurrencies as soon as possible.
HOW TO OBTAIN A CRYPTO LICENSE IN LITHUANIA?
Procedure for obtaining a Lithuanian crypto license – main steps
The process of getting a VASP 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
The very first step on the way to obtaining a crypto license is the registration of a company in Lithuania. To conduct cryptocurrency activities and obtain a Lithuanian crypto authorization, 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 125 000 euros in the administrative account, which is created at a local bank or through a payment system (EMI or PSP). Lithuania’s regulatory framework allows the share capital to be contributed in parts over 1 year – for initial registration of the share capital, only 25% of the declared amount needs to be contributed.
- Development of all internal AML/CFT documentation
An essential condition for obtaining a crypto authorization 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 crypto authorization 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 getting a VASP authorization 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.
Get an initial consultation and a price quote today!
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 getting 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 about getting a crypto authorization in Lithuania, please contact our experts by phone, e-mail, or leave a request on our website.
The crypto license in Lithuania | FAQ
Below you will find a list of frequently asked questions in terms of obtaining the crypto license in Lithuania for VASP and CASP activities, most frequently encountered by our consultants in their work. Familiarization with these materials may be relevant for you.
- For what term is a crypto license issued in Lithuania?
In Lithuania, the authorization of a crypto-asset service provider (crypto license) is issued indefinitely.
- Are there any regular fees, duties, or charges for Lithuanian VASP/CASP?
No, the activities of Lithuanian crypto companies are not subject to any separate duties, fees, or supervisory charges.
- Does a crypto company need to have a physical office in Lithuania?
There is no requirement for a leased office on the territory of Lithuania.
- Does a Lithuanian VASP/CASP need to employ local staff?
Yes, every Lithuanian crypto company is required to appoint a MLRO (Money Laundering Reporting Officer) from among Lithuanian residents, with whom an employment relationship must be established.
- Can services related to virtual currencies and crypto-assets be offered to non-EU residents?
Yes, subject to appropriate AML/KYC measures, Lithuanian crypto companies are allowed to offer cryptocurrency and virtual assents exchange and storage services, as well as other crypto-asset services to their customers who are located outside the EU.
- Can foreigners be shareholders and a directors in a Lithuanian company?
Foreign citizens, including those from countries outside the European Union, can be founders (shareholders) or directors (managers) in a Lithuanian crypto company.
- From what amount should a crypto company identify a client?
According to current legislation, crypto-asset service providers are required to identify a client and apply AML/KYC measures to customers if the transaction volume or amount exceeds 700 euros.
- Are crypto-companies in Lithuania subject to corporate taxes?
Yes, crypto companies, like all other enterprises registered and conducting their activities in the legal field of the Republic of Lithuania, are obliged to pay corporate income tax of 15% on the profit earned for the fiscal year. Those enterprises whose turnover does not exceed 300,000 euros and which have no more than 10 employees can count on a reduced income tax rate of 5%.
If you have any questions or need assistance, please feel free to contact us in any way convenient for you.
PRICES | CRYPTOCURRENCY EXCHANGE LICENCE IN LITHUANIA
Below you can find information on the cost of services for registering a company and obtaining a license for operations with cryptocurrencies in Lithuania, as well as prices for additional and ancillary services.
- Type of servicesPrice
- Company formation in Lithuania and crypto licence obtainment (starting from)3500 €
- Ready-made Lithuanian company with cryptocurrency licence priorly obtained (starting from)15000 €
- AML officer and MLRO services (starting from, monthly price)1000 €
- Bank or payment system account (EMI or PSP) opening (starting from)1000 €
- Accounting services for the crypto company in Lithuaniaon request