Lithuanian crypto license

Lithuanian crypto license

Written by Sophie Robertson, In Crypto, Published On
December 28, 2022
, 158 Views
Last modified on January 3rd, 2023

Lithuania is the most suitable jurisdiction for this if you want to open a firm for cryptocurrency transactions. It is a European country in which issues related to cryptocurrency are most loyally resolved in the context of jurisdiction. This country has high stability, and this is an incentive for registering investors. But to work legally, you need to get a Lithuania crypto license. One of the best platforms for the financial sector with virtual currency has been formed in this country. The country’s legislation legalizes commercial activities for such operations, and the regulation of virtual money is transparent, which is recognized in international financial relations.

Which government agency regulates this industry?

FCIS is a financial crime investigation service that protects the country’s financial structure from the influence of criminals. It detects economic terrorism, money laundering, or tax evasion.

This organization prevents the theft of the budget and detects corrupt structures. Investigations are also conducted to identify violators.

In this country’s legal area, the rules set for the euro also apply to the virtual currency. Therefore, firms engaged in cryptocurrency transactions automatically become controlled by FCIS. It means they can be sure they are protected from various machinations of economic criminals.

This service checks all the data of the cryptocurrency organization and issues its verdict as soon as possible. With the permission of this controlling service, a single company will be able to operate legally in Lithuania.

Benefits of this jurisdiction

Obtaining a work permit in this jurisdiction has several significant advantages:

  • The European Fintech Center recognized this country;
  • It has an excellent financial climate;
  • Simple requirements for applicants;
  • A short time passes from the start of the registration to the finish;
  • Small tax;
  • Possibility of remote registration;
  • There are no conditions for residents and shareholders of the company.

The above advantages make this jurisdiction very attractive for small organizations and startups.

Types of work permits

Lithuanian crypto

In this jurisdiction, you can obtain 2 types of work permits.

For exchange

This permit allows an organization to exchange digitized currency for FIAT or vice versa, as well as a cryptocurrency for cryptocurrency, but for a specific commission percentage.

For wallets

This permit is needed by organizations that transfer their virtual deposits with cryptocurrency for safety and to create a key with a client access code.

Learn more about obtaining a license

A company wishing to engage in cryptocurrency operations in Lithuania must be registered. This jurisdiction has provided for this convenient management of virtual currency. The Central Bank helps to develop the technology of financial activity and crypto startups. The largest cryptocurrency organization is Binance, registered in Lithuania, and helps clients from this country complete transactions using such currencies.

If you decide to do cryptocurrency in Lithuania, you must follow the following steps.

Initial evaluation of your financial program

They collect all the documents from the client (passport, company name, powers of attorney, if necessary, addresses of directors, project budget, list of works, and operations).

You need to register your company

When we have received the documents from the client, they are then translated into Lithuanian. Then an account is opened, on which the authorized capital is deposited. The transaction is concluded at the notary, and a company registration record is entered. You also need to provide a list of beneficiaries. After 7-8 days, you will receive a registration card with a list of your activities.

Your account and transaction service

Choose a payment system that suits you. Then you apply for opening an account (choose services: accounting, reporting, sending information about salaries, taxes, providing data to statistics). For MLRO, set the monthly working hours (but at least 5). Then you need to select an experienced local leader for their introduction to the structure of your company.

Licensing readiness check

Government authorities set requirements for organizations that seek to obtain a work permit. They mainly deal with money laundering prevention and personnel selection. So, you must ensure that your organization meets all the requirements.

Licensing

You need to fill out a questionnaire where you explain your activities in detail. The legal department will prepare the necessary documents. Then comes the recruitment process, and the MLRO is taught. An employment contract is signed, and Papers are sent to obtain authorization.

The specialists of our company will help you obtain a work permit in this jurisdiction within one month if you think over your organization’s work in advance, taking into account the requirements of government regulators.

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