Crypto license in Lithuania

Cryptocurrency license in Lithuania is guaranteed!

As one of the most crypto-market friendly countries, Lithuania has created a favorable investment climate for the activities of fintech companies. The number of crypto projects being started in our country is simply off the scale. Such favorable conditions have a positive contribution to the development of the entire cryptocurrency space.

In 2021, the total capitalization of bitcoins, Ethereum and other coins amounted to a staggering trillion dollars. Of course, this market, like all others, goes through stages of fluctuations. Nevertheless, experts predict that in the near future the crypto market will cross the mark of one and a half trillion dollars.

What does this mean for investors and full-fledged market participants? Making a profit and a number of other bonuses that accompany the development process of any company.

Our clients value Lithuania for such qualities as:

• legal openness and understanding of the latest financial trends;
• a thoughtful and transparent system of legal acts aimed at creating a favorable environment for the development of crypto companies;
• a quick business licensing procedure.

Depending on the direction of your company’s work, you will need one of two (or both at once) licenses aimed at the following operations with clients’ crypto assets:

• Exchange
• Keeping

Crypto exchange license in Lithuania gives you the opportunity to open a service that will allow your company’s customers to buy and sell these financial assets based on your platform, including using fiat money. At the same time, customer funds will not be stored on your accounts, but will flow directly to the owner’s wallet.

A license for storing cryptocurrencies will allow you to create a network of custodial wallets for your customers. You will get the right to manage user addresses and store their personal keys, fully controlling the wallets and assets that are in it. Your company will also be able to act as intermediaries in ensuring the process of interaction between its customers and blockchain technology.

Central Finexmo Limited recommends taking advantage of both licenses, thereby significantly expanding its business opportunities.

How will our cooperation be built?

• First, we will discuss what kind of company you want to open in Lithuania. To get the best result, it is important for us to understand what functionality you plan to put into your company, what tasks you want to solve with a license and what services you will offer to your customers. Based on our conversation, we will prepare an action plan and begin work on preparing documentation for company registration and opening a bank account.
• To register a crypto company in Lithuania, you need an authorized capital in the amount of 125 thousand euros. By the way, do not forget that you have a choice to register a new company or buy an existing one. The latter has already been registered in accordance with all the requirements of Lithuanian legislation regulating business activities in the cryptosphere.
• Next, we will work on developing from scratch and/or adapting existing developments of control measures that every company working with cryptocurrencies needs to use and keep records, screening and monitoring of all cryptocurrency transactions, transactions and customer activities. They include the following:
  1. setting up a procedure for verifying the identity of customers and the documents they provide during registration;
  2. compilation of sanctions lists and lists of politically exposed persons (PEP);
  3. development of Anti-Money Laundering measures, including drawing up a protocol of actions aimed at detecting cases of money laundering obtained fraudulently;
  4. introduction of a system to prevent financial support of terrorism and the identification of other illegal ways of money circulation.
• In order to comply with the legislative requirements of Lithuania, a company operating in the field of cryptocurrency must have a Money Laundering Reporting Officer (MLRO) on its staff. This specialist will be responsible for compliance with the company’s regulatory requirements within the framework of AML using a risk-based approach. It is understood that the official rights of this employee allow him to have unlimited access to the company’s financial reports in order to inform the regulator in a timely manner and prevent suspicious actions. Central Finexmo Limited will help you choose an employee based on the candidates available on the labor market.

At the end of the cooperation, our clients note that Central Finexmo Limited can rightfully be proud of:

• the quality of their services,
• the speed at which tasks are completed,
• moderate cost of services with high professionalism,
• high level of confidence in a favorable outcome of the case.

Frequently Asked Questions

What law and government body regulates the use of cryptocurrencies in Lithuania?

The conduct of crypto projects is regulated by the “Law on the Prevention of Money Laundering and Terrorist Financing” and the Financial Crime Investigation Service (FCIS).

What are the requirements for a person intending to create a company to work with cryptocurrencies in Lithuania?

If the owners and managers of the company are not residents of Lithuania, then confirmation of an impeccable business reputation in the form of a certificate of no criminal record (no older than 3 months) will be required.

Should the owner of a Lithuanian crypto company be a resident of the country?

No, a citizen of any country can create a company, subject to compliance with Lithuanian legislation.

How often do I need to renew or reopen a crypto license for business?

This procedure is performed once. The validity period of the crypto license is not limited. However, be careful: the license may be revoked if the company has not started working in the field for which the license was requested or violates the legislation of the country ignoring the instructions of the supervisory authority.

Other Crypto Licences:

Crypto license in Czech Republic

Crypto License in Estonia

Crypto License in Slovakia