Lithuania crypto license

Lithuania is one of the most suitable countries for opening and running a crypto business. In order to work with cryptocurrency companies in Lithuania need to obtain the appropriate license, which gives permission to open and run crypto business.

Crypto License in Lithuania: What you need to know?

In accordance with current legislation, you can get permission for crypto-accuracy as: Cryptocurrency exchange operator (when the company exchanges cryptocurrency belonging to third parties and receives a commission); The operator of the cryptocurrency depository wallet (when the company manages or stores digital assets of clients).

In order to obtain a license for crypto exchange in Lithuania, a number of requirements have to be fulfilled. The company’s registration in Lithuania is compulsory and its activities must be separated from the licensed traditional financial activities.

Thus, an enterprise cannot obtain a crypto license and offer financial services, or obtain permission for financial activities and services related to crypto assets. You will also need to develop the necessary policies to provide virtual currency transactions and AML/KYC controls (AML policy, KYC policy, risk assessment).

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What opportunities receives cryptocurrency licenses in Lithuania?

The company will operate in the state legal field and is protected from all kinds of checks on suspicion of money laundering or financing of terrorism, as regulated by the Lithuanian law in the field of AML as well as financial institutions. Open your cryptocurrency exchange and become an intermediary between the buyer and the seller of cryptocurrency. Such an online platform will make it possible to legally exchange virtual money for fiat currencies in both directions or to trade in the financial market, selling or buying assets. With a Lithuania crypto license, the level of consumer confidence increases, and the process of attracting new customers and business partners is simplified. With a crypto-license, the company has the right to store its customers’ digital funds, as well as to use a cryptocurrency wallet to carry out transfers, which will allow you to safely send and receive cryptocurrencies both online and offline. After passing the inspection by state bodies and issuing a license, the company gets legal in its cash transactions, active development, and increases the status and trust of customers and partners.

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Application for a crypto license in Lithuania

The application is made electronically through an electronic resident card, a notary or a power of attorney. Together with the application for a crypto license, the Lithuanian Ministry of Finance will have to pay a state fee of 3,300 euros. In this case, we can prepare you all the necessary documents for applying for a crypto license. Such documents mainly include the contact details of the company itself (postal address, web page address); personal data of the owners of the company (name, date and place of birth, telephone number, e-mail, postal address); company constituent documents; business plan of the company; Certificates of non-prosecution of board members and shareholders.

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General requirements for obtaining crypto license in Lithuania

The board members (CEOs) as well as the ultimate beneficial owners (UBO) of the crypto company must meet the requirements of impeccable reputation. This means that they cannot be convicted of violations related to the economic and business order, the financial system, public service or any public interest. Commission approval is required for all investors (shareholders) planning investments in the financial sector of Lithuania. Cryptocurrency licensees are controlled by the Financial Crimes Investigation Service (FIS). The company that was able to obtain a cryptocurrency license in Lithuania must comply with the general requirements. This includes identification and verification of customers. Reporting suspicious transactions to the Financial Crime Investigation Service (FIS). Storage of customer records and data as required. Appointment of an AML officer and a local MLRO, which should have experience in the field of money laundering and be a resident of Lithuania. Implement internal control policies and procedures based on requirements.