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).
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.
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.