Lithuania is one of the few member states of the European Union in which legal financial transactions with cryptocurrencies are possible and an official permit is issued to conduct crypto business. The Financial Crimes Investigation Service (FCIS) is responsible for regulating cryptocurrencies and transactions with virtual currencies. The Lithuanian government, widely recognized in the traditional financial sector (FIAT) and e-money licensing, also proposes transparent rules for obtain crypto license in Lithuania, effective from 2020.
In Lithuania, you can get two types of licenses for working with virtual currency:
Cryptocurrency exchange license
A company with such a license can exchange digital currency for FIAT or vice versa, or cryptocurrency for another cryptocurrency, receiving a commission for the services provided.
License for crypto wallet and custodial services
A company with such a license may use the client's wallet to store cryptocurrencies, including the creation and storage of encrypted client keys.
Requirements for the applicant company
In order to prevent the legalization of proceeds from crime, the activities of cryptocurrency companies are controlled by the relevant legal institutions. The member of the board, as well as the owners of the company in Lithuania, must meet the requirements of an impeccable reputation and have a confirmation of the absence of a criminal record.
Companies wishing to obtain crypto license in Lithuania comply with the following requirements:
- At least one owner (individual or legal entity).
- One member of the board (may also be the owner).
- AML Compliance Officer (may be a board member).
- Virtual address of the company in Lithuania.
- All clients must complete a background check and identification process.
- Customer data should be stored with the possibility of transferring it to the regulatory body.
- The company must have procedures for internal control and risk assessment.
- Reporting to the regulator (Financial Crimes Investigation Service).
We will help to register a crypto company in Lithuania and provide the necessary advice.