How to conduct crypto activities in Lithuania?

We think many of you have already heard that Estonia has toughened requirements for crypto companies and amended legislation in this regard. A great alternative to Estonia is Lithuania. It is a country with a stable economy and because of this, the country attracts investors and entrepreneurs with a desire to register a company based on crypto business. For this reason, a cryptocurrency license in Lithuania deserves a separate attention, which we will give it today and talk about the main subtleties of this process. 

What forms of cryptocurrency business does Lithuania provide

This Baltic country offers two options to choose from in the cryptocurrency market. Note that any amendments to the system of the Lithuanian crypto firm must be registered after the issuance of the license. If you change management members, address, AML employee, owner or beneficiary (a legal or natural person to whom money transfers are assigned, in other words the recipient of funds).

  1. Cryptocurrencies. These services work with encrypted keys and are designed to store, receive and send crypto assets.
  2. Cryptocurrency exchange provision. You can exchange digital money for fiat money and vice versa, as well as one cryptocurrency for another.

To get a license for activities related to cryptocurrency you need to go through several steps. First, you need to register your company directly in Lithuania, then pay for the authorized capital, prepare documents and submit them to the relevant authority. After that, proceed to create a business account for operating activities. 

What information do I need to provide in order to register a crypto license

To begin with, the minimum asset of the company must be at least 2.5 thousand EUR. In addition, the owners of the firm cannot have any criminal record. You will also be asked to present:

  • proof of compliance with the requirements for the directors of the firms set out in Article 4 of the Law and information about the participants that are involved in the management of the company;
  • a description of how you will manage the firm and fulfill your obligations to prevent money laundering and financial criminal activity in accordance with the Law of the Republic of Lithuania on AML;
  • Provide an application in the form prescribed by the Lithuanian supervisory authority.

If everything goes well, you will be issued a license and included in the list of currency exchange operators. It is worth saying that there are really a lot of nuances in this process, usually entrepreneurs apply for crypto license and firm registration services. The request for a crypto license is issued by the Commercial Register and reviewed by the Central Bank of Lithuania, regulated by FCIS.If you want to simplify the procedure for obtaining permission for crypto activities - contact us!