How to organize the structure of the company in order to get a cryptolitic license in the Republic o

Obtaining a crypto license in Lithuania is quite a popular request among entrepreneurs who are looking for alternatives to the Estonian license. Lithuania, in turn, is one of the few EU states where cryptocurrency finical transactions are legally allowed, provided that an official crypto business license is obtained. You can solve the problem in obtaining a сryptocurrency license in Lithuania can be solved by different kinds of solutions.

Obtaining a cryptocurrency license in Lithuania: types of permits

The regulatory framework of the country allows entrepreneurs to obtain two types of permits. You can issue a permit to operate as.

  1. Provider of virtual currency exchange services for fiat currency.
  2. Virtual currency wallet service provider.

Cryptocurrency licenses are overseen by the Lithuanian Financial Crimes Investigation Service (FCIS). The period of review of the regulator's application is on average 1 month. Our experts can provide support in the process of preparing documents for the application for crypto licenses in Lithuania.

What structure should a crypto firm have in order to obtain a license

Before applying for a cryptocurrency license, you need to start a company in Lithuania. The minimum requirements for company structure.

  1. As a min. 1 owner (individual or corporate) and 1 board member.
  2. AML compliance officer.
  3. Сryptocurrency license in Lithuania implies local registered office of the firm.
  4. Data of beneficial owners (UBO) must be disclosed to supervisory authorities.

A firm that has gone through the licensing process must keep a detailed and up-to-date overview of all clients and transactions in accordance with AML/KYC regulations. The FCIS monitoring body may request information about the firm's activities, especially with respect to compliance with predetermined AML/KYC policies. 

Director Qualifications Requirements: 

  • education;
  • related to the activities of financial institutions or other relevant institutions;
  • experience in the abovementioned field in a managerial position.

Lithuania is one of the few European Union member states, where legal financial transactions with cryptocurrencies are possible and clear regulation of cryptocurrencies by the state is developed. 

To conclude

Our experts are ready to accompany you at all stages of crypto exchanger registration in Lithuania and obtaining crypto license. Contact us and get beneficial terms of cooperation!