The country is characterized by a favourable and regulated
environment for crypto-asset services
Obtaining cryptocurrency licence in Lithuania can be a profitable option for those who plan to start a crypto business in Europe. In today’s material we will consider key features of crypto licensing in Lithuania.
Regulation of cryptocurrency in Lithuania
There is no specific legislation regulating financial technology. However, if a financial company provides financial services, it becomes subject to supervision by the Bank of Lithuania and is subject to separate laws establishing a regulatory framework for specific financial services.
In particular, the following activities are considered as financial services that require authorization by the Bank of Lithuania:
The Republic of Lithuania Law on Combating Money Laundering includes virtual currency exchange service providers and electronic wallet providers in the list of enterprises which are now subject to AML requirements, such as:
It should also be noted that the regulator has stated its position on virtual currencies and ICO in Lithuania. If the proposed crypto assets have the characteristics of a security, a prospectus of issuance, approved by the regulator, must be prepared and the handling of such assets must comply with the other requirements of the Securities Act.
Licensing is controlled by the Financial Crimes Investigation Service of Lithuania (FCIS).
You can obtain cryptolicence in Lithuania as:
Virtual currency exchange service provider (Virtual currency exchange operator)
The permit covers the exchange of a fiat for cryptocurrency and cryptocurrency for cryptocurrency. This registration of an activity license enables the registration of a crypto exchange in Lithuania and the management of such an enterprise in a regulated manner.
Operator of deposit
The Lithuanian cryptoscopic service
provider license applies to services
that create keys for clients that can
use cryptocurrency storage
WHAT YOU NEED
to get crypto-licence
To obtain a cryptocurrency exchange license in the Republic of Lithuania you need to register a Lithuanian company. This requires:
You can then apply for a crypto activity permit. The processing time usually takes about a month. Note that data on beneficiaries are disclosed to regulators. A compassionate specialist must have previous professional experience. The FCIS Monitoring Authority can request information about the company’s activities, especially with regard to compliance with predefined AML/KYC policies.
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