Why is a Crypto License in Lithuania So Important For Business?

June

3

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This Baltic country became one of the first to regulate the cryptocurrency market and pass relevant laws officially. Obtaining a cryptocurrency license in Lithuania opens up huge opportunities for companies seeking to operate in the Baltic region and the European Union. The ability to provide a wide range of services related to virtual assets becomes the key reason for obtaining the Crypto license in Lithuania  with the help of SBSB Fintech Lawyers, allowing it to work with both digital and fiat currencies. Operators create custodial wallets, store cryptocurrencies on behalf of customers, transfer them, and create/store encrypted customer private keys. In addition, registered virtual asset service providers can conduct ICOs.

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Best Scenarios of How Crypto License in Lithuania Can Be Used

Lithuania offers a favorable regulatory environment and a developed fintech infrastructure. The Central Bank of the country aims to ensure transparency in the entire financial sector and the crypto industry in particular, as well as security for service providers and users of various crypto platforms. The cryptocurrency legislation is aimed at reducing the risks of money laundering and strictly adheres to Lithuanian AML/CFT legislation, as well as the 4th and 5th EU directives.

The process of obtaining a Crypto license in Lithuania is relatively quick and easy. The regulator’s key requirements include a share capital of 125000 EUR, an AML/CFT officer resident, unique policies and due diligence procedures for the company, and no criminal records for directors, shareholders, and ultimate beneficiaries. They must also have a good:

  • business reputation;
  • relevant education;
  • experience in the financial sector.

After registering a limited liability company, an application must be submitted to the Financial Crimes Investigation Service. During the review of documents, the regulator may request additional data. The entire process of obtaining a Crypto license in Lithuania takes from 3 to 6 months.

After obtaining it, the company receives numerous advantages. The permit is valid indefinitely, which ensures business stability. Residency requirements for directors and shareholders are not strict. The government offers the possibility of remote registration for convenience.

 

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Who Can Benefit From a Crypto License in Lithuania?

A Crypto license in Lithuania is an ideal choice for companies seeking to legally start their activities with virtual assets in the EU. Favorable regulation, flexible requirements, and a developed fintech ecosystem make this country a very attractive jurisdiction.

The process of obtaining the license requires careful legal preparation and solving many bureaucratic issues. That is why it is recommended to contact experienced lawyers, such as the SBSB Fintech Lawyers team, who specialize in the crypto industry and will help you go through all the stages of registration without any problems.

About the author, Danielle Trigg

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