Crypto company license in Lithuania
Lithuania has created almost ideal conditions for launching a fintech business. The Central Bank supports the development of financial technologies and non-bank payment services. Favourable environment has also been created for the development of fintech start-ups, and the procedure for obtaining licenses has been simplified. Over the past year, the number of fintech companies has increased by 40%; large international players are showing their interest to the Lithuanian market.
Although Lithuania hasn’t created an integral legal framework for working with cryptocurrencies, it nevertheless introduced licensing of companies involved in cryptocurrency exchange and maintenance of wallets for storage of cryptocurrencies, becoming one of the few European Union states that have a licensing and authorization procedure for a new virtual currency.
In Lithuania, it is possible to obtain two types of licenses for the work with crypto-currency:
• Crypto Exchange License in Lithuania. A company or a branch of a company gets the opportunity to exchange digital currency, receiving a commission.• Crypto Wallet Exchange. In this case, the company or branch of the company can manage customer wallets for storage of crypto-currency.
The Central Bank of Lithuania is insisting that the activities of traditional financial institutions and companies dealing with cryptocurrencies would be separated. At the same time, virtual assets can be in the turnover of traditional market players.
An application for a crypto license in Lithuania can be submitted by companies or branches of companies that are both residents and non-residents of the EU.
In order to prevent the legalization of proceeds from crime, the activities of crypto operators are controlled by the relevant legal institutions. Members of the board, as well as the owners of the company, must meet the requirements of an impeccable reputation, for example, absence of criminal record, etc.
The companies operating in the cryptocurrency market are subject to the following requirements:
• All customers must go through a verification and identification procedure;• Records and accounting of customer data should be kept;
• Introduction of internal control procedures is mandatory;
• An officer must be appointed to ensure compliance with the Anti-Money Laundering Policy (AML Policy);
• Reporting to the FCIS of Lithuania (Financial Crime Investigation Service) is mandatory.
Do not hesitate to contact us to get a cryptocurrency business license in Lithuania!
Demire Inc offers the following services:
• Preparation of documents in accordance with the requirements of the legislation regarding operators of virtual currencies for the registration of a legal entity;• Obtaining authorizations of the cryptocurrency exchange operator and the operator of the depository crypto wallets;
• Accounting services for crypto companies;
• Preparation/adoption of AML, KYC policies, and procedures based on FCIS requirements;
• AML audit;
• FCIS report preparation.
