How do I get a cryptocurrency license in Lithuania?

Investing in cryptocurrencies is not for the faint of heart, but it is a legitimate investment business. If you are in favor of a free market, then the crypto market is highly deregulated and completely decentralized. As with any other type of investment, entering the crypto market is not easy. This requires a lot of research on information, discipline and sustainability, as highly liquid and volatile assets must be dealt with.

But the crypto market has made many people rich and helped them diversify their assets. If you truly believe that the freer the market, the freer the people, then you should turn your attention to the cryptocurrency business. The best way to start legal and deep hacking into cryptocurrencies is to get a crypto license in Lithuania.

If the goal is to legally own cryptocurrencies in the EU, Lithuania's regulation of cryptocurrencies is flexible enough to make it an attractive option. Lithuanian Cryptocurrency License, Lithuanian EMI Payment License, Lithuanian e-Money License, Lithuanian PI e-Money License, European Union Payment License

There are two options:

Register a legal entity under your brand name

Buy an off-the-shelf solution - a registered company, configured with cryptographic authorization (with or without a bank account). Lithuanian Cryptocurrency license, Lithuanian Digital Currency License, Canadian MSB Exchange license, U.S. MSB license

Advantages of getting a cryptocurrency license in Lithuania

Lithuania has a progressive corporate tax system with a top tax rate of 20%. However, its system has one feature that makes it very attractive.

Lithuania offers an ideal business environment and as a result the country has become one of the world leaders in the field of digital and blockchain technology, open government. The processing process of cryptocurrency license, virtual currency license in EU region

Lithuania's government and politics are traditionally pro-business, which has helped the country maintain its financial and macroeconomic sustainability, and it is one of the strongest democracies in the entire European Union. It is indeed a free country in a broad sense: politically, socially and economically.

A license to exchange cryptocurrencies or crypto wallets

Lithuania has created a good environment for fintech business. There is a launch environment within the jurisdiction where two types of cryptocurrency licenses are introduced - crypto exchanges (crypto exchange operator licenses) and crypto wallets (crypto wallet operators). Current regulations greatly simplify the procedure for obtaining an encryption license. Lithuanian crypto Exchange license

Cryptocurrency Operator License -- Intelligence Consulting

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The company, branch or registered legal representative, in addition to providing the service of converting fiat currency into cryptocurrency, has the right to exchange digital currency and receive a commission for the exchange service, and vice versa.

Crypto wallet license in Lithuania

The company, branch or registered legal representative has the right to manage and protect cryptocurrency deposit wallets belonging to consumers and other third parties.

Cryptocurrency license registration in Lithuania

Companies or subsidiaries can apply for a Lithuanian encryption license. It does not depend on whether the organisation is a resident or non-resident of the EU. The Central Bank of Lithuania is committed to making a strict distinction between traditional financial institutions and cryptocurrency service providers - companies that buy, sell, store or exchange cryptocurrencies. However, digital assets can be captured by traditional market participants. Central banks have ample opportunity to stimulate the development of non-bank payment services.

Licensing requirements - Lithuanian Money Service License, Lithuanian Exchange Cryptocurrency license

Organizations operating within the regulatory framework of cryptocurrencies must follow certain requirements. The requirements include:

For all customer identification and verification procedures, customer data should be carefully recorded and documented.

Mandatory introduction of internal control procedures - transaction monitoring.

An anti-Money laundering Policy Officer (AML) must be appointed

Mandatory reporting to the Lithuanian FCIS (Financial Crime Investigation Bureau).

The Lithuanian variant of obtaining a crypto license is particularly attractive because there are no requirements for local employees. The only requirement for local staff is AML/MLRO staff. The work of such an employee may be hourly, for example 10 hours per month.

Lithuania company registration

A registered limited liability company (Lithuanian - UAB) can speed up the process and increase the success rate of obtaining a Lithuanian encryption license.

Additional requirements - Lithuania virtual currency license, EU virtual currency license process

If your company plans to hold both positions, the AML Policy Officer (Anti-Money Laundering) or Compliance Officer reporting to FCIS should be a different person.

There is no requirement to hold both positions. The compliance officer must be a resident of Lithuania. The shareholder /UBO must be approved by the Investor Evaluation Committee (IAC).

Doing business with crypto assets in Lithuania should have clear information controls for all clients and transactions in accordance with AML/KYC's rules, which are enforced by AML/MLRO's internal staff. Controls should include the implementation of external customer identification and transaction monitoring systems.

Sum up

Lithuania is not the first cryptocurrency. However, most other jurisdictions will issue many different licenses based on the services you provide. Estonia offers a simple licensing environment that includes a cryptocurrency license and an e-wallet license. Since Lithuania is a member of the European Union, the Estonian Crypto License has passporting rights, which means you can freely conduct business in other EU countries without additional licensing requirements. If you are serious about your crypto business, Lithuania is your main target