Lithuanian cryptocurrency license, Australian AUSTRAC license, Estonian MTR license, EU cryptocurrency license

Lithuania is one of the most crypto-loyal jurisdictions in the European Union and is known for having a stable economy, which encourages investors to register Lithuanian crypto companies. Currently, it is the most attractive budget solution among EU countries.

It creates an enabling environment for legitimate financial transactions using cryptocurrencies. Lithuania has an official commercial authorization and national registration (by FCIS) for cryptocurrency businesses. The Lithuanian government offers a transparent registration of cryptocurrencies to gain recognition in the financial sector.

In Lithuania, there are two types of virtual currency licenses:

1. Cryptocurrency trading license

Operators who exchange cryptocurrencies for service providers convert this currency into money, and departments of companies or businesses have the opportunity to change cryptocurrencies and receive commissions.

This is an official license that covers services that exchange real money into cryptocurrencies, as well as services that exchange cryptocurrencies into cryptocurrencies.

2. Cryptocurrency wallet and custody service license

This is the license required by those who offer cryptocurrency storage wallets. Cryptocurrency wallet service providers create encryption keys for customers who can use the service to store, exchange, and transfer virtual currencies.

Companies can hold any or both cryptocurrency exchange and wallet licenses.

What types of services can be provided by the Lithuanian cryptocurrency license

1. Exchange of cryptocurrencies and fiat currencies

2. Exchange of fiat currency and cryptocurrency

3. Exchange of cryptocurrencies with cryptocurrencies

4. Provide crypto wallet services

5. Provide customers with cryptocurrency storage services

6. Make cryptocurrency transfers

7. Provide a fully functional cryptocurrency exchange

What are the benefits of obtaining a Lithuanian cryptocurrency license

1, the cost is lower than other major European countries.

2. The faster licensing process takes weeks.

3, the opportunity to remotely register Lithuanian companies.

4. The country has extensive tax benefits and low corporate tax rates.

5. Minimum procedural requirements and bureaucratic burdens.

6. Obtaining a license from Lithuania does not have to be complicated or time-consuming and can be done remotely from anywhere in the world.

7. Only one member of staff is required to serve as director. Company directors are not required to have Lithuanian citizenship.

8. The KYC/AML officers of the company do not need to conduct any type of interview with the Lithuanian authorities to assess the suitability of their qualifications/experience for the respective company. The CEO of the company should seek KYC/AML officers and other employees with sufficient experience.

What information is required to apply for a Lithuanian cryptocurrency license

1. Annotated copies of passports of all directors, shareholders and beneficiaries.

2. CV of all directors, shareholders and beneficiaries.

3, Board members should provide proof of no criminal record to show good business reputation.

(4) The anti-money laundering officer shall provide evidence of a clean criminal record to demonstrate good business standing, with additional supporting documentation relating to relevant education, skills and prior experience in the field.

5. Procedural rules, KYC/AML procedures and business plans.

6. Incorporation documents, including articles of association, certificate of incorporation and other corporate documents of the entity.

7, and such other documents as may be required by the authorities.