Crypto License in Lithuania

The following requirements must be met by applicants in order to obtain a crypto licence in Lithuania:

• Lithuanian company establishment and registration
• A minimum of one employee is required for the company
• The company must have an employee who has good knowledge of KYC and security regulations
• A Lithuanian address is required for the company
• KYC procedures must be established by the company
• It is the company’s responsibility to provide the supervisory body with regular reports about its activities and security.

That’s right. In addition to corporate taxes, crypto companies are subject to other taxes as well. State Tax Inspectorate under the Ministry of Finance of the Republic of Lithuania is responsible for reporting their income and collecting taxes.

Client keys may be issued to customers by authorized holders of crypto storage wallet licences, and client wallets may be held on their behalf by custodial wallet holders. Exchange services between virtual currencies and fiat currencies may be offered by holders of a Crypto exchange licence for a fee. A virtual currency may also be exchanged for another. It is possible for a virtual asset service provider to obtain both crypto licences in Lithuania if it intends to offer both types of services.

It takes 30 days to obtain a crypto licence in Lithuania. Occasionally, the process may be delayed due to missing documents.

That’s right. While visiting Lithuania for a limited period of time, you can set up a crypto company via a notary or complete the process entirely remotely. Nevertheless, a trustee must be located in Lithuania who would act on the founder’s behalf.

In fact, yes.

It is possible to open a bank account after obtaining a license.

Virtual currency service providers must have a minimum authorized capital of 2500 Euros.

In Lithuania, cryptocurrency licenses are issued indefinitely

Crypto payments aren’t allowed yet, but some financial service providers are developing more flexible policies. In the future, this option may be introduced.

A deposit of authorized capital in Euros (EUR) is required from applicants.

In order to establish a company in Lithuania, applicants must deposit minimum authorized capital. A company cannot be registered with the local authorities without completing this step.

The country of Lithuania implements technical developments very quickly, and offers excellent conditions for those who want to establish a business and obtain a crypto license. A few of the main benefits are as follows:

• It is possible to complete the entire process remotely
• Capitalization requirements are low
• In just 30 days, the process can be completed
• There is a 15 percent corporate tax rate, which is lower than those found in many other EU countries.

In fact, yes. Lithuanian Financial Crime Investigation Service (FCIS) supervises holders of both types of crypto licences.

That’s right.

The internal processes of every crypto company should be monitored by a security expert who ensures that all relevant regulations are followed. Lithuanian Financial Crime Investigation Service (FCIS) supervises and audits all crypto companies.

A trustee must be appointed on behalf of non-residents to establish a company in Lithuania on a remote basis. If a non-resident wishes to do it themselves, they must be present in the country and find a notary who can assist them.

According to a recent change, those who want to establish a company in Lithuania are no longer restricted to local banks. Companies can also open accounts in credit unions and digital banks. A full list of banks and financial institutions that companies can open accounts in is compiled and updated by the Bank of Lithuania.