Obtaining a crypto license in Lithuania

Obtaining a crypto license in Lithuania using Exsoft.io

It is difficult to imagine the 21st century without the participation of innovative technologies and electronic currencies. Previously, a lot of routine work in enterprises was done manually by people, however, now digital changes and robotic machines are coming to the rescue. Since many business processes require maximum automation, this can only be achieved by using the services of professional companies such as Exsoft.io. Does registering a crypto company seem like something complicated? We hasten to assure you of the opposite. With the help of our box solution, you will make sure that it is absolutely possible to open a company with a crypto license and not for all the money in the world. We have comprehensive solutions for existing businesses, as well as a clear model in order to create a new one. The Exsoft.io box solution will help you create a turnkey cryptocurrency exchange. We know exactly where to start and what difficulties may arise during this. Our task is to prepare a professional platform, as well as to scale it in the future, if necessary. Obtaining a license for a cryptocurrency exchanger in Lithuania can be obtained absolutely legally if you contact us.

Legal regulation of cryptocurrencies in Lithuania

Lithuania is one of the many countries in the European Union whose government is friendly towards digital coins and tokens. Starting from 2020, a special permit (FCIS) has been operating in Lithuania for legal transactions with cryptocurrencies, as well as doing business with their participation. The country's authorities have developed a document that clarifies the absolute legality of electronic coins and the use of cryptocurrency wallets. This document provides transparent permission for cost-effective and business solutions involving virtual coins. A license for cryptocurrencies in Lithuania can be obtained in two ways:

1. First option — cryptocurrency exchange license. It provides companies with the opportunity to exchange digital currencies for fiat or other cryptocurrencies, profiting from commissions for transactions. It is an important tool for developing the cryptocurrency market and providing convenience to users who wish to exchange their assets digitally.
2. Second option — permission to use crypto wallets and custodial storage of digital coins and tokens. A company that has this license can provide clients with personal cryptocurrency wallets, as well as generate secure client keys.

Both variants of the above licenses are strictly controlled by the Investigation Department of Fraudulent Schemes in the Lithuanian Financial Sector.

Basic requirements for obtaining a crypto license in Lithuania

According to the latest amendments to the Law on the Prevention of Money Laundering and Terrorist Financing, adopted on June 30, 2022, Lithuania plans to amend the rules for the exchange of virtual currency and the depository of virtual currency money operators. These changes will be aimed at more effective prevention of money laundering and terrorist financing in the country. In Lithuania, the mandatory registration of activities related to cryptocurrencies will remain, and the new supervisory authority will be the Commercial Register (Registrų Centras), which will check the fulfillment of requirements, such as the presence of authorized capital, the presence of a local exclusive anti-money laundering officer, and others. In addition, the authorized capital of such companies will be increased to 125,000 euros, as well as an increased requirement for the reputation of the company and UBO. Crypto companies will also need to have only one local employee to work and collaborate.

Companies providing services in the field of cryptocurrencies must comply with the following requirements:

• the presence of a legal or natural person owning the property;
• the possibility of membership in the management board of the company from the owner of the property, who must also be responsible for meeting all the requirements for documents; the presence of a virtual address of the Lithuanian company;
• conducting background checks and identity verification procedures for all customers, as well as storing user data with the possibility of providing it to the government to comply with the law;
• risk assessment and internal organization, which play an important role for the company;
• and, finally, non-violation of regulatory rules, including the Financial Crime Investigation Service.

Features of the process of obtaining a cryptocurrency license in Lithuania

In order to provide services for the storage or exchange of cryptocurrencies, a company with contingent liability (UAB) must obtain a license for cryptocurrencies in Lithuania. In addition, the authorized capital of the company must be at least 2500 euros.

A company that wants to obtain a crypto license must also have an agreement concluded with an AML officer for communication with the Lithuanian government agencies.

The creation of cryptocurrency companies is possible remotely through a power of attorney, without the need to visit Lithuania and Vilnius. In Lithuania, the form CJSC is often used for entrepreneurial activities. A closed joint stock company (UAB) is a company with an authorized capital consisting of shares that can be sold, donated or inherited. To create a joint-stock company, it is necessary to have at least one legal owner and at least one physical director.

The procedure for obtaining a license for crypto in Lithuania:

1. The company, which was documented in Lithuania in the form of a JSC, concludes a cooperation agreement.

   In order to acquire or register a company, it is necessary to prepare the relevant documents. The process of buying or registering a company takes about five business days.

2. After the successful registration of the company, its representatives can submit pre-assembled documents to confirm the license for digital currency.
3. Preparation of papers for obtaining a license takes up to seven days (working). The application will be processed by the FCIS, which will decide whether to issue a confirmation for the activity.

If you have any questions about this topic, please feel free to contact us and we will be happy to answer them.

What documentation is required to review and prepare an application for a cryptocurrency license?

• To successfully launch a company or obtain a license, a passport of the country of origin with a genuine signature is required, as well as a receipt if there was a remote opening.
• It is also necessary to provide a description of the business model and detailed information about the planned activities of the company, the charter of the company.
• All participants in the crypto project must submit their resumes, which indicate experience and education.
• It is also important to indicate the address of the website where the cryptocurrency services will be offered.
• The owner, board member, ultimate beneficiary and AML employee must provide a certificate of good conduct, which must not be older than three months.
• In addition, FCIS is required to request information on beneficial owners.
• Confirmation of opening a bank account in Lithuania must also be provided.

What does Exsoft.io provide as part of the process of obtaining a license for your business?

• Consultation of a professional lawyer, as well as full further legal support regarding the possibilities and all the clarifications for obtaining a license for the crypto.
• Creation of a package of documents that are necessary for online registration.
• Acceptance of electronic signatures (EDS). It is possible to get the signature removed only if you have previously confirmed your signature at the Lithuanian consulate.
• Formation of the necessary initial declarations that are needed for the tax registers of Lithuanian beneficiaries.
• Assistance with opening a personal bank account or a personal account in a particular payment system.
• Registration of the legal location for the business owner.
• Entering a crypto company in the register of Lithuanian organizations that work in the field of digital assets.
• Passing the AML procedure in Lithuanian.
• At the request of the client, there is the possibility of further accounting, technical and legal support.

If you still have questions about licensing in Lithuania, we will be glad if you contact us for help. Exsoft.io Team — these are professionals in their field who have led to the success of many crypto businesses.