Cryptocurrencies continue to rapidly conquer the world. More and more companies want to officially work in this field, and a license is needed for this. Lithuania has long been one of the most popular countries in Europe for obtaining crypto licenses. Due to its affordable conditions, registration process and good legislative climate, the country attracts entrepreneurs from all over the world. The Lithuania crypto license opens up many business opportunities. However, before proceeding with the registration, it is important to understand what awaits you and what steps you need to go through.
Why Lithuania?
Lithuania is an open economy country that supports technology companies and startups. Its legislation on cryptocurrencies has been adapted to the requirements of international regulation, but remains accessible to newcomers to the industry.
The main advantages of choosing Lithuania:
- The simplicity of the process. In comparison with other European countries, the process of obtaining a license is less complicated here.
- Available requirements. It does not require large financial investments to start.
- European jurisdiction. This gives customers and partners confidence.
- Tax benefits. Lithuania offers favorable conditions for doing business.
Lithuania is one of the leaders in the field of cryptocurrency regulation, and its licensing system is considered one of the most convenient. That is why requests like the lithuania crypto license have become so popular among entrepreneurs.
What types of licenses can I get?
There are two main types of crypto licenses in Lithuania:
- A license for the exchange of cryptocurrencies. It allows you to conduct operations to exchange cryptocurrencies for fiat money or other digital assets.
- A license for storing cryptocurrencies. This license gives the right to provide services for storing digital assets of clients.
Companies can get one of the licenses or both at once if their business involves a wide range of services.
The main stages of obtaining a cryptolicense
The process of obtaining a license in Lithuania can be divided into several stages.
- Company registration. To start the process, you need to register a legal entity in Lithuania. This is usually a limited liability company (UAB). The minimum authorized capital is 2500 euros.
- Opening a bank account. This is necessary to ensure the company’s operations. The account can be opened both in a Lithuanian bank and in a European one.
- Appointment of the head and employees. The company must have a director appointed who is responsible for operational activities. It is also important to appoint an anti-Money Laundering (AML) compliance officer.
- Preparation and submission of documents. You will need to provide a full set of documents: the company’s charter; information about directors and shareholders; AML-company policy; business plan (in some cases).
- Checking and issuing a license. The regulator will review your documents and conduct an audit of the company. The process takes from several weeks to several months.
What is important to know before starting?
Before applying, make sure that your company is ready to comply with strict rules. Lithuania imposes strict requirements for compliance with the Anti-Money Laundering (AML) and Terrorist Financing (CTF) policies.
To successfully obtain a license:
- Make sure that your business product is completely transparent.
- Prepare a transaction monitoring system.
- Keep regular reports and comply with local laws.
Lithuania is an ideal place to start a cryptocurrency business. Here you get access to the European market, clear licensing conditions and the opportunity to develop a company in a comfortable jurisdiction. The key is to prepare carefully, comply with all requirements and be ready for constant monitoring by regulators.
