Lithuania crypto license is the official permission to run a regulated cryptocurrency business. Obtaining a cryptocurrency license is a mandatory procedure for crypto companies offering virtual asset services in Lithuania.
Lithuania crypto license
What is crypto license in Lithuania?
Features of crypto license in Lithuania.
Lithuania is characterized by favorable conditions for crypto business and quite loyal regulation of crypto assets. It is important to understand that there is no specific licensing procedure in the country, but all crypto companies intending to provide services related to virtual assets need to register and obtain regulatory approval. Candidates for crypto licenses in Lithuania should implement appropriate procedures for client identification and AML.
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Obtaining a crypto license in Lithuania.
In Lithuania, two types of permits can be obtained to work with virtual currency and provide services such as:
- Digital currency exchange is a service in which a client exchanges virtual currency for fiat, fiat for digital assets, or one cryptocurrency for another.
- Crypto wallets are services that store encrypted keys for clients, it can be used to store or transfer crypto assets.
Benefits of obtaining a crypto license in Lithuania.
Lithuania has become a new centre for companies focused on international financial markets. Business-oriented regulatory behavior and significantly lower registration, licensing and servicing costs of financial institutions make Lithuania attractive for large international financial institutions as well as for fintech start-ups. The advantages also include:
- Simplicity. Minimum procedural requirements and bureaucratic burden of process. The result will be only a registration of the company in the appropriate register, without the need to obtain supporting documents and other attributes of the bureaucracy
- Low costs. You only need to pay for company registration, authorised capital, preparation and filing of documents
- No residency requirements for company directors and shareholders
- Dates – from 3 weeks
- Taxes. The 15% corporate tax is one of the low rates in the EU
- Remote registration format. It is possible to register a Lithuanian company remotely
- No requirement for local staff.