Crypto license for work in the Republic of Lithuania
Lithuania offers a unique environment that allows fintech companies to launch. It also provides a conducive environment for fintech startups, and simplifies licensing procedures. Lithuania is one of few EU member states that offers a license to conduct virtual currency transactions. Let's find out how to obtain crypto license in Lithuania and how it works.
How a Crypto License works in Lithuania
Two types of license can be obtained simultaneously. To store cryptocurrency, a wallet operator. A legal entity that trades cryptocurrency owned by customers for a fee.
An affiliate, company or registered legal representative can exchange digital currencies. They will also be eligible for a commission.
Customers and third parties can be protected by the cryptocurrency depository wallets that are managed and secured by the company, branch or registered legal representatives.
The Financial Crimes Investigation Unit (FIU) monitors cryptocurrency exchange operators and crypto-depository wallets.
Applicant Requirements.
The appropriate legal institutions have the power to control crypto operators in order to prevent money laundering. Both the board members and the owners must have a good reputation. This includes no criminal records. These are also important:
- All customers must undergo a background check as well as an identification process.
- Records must be kept, and client data must also be recorded.
- Internal control procedures should be in place.
- A person responsible for anti-money laundering policies (AML Policy), should be appointed.
- Reporting to the Lithuanian regulator (Financial Crimes Investigation Service), is mandatory.
- A state fee of 240 EUR is required to obtain a Lithuanian crypto license. Ask our experts if you have questions about this topic.
Conclusion
Our subject matter experts can assist you in applying to a Lithuanian cryptocurrency license. They will prepare all necessary documentation and manage the entire process remotely for you. Get your license quickly by contacting us!
