How to get a crypto licence in the Republic of Lithuania

Rightfully, the Republic of Lithuania, specifically its capital Vilnius takes the position of the EU's center of technical and financial business. It is important to note that although Lithuania does not have a legal framework for cryptocurrency businesses, it creates favorable conditions for entrepreneurs who work in the digital currency market. A stable economy and the lack of strict requirements allow for successful registration and obtain crypto license in Lithuania companies. We'll discuss what type of crypto license you can obtain today and how to get it.

Lithuanian requirements for a crypto licence

One of the benefits of registering a cryptocurrency company in Lithuania is the possibility to obtain two licenses below. These are some of them:

• A license for a cryptocurrency wallet allows you to store and create virtual money. A cryptocurrency exchange license is required for anyone who plans to exchange fiat for cryptocurrency, crypto for fiat, or make an exchange of one cryptocurrency with another.
• It is important to understand that you must register a UAB (limited-liability company) before applying for crypto permits. Once you have registered a UAB (limited liability company), follow these steps to obtain a crypto license.

Three company managers may be hired (board members are not required to reside in the Republic of Lithuania). You are required to have one director (he could be a manager as described above) and one shareholder. This shareholder may also be nonresident.

• Report on your clients in accordance with KYC and AML requirements
• A compliance officer and an AML officer must be on the payroll of the company. These individuals will oversee compliance and make reports to the Lithuanian Financial Intelligence Unit about your activities.
• Existing shareholders and UBOs must obtain approval from IAC (Investor Appraisal Commission).
• Open a bank account at a C2B or B2B financial institution.
• Finally, a minimum registered capital must be 2,500 EUR

Remember that your crypto company's financial transactions will be closely monitored by the government to ensure that you are not committing financial crimes. The license for crypto exchange in Lithuania opens up the possibility of doing business. Let's also discuss the process of opening a corporate account. Documents (AoA and registration card, and MoA) are required. These documents will need to be notarized and translated into English.

Our services to obtain a crypto licence in Lithuania

To make the process of obtaining a license and crypto company in the Republic of Lithuania easier, you can always count on us. You will also need to keep accurate accounting records for all transactions. We offer favorable terms of cooperation to our clients. Contact us today and we will help you conduct your crypto business quickly and easily!