Registering for a crypto license in Lithuania: Types of licenses available and requirements for the

The Republic of Lithuania is the easiest country to get a crypto license, both in the Baltics or directly in the EU. The state has provided the best conditions for business, it supports businesses and is open to new ideas. Vilnius is considered to be the heart of Lithuanian fintech. Due to its stable economic environment, foreign investors are attracted to Lithuania. Today we will discuss how to obtain a Lithuania cryptocurrency license and the conditions involved.

The types of licenses available and how to obtain them

Two types of licenses are available in the Republic of Lithuania. The first license is to own a cryptocurrency wallet. In this case, the company or branch can manage customers' wallets. A license to operate a cryptocurrency exchange allows you to trade real money for cryptocurrency as well as cryptocurrency.

Before we go into the details, let's first point out the reasons you won’t be able work seamlessly without a license. First, you won't comply with KYC or AML requirements. Second, you won't be able to start financial transactions in the area you desire. The following conditions apply to applicants for a Lithuanian cryptocurrency license:

• It is mandatory to have a legal address in Lithuania. A web service and corporate account are also required.
• Minimal of 1 shareholder; Minimum of 1 director
• Conclusion of a contract for AML specialists;
• The recommended share capital is 2500 EUR
• Keep track of all transactions made by clients and any information that relates to them.
• All customers must go through the verification and identification process.
• Pass the assessment of investors at the special authorities.

Our experience with crypto licences has shown that, although Lithuania doesn't impose too many requirements, it can sometimes be difficult to follow them. Separate authorities might ask for additional information about owners and managers, etc. We offer hassle-free company registrations and additional crypto-permit obtaining. We can help you collect the required documents, process them and prepare according to the rules of customer identity procedures. Get in touch with us to discuss our favorable terms of cooperation.