How do I get a Lithuanian crypto license?

Lithuania offers a favorable environment to start a fintech company. Lithuania is a recognized traditional financial jurisdiction that allows for electronic money licensing and payment in Europe. It is one of few EU/EEA member states that offers a license to conduct virtual currency transactions. Since mid-2020, Binance, the world's largest cryptocurrency exchange has been crypto license in Lithuania to operate a cryptocurrency wallet and also be a cryptocurrency operator. Let's learn how to obtain a cryptocurrency license in the Republic of Lithuania.

How to get a crypto license and the requirements

Lithuania is a preferred jurisdiction for international financial companies that plan to operate in Europe due to its unique regulatory framework and lower costs of licensing and setting up businesses. There are two types of cryptocurrency activities.

A cryptocurrency exchange operator is a company, or affiliate, that trades customer-owned cryptocurrency in exchange for a fee.

A company or affiliate that manages cryptocurrency wallets for customers is called a cryptocurrency wallet operator.

The official policy of the Central Bank of Lithuania (the regulator), and the government of Lithuania is to create a favorable regulatory environment and an attractive ecosystem for foreign financial institution in order to attract them into the country. These are the requirements it imposes:

• Assure at least one shareholder and one director.
• Not necessarily citizens of the country, but at least three board members are required
• A local AML compliance officer should be appointed
• A board member responsible for the implementation of AML policies and procedures, and a compliance officer (the compliance office must be a Lithuanian resident).
• The IAC must approve shareholders/UBO
• A licensed firm must have clear and consistent control over all clients and transactions in accordance with AML/KYC regulations.

Information about the operations of the company may be required by the FIU inspection authority. The Illicit Money Trafficking Prevention Act regulates the business. To establish a crypto-business firm, you must prepare documents that comply with the law

Our company provides a range of services including cryptocurrency wallet authorization and operator services. This includes company and affiliate registrations in Lithuania. Our specialists can help you find the right license for cryptocurrency trading. Our specialists can provide legal advice and support for any cryptocurrency project, no matter how complex