How to get a Crypto License in Lithuania and what you can do in the crypto business

Lithuania is a member state of the European Union and has a legal framework to obtain a crypto license. If you want to legally own cryptocurrency within the EU, the regulation of crypto assets is flexible in Lithuania. Today's article will discuss the requirements for obtaining a crypto license in Lithuania.

Two basic crypto licences in Lithuania

Traditional market participants can put digital assets in circulation. The central bank has many opportunities to promote the development of nonbank payment services. These are the types of licenses:

• License for Crypto Exchange in Lithuania
• Operator of cryptocurrency depository wallets is allowed to operate under license

You can provide financial services across the EU with a crypto exchange license from Lithuania. Other states' regulators cannot impose any additional requirements. It takes one month to apply for passports in other EU countries.

What are the requirements to get a crypto license

An organization that regulates cryptocurrency must adhere to a set of standards. These requirements are:

• All customers must be identified and verified.
• It is important to keep accurate records and register customer data.
• Mandatory implementation of an internal control process - transaction monitoring
• It is necessary to appoint an AML (anti-money laundering), policy officer.
• Reporting to FCIS (Financial Crimes Investigation Service of Lithuania) is mandatory

Even though Lithuania doesn't have a cohesive legal framework for cryptocurrency dealing, it has introduced licensing for cryptocurrency exchange businesses and wallet maintenance. It is now one of few European Union countries with a new virtual currency authorization and licensing procedure.

Our services for obtaining authorizations for crypto companies

We provide services to register a cryptocurrency exchange operator. This includes registering companies in Lithuania and preparing all required documents. We also offer accounting services to authorized legal entities. Get in touch!