Crypto License in Lithuania

Lithuania is one of the most popular jurisdiction in the world for starting a cryptocurrency business. ComplyWise provides professional assistance and support in remote obtainment of a Lithuanian crypto license

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In order to apply for a crypto license in Lithuania, you must have a limited liability company (UAB) to provide cryptocurrency exchange or storage services. According to new legislation, from since the 1st of November 2022 entrepreneurs wishing to start a crypto-business in Lithuania a share capital in the amount of 125 000 euros must be paid. Previously, the minimum share capital was 2 500 euros. Besides, the new law includes the formation of the special Lithuania crypto license register with a list of crypto companies and the requirement for an exclusive AML officer. UAB (LLC) legal form allows conducting activities of custody wallet operator, as well as cryptocurrency exchange services.

It is important to know that the new Lithuanian legislation allows registering a crypto company without an authorized capital contribution in ANY amount at ANY time, despite the requirement for of registered capital of 125,000 EUR.

Thus, unlike most other European jurisdictions for crypto businesses, Lithuania hass the fastest, most economical clear understanding of the future with some principles of the MiCa Directive already implemented.

The activities of virtual asset service providers in Lithuania fall under the next types of crypto licenses

Cryptocurrency exchange license — allows a company to exchange virtual currency against FIAT and vice versa, or virtual currency exchange between each other, and as a result gain commission for the services provided.
Cryptocurrency wallet license (cryptocurrency custodial services) — allows a company to keep on its own wallet virtual currencies on behalf of the client as well as keep encrypted private keys from the wallets.

List of capabilities for Crypto companies in Lithuania

Exchange crypto to crypto

VASP Companies are authorized to offer exchange services between different types of virtual assets (utility tokens and coins). At the same time, the trade of security tokens is not allowed, since it requires an additional investment firm license

Storage crypto on behalf of users

License allows its operator to store crypto assets on behalf of their customers through custodian wallets, meaning that operator can open wallet for the customer and private keys will be held by the company

Exchange crypto to fiat & fiat to crypto

Cryptocurrency license in Lithuania allows its holder to offer the services for exchanging cryptocurrency for fiat currency and vice versa, meaning their customer can buy or sell available utility tokens for currencies such as US Dollar, Euro, British pound, etc

Staking

VASPs have the right to use stacking as an additional tool to generate passive income from cryptocurrencies. Many blockchains use Proof-of-Stake consensus algorithms and their counterparts. This is a profitable alternative to classic cryptocurrency holding and is analogous to bank deposits in crypto. Yields can reach 10% per annum and higher

Fiat storage & exchange

VASP may accept fiat currency as a prepayment for services (generally, to exchange it for cryptocurrency). This prepaid amount in fiat currencies may be reflected in the Client’s account as a “balance in fiat currencies”. Even though custody of fiat funds is not allowed under the VASP license in Lithuania. Operator can store the prepayment for indefinite amount of time as a counter obligation, but it should be exchanged in the end to crypto

ICO

The Lithuanian VASP can also conduct ICOs, in which an offer to buy its cryptocurrency is made for the first time through the VASP. It is important to note that under an ICO, VASP company is only allowed to issue utility tokens

Crypto License in Lithuania full package

Full set up of the Crypto business with all the necessary infrastructure, connection to KYC providers, local substance and Accounting services

FULL SET UP
€ 9900

Registering share capital

Share capital (125 000 EUR)

Registration as VASP

Registration as VASP within commercial registry

HR Local AML/KYC Officer & Office rent

Search, integration, direct employment agreement for exclusive, local, experienced AML/KYC officer.
Address of registration for 1 year.

Company formation & Accounting set up

Full turnkey company formation (UAB) and accounting services for your company

AML/KYC Policy

ComplyWise team will provide all necessary documents

Registration within FCIS/FNTT

The company has all the infrastructure settled for the activity of VASP

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