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Brand-new product - Crypto Exchange & Wallet License in Lithuania

Oct 01, 2021

OFFSHORELICENSE LTD is proud to offer brand-new product - Crypto Exchange & Wallet License in Lithuania

Crypto Exchange & Wallet License in Lithuania- click here

Recently, Lithuania started offering a friendly and well-regulated legal environment for crypto exchange and crypto wallet services provider companies, with clear regulations. This has become available in Lithuania in year 2020. It is important to note that the company and license setup can be both made remotely, with no requirements to travel to the country.

The capital of Lithuania, Vilnius, is a well-known in Europe for its developed fintech services and now received much more attention because of its crypto exchange services licensing regulations. In comparison to another Baltic capital – Estonia – Lithuanian regulations are much more flexible in terms of the setup and come at a lower price since there is no specific requirement for onsite personnel.

Currently, Lithuania offers two types of crypto licenses for virtual currency operations:

Providers of a service of exchanging a virtual (crypto) currency against a fiat currency

Official activity license covering services for exchanging fiat to crypto and crypto to fiat and crypto to crypto. Such activity license registration enables to operate a crypto exchange in a regulated manner.

Providers of a virtual (crypto) currency wallet service

The virtual currency wallet service means a service in the framework of which keys are generated for customers or customers’ encrypted keys are kept, which can be used for the purpose of keeping, storing and transferring virtual currencies.

Lithuanian crypto licenses are supervised by the Financial Crime Investigation Service (FCIS). It is important to keep in mind, that one company can become a holder of both above-mentioned licenses and the average time of application review by the regulator is around 1 month.

Key points for Lithuanian Crypto License Company structure

To apply for the Lithuanian crypto license to provide cryptocurrency exchange and/or wallet services a limited liability company (UAB) has to first be set up in Lithuania. The minimum share capital requirement is 2500 EUR. The company setup can be carried out fully remotely with no visit required, it usually takes about 10 business days from the point we receive all required original documentation.

The minimum company structure requirement is currently 1 person who can act as the shareholder, director and compliance officer all in one. However, for the compliance officer position previous work experience and supportive documentation is needed. It is recommended to out-source a 3rd party service provider to fulfill AML and KYC requirements. The recommended setup structure is to include at 2 least board members while the compliance officer should have previous professional work experience, Lithuanian residency is not required per se. Subject to project review we can provide on-going support with certified accounting, local substance and compliance services.

A licensed company has to keep a detailed and up-to-date overview of all clients and transactions according to the AML/KYC regulations. The monitoring authority FCIS may make enquiries about the activities of the company, especially in regards to following the predefined AML/KYC policies.

Our company will be more than happy to assist you with any questions you might have in regard to Lithuanian Crypto Licenses and for those interested in obtaining it – we will guide throughout the whole process and perform most of the required actions on our customer’s behalf.

Feel free to contact us in case of interest.

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