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Obtain Crypto License in Lithuania

Updated on Tuesday 18th May 2021

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Obtain-Crypto-License-in-Lithuania.jpgIf you want to open a Lithuanian company operating as a crypto business, you must know that you will need a crypto license. For investors interested in Lithuania cryptocurrency sector, our team of consultants remains at your disposal for legal representation on the registration of the company, as well as on the issuance of the license
 

What are the main Lithuania cryptocurrency licenses? 

 
At the moment, Lithuania provides two types of licenses for cryptocurrency businesses. During the process of company formation in Lithuania, most of the newly founded legal entities will need to have a license or a permit, as this is generally a part of the incorporation process. However, not all economic activities will need a license, but a license for company registration in Lithuania in the field of cryptocurrencies is compulsory. 
 
Currently, the legislation regulating this field of activity provides two main types of Lithuania cryptocurrency licenses: the cryptocurrency exchange operator license and the cryptocurrency depositary wallet operator license. In this article, we will present when it is necessary to apply for either one of the licenses, and more information and legal advice can be obtained from our specialists in company formation in Lithuania. Some basic characteristics are presented below: 

 

  • the legal framework for Lithuania cryptocurrency sector became applicable starting with 2020;
  • those who need the license when opening a Lithuanian company can obtain it after minimum 1 month, after the regulator of this sector, the Lithuanian Financial Crime Investigation Service, will analyze the application;
  • an investor needs a capital of EUR 2,500 when entering the Lithuania cryptocurrency market through a limited liability company;
  • the company needs to have at least 1 shareholder and at least 1 management board member (who can be the same person as the company’s founder);
  • the owners of Lithuania cryptocurrency license are required to pay corporate taxes in Lithuania, charged at the standard rate of 15%;
  • the investors will also be liable for the payment of withholding tax on dividends, applied at rate of 15%.
 
 

 What are the obligations of Lithuania cryptocurrency license owners?

 
If, during the process of opening a Lithuanian company, you have obtained a Lithuanian cryptocurrency license, you will need to comply with a set of legal obligations. These obligations are in force regardless if the company was incorporated in Lithuania or if it was incorporated in other European countries, as long as they develop cryptocurrency activities that are regulated in Lithuania
 
We invite you to watch the video below on how to obtain a crypto license in Lithuania
 

 
All cryptocurrency companies must have impeccable Know-Your-Client policies and must maintain their records and the information on their clients. They also need to appoint a Lithuanian based officer who will enforce Anti-Money Laundering Policies. They also need to comply with reporting requirements to the Financial Crime Investigation Service
 

What are the documents required for a Lithuania cryptocurrency business?

 
The Lithuania company formation license can be issued if the company’s representatives will provide specific documents to our team. Here, the investors who need a license for a Lithuania cryptocurrency company will have to present the following: a valid passport of each company founder, the power of attorney (which will provide our team with the right to legally represent you) and extensive information on the company’s business model. 
 
Besides these, the investors should offer information on the type of license they need, based on the cryptocurrency activities they will carry out here. The resume of all company’s founders is also required, in order for the local institutions to observe the experience and the capabilities of all the persons involved in the cryptocurrency industry
 
The license for Lithuania cryptocurrency can be issued if the founders will provide information on the website where the cryptocurrency operations will be carried out and, equally important, the investors should present a police certificate that shows a clean criminal record of all the persons involved – the company’s founders, the members, the ultimate beneficial owner and the compliance officer. 
 
All the above mentioned documents have to notarized at a public notary, and the apostille will also be necessary. If these documents are submitted as required, the procedure for the issuance of the Lithuania cryptocurrency license will start; given that this is a more complex procedure, our team of consultants in company formation in Lithuania remains at your disposal, for advice and legal representation. 
 

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Call us now at +37061578743 to set up an appointment with our lawyers in Vilnius, Lithuania. Alternatively you can incorporate your company without traveling to Lithuania.

As our client, you will beneficiate from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Lithuania.

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