Crypto License in Lithuania-Lithuania provides a friendly, regulated legal environment to virtual asset service provider companies (VASP). Clear regulations have been in place since January 2020. Our lawyers on-site and AML compliance professionals offer structured solutions for wallet authorisations and crypto exchange setup. You can easily set up VASP companies remotely. Learn more about Lithuania cryptocurrency license in this article.

Vilnius, Lithuania's capital, is well-known for being a fintech hub in Europe. It is also getting more attention for its licensing regulations for crypto exchange services. Lithuanian regulations are more flexible than those in Estonia. They also have a lower cost of operation and require no compliance staff on site. If you are looking to collaborate with professionals, our extensive experience from the creation of the European Union's crypto legislation is at your disposal.

There are two types of crypto authorisations available in Lithuania for VASP companies that use virtual currencies.

Service providers of virtual currency exchange against fiat currencies.

Official activity authorization for services that allow the exchange of fiat to cryptocurrency, crypto to fiat, and crypto to bitcoin. This registration allows you to run a crypto exchange in a controlled manner.

Providers of virtual (crypto-) currency wallet services

A virtual currency wallet service is a service that generates keys for customers. Customers' encrypted keys can also be kept. These keys can be used to store, transfer, and keep virtual currencies.

One company can have both wallet and crypto exchange registrations. Important to remember that although license is a common term to describe the fundamental capabilities of regulation, Lithuanian regulatory framework provides an activity registration for VASPs to operate as regulated licenses and not financial licenses. The Lithuanian Financial Crime Investigation Service is responsible for monitoring the activities. Our lawyers help you apply for crypto registration in Lithuania to provide crypto exchange and/or wallet service. They prepare all legal documentation and manage the process remotely. On average, the regulator review process takes 1 month.

The key points to the structure of Lithuanian Crypto License Company

To obtain the cryptocurrency license in Lithuania, to offer wallet services and/or exchange crypto currency, a limited liability company (UAB), must first be established in Lithuania. Minimum share capital is 2500 EUR. It is possible to set up a company remotely. This usually takes around 10 business days once we have received all the required documentation. We begin by analyzing the target shareholder structure. This allows us to prepare the required documentation.

The current minimum requirement for a company structure is 1 person. However, we recommend that you appoint an AML compliance officers. AML compliance officers require previous experience and supporting documentation. To meet AML reporting requirements, we recommend outsourcing to a third party service provider. A minimum of three board members is recommended. The compliance officer must have professional work experience. Lithuanian residency is not necessary. We can provide ongoing support subject to project review. This includes certified accounting, local substance, and AML compliance support services. These include professional FCIS approved AML reporting officer outsourcing.

A company that holds a crypto license in Lithuania must keep an up-to date and detailed overview of all clients, transactions and customers according to AML/KYC regulations. FCIS, the monitoring authority, may inquire about the company's activities, particularly in relation to the implementation of pre-defined AML/KYC policy. AML compliance specialists and our lawyers can assist with the compilation of the complete set of legal and compliance documents that the regulator might request.