What are the advantages of Lithuania in the field of cryptocurrencies?
Opportunities of the lithuanian crypto license
Basic requirements for crypto companies in Lithuania
Authorized Capital
EUR 125,000. The company can pay for the shares with monetary and non-monetary contributions (cryptocurrency) within 12 months by instalments.
Shareholders and Management Bodies
Shareholders, directors or members of the board may be non-residents.
Notifying the Regulator about the Start of Crypto Activities
Notification of the Regulator (FIU) within 5 working days from the date of commencement of business activity.
Requirements to MLRO or AML Officer
It shall be an employee of a crypto company and it must be a resident of Lithuania.
Member of the Board for AML Matters
If board members are appointed, one of the board members is responsible for organizing the implementation of AML procedures.
Notifying the Regulator about the Appointment of MLRO
Notification of the Regulator (FIU) about an employment and an appointment of MLRO within 7 working days from the date of its appointment.
Compliance with AML Legal Requirements
Development and compliance with internal AML policies of the company, proper KYC procedures, timely submission of reports to the Regulator (FCIS or FIU, in Lithuania it is “FNTT”).
Economic Substance
The presence of partners and clients in Lithuania. It is important to prove that the company has it’s place of registration in Lithuania not only because it is comparatively easy to get a licence for doing crypto business here.
Procedure for obtaining a crypto license in Lithuania
1
Company Registration (could be done remotely)
2
Opening an Account for Depositing an Authorized Capital
3
Increasing a Volume of an Authorised Capital (if necessary)
4
Payment for Shares (in case of capital increase)
5
Entering the Company into the Register of Crypto Companies
6
MLRO’s Employment and Formalities
7
Development and adoption of AML Policies
8
Notification about MLRO’s Appointment to FIU
Service types and packages
- Preparation of a standard package of documents;
- payment of notary and registration fees;
- legal address for the 1st year;
- opening a savings account for the authorized capital;
- incorporation of the company;
- increasing the share capital;
- submission of documents to the Regulator on the start of activity;
- assisting in informing the Regulator of the appointment of an MLRO.
- All services from the “basic” package;
- search and employment of MLRO (monthly salary is not included);
- providing standard AML policies without amendments;
- review of the company's AML procedures by MLRO.
- All services from the “full” package;
- opening a bank account (EMI/bank tariffs are not included);
- consulting on AML matters (up to 2 hours);
- director’s employment;
- adaptation and preparation of special AML policies for the company, legal assistance in establishing KYC/KYT software;
- search for an office;
- search for an accountant;
- legal opinion.
Legal assistance for licensed crypto companies during operational activities
Consultations on the Implementation of AML Legislation
Consultations on the implementation of AML legislation (KYC, ECD, CDD, MLTF Risk Assessment, Risk scoring, Sanctions policy). Preparation and adaptation of internal AML policies of companies. Issues of implementation of various applications and programs for KYC customer verification.
Consultations on the Implementation of the EU Regulation MiCA
Preparing crypto companies for MiCA standards.
Legal opinion
Consultations and preparation of legal opinion on marketing issues and the possibility of providing crypto services in other countries with a Lithuanian license. Consultations on filing reports to (FCIS or FIU, in Lithuania – “FNTT”) and the tax authority.
Bank Accounts for Cryptocurrency
Opening bank operating accounts in Lithuanian banks and EMI that work with cryptocurrency.
AML audit
Assistance in conducting an AML audit of internal company procedures and policies.
Legal Consultations
Consultations on the removal of arrests from bank accounts and communication with law enforcement and regulatory authorities. Tax consulting. Consultations on compliance with the requirements of banks and regulators and risk insurance.
Accounting Services
Providing accounting services, regular and ongoing consultations on accounting issues.
GDPR
Preparation of GDPR documents and documentation on data protection or client information issues.
Attorney’s Services and Dispute Resolution
Providing Attorney for communication with law enforcement agencies and representation of interests in court in case of disputes.
Our advantages
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