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What are the advantages of Lithuania in the field of cryptocurrencies?
Trending jurisdiction
Lithuania is the 2nd most popular jurisdiction for crypto businesses
Loyal requirements
Relatively low legal requirements for crypto companies
Swiftness of obtaining a license
Obtaining a license takes only 4-8 weeks
Opening a business account
It is possible to open a bank account in for Lithuanian crypto company
Authorized capital by instalments
You have as much as 12 months to make a contribution
Stable and transparent legal requirements
Local laws has been recently updated and no major changes are coming
Opportunities of the lithuanian crypto license
Exchange between different types of cryptocurrency
Exchange cryptocurrency to fiat and vice versa
Storing user's cryptocurrency
Formation of obligations for exchange for cryptocurrency in the future
Transfer of cryptocurrency to a third party as directed by the client
Work with cryptocurrency throughout the EU (there are exceptions)
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
Basic package
€2500
- 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.
Full package
€3500
- 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.
Premium package
from €4500
- 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
Vast Experience
We have been successfully working in the field of registration and legal support of businesses in Lithuania since 2012
Competence
We are lawyers, and not just “clerks” who only register companies; we see all legal matters and have complex approach
Trust of Partners
For years we have been working as a reliable provider for major companies who sell services worldwide for obtaining crypto licenses in Lithuania
Special Qualification
Our team is trained and has special qualifications in the field of AML and working with cryptocurrency (CAMS, local qualifications, etc.)
First in Crypto
One of the first companies to provide legal services in the field of obtaining crypto licenses in Lithuania from the very beginning
Contact
Request a call