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Compare Lithuania, Estonia and Dubai crypto regulation.
Feature | Lithuania | Estonia | Dubai |
|---|---|---|---|
Cost | 20 000€ | 25 000€ | 20 000€ |
License Type & Government fee | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services |
No additional fee | 10 000€ | 2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | |
Audit | Not required | Monthly and yearly are needed | May be required by VARA |
Office | Can be virtual | Required | Required |
AML (Anti-Money Laundry Officer) | Local needed | Local needed | Can be any nationality |
AML monthly salary | Starting from 1200€ | Starting from 2000€ | 5000€ |
Local director | Can be any nationality | Can be of any nationality, but have to live in Estonia | Can be any nationality |
Share capital terms | 25% now, 75% within a year.
| Immediately | Immidiately |
Required share capital | 125 000€ | 100 000€ - Crypto wallet and custodian services license.
250000€ - Cryptocurrency exchange license | 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
|
Tax Comparison
Tax type | Lithuania | Estonia | Dubai |
|---|---|---|---|
Dividends | 15% | Estonia generally does not levy withholding tax on dividends. A 7% withholding tax applies to dividends paid to resident and nonresident individuals by companies subject to corporate income tax at the reduced rate of 14%. | 0% |
Corporate tax | Entities with under ten employees and annual revenues below EUR 300,000 qualify for a 0% Corporate Income Tax (CIT) in their first year, and 5% thereafter. Others face a 15% rate. | 0% | Profits below AED 375,000 are taxed at 0%, while those above are at 9%. |
Most popular - Lithuania
Consulting24 offers expertise in crypto license registration, ensuring seamless integration into the rapidly evolving digital currency landscape.
Company & License Setup
30-60 days
Remote bank account setup
Lithuania's crypto license is accepted by more than 70 banks and payment institutions.
Manage Online
Manage the Lithuania unit remotely.
Lithuania Crypto License Explained
In Lithuania, companies providing virtual asset services mainly need two key licenses:
-
Cryptocurrency Exchange License: This allows a company to manage transactions converting virtual currencies to FIAT and vice versa. Additionally, it authorizes the company to enable digital currency exchanges between users, earning revenue via service fees.
-
Cryptocurrency Wallet License: This license permits a firm to securely hold clients' digital currencies in their wallets, also giving the firm authority over the private keys associated with these wallets, ensuring the secure handling of digital assets.
Cost
Company & license cost
1. 15 000€ - Company registration & crypto authorisation submission;
2. 1500€ - Fees for opening deposit and operational account. Fees applicable by EMI are excluded;
3. 3500€ - Required AML/KYC policies;
Total: 20 000€
Extra service:
3500€ - Exclusive AML officer recruitment. Salary starting from 1500€.
Virtual office
500€/year
(1-st year included)
Process
Consultation
To start, register for 30-minute free consulting.
01
02
Signing the Contract
Finalizing the agreement and initiating a group chat with the Consulting24 team to start the process.
Payment
To start the process, the first payment has to be made.
03
04
Documents & process
1. Passport copies; ( verification via link);
2. Address, phone numbers, e-mails;
3. We provide POA to register a company on the client's behalf;
Setting up a starter account and share capital registration
To register the company and get crypto authorization, first needs to open a starter account for the company in SEB, and 31,250€ needs to be deposited for the share capital registration.
05
06
Company registration and crypto activity authorization
The next step is company registration, preparation for all necessary documents, and AML person recruitment for the crypto authorization approval.
Oce approved, you can start opening different payment gateways and accounts for processing.
Lithuania crypto regulation & MiCA
Initiating a cryptocurrency venture in Lithuania is streamlined through the establishment of a UAB, a type of limited liability company. This framework is optimal for budding crypto exchanges or custodial services, requiring an initial capital of €125,000. An upfront payment of €31,250 is mandated, while the remaining 75% (€93,750) can be infused over the subsequent year.
We value diverse leadership and are open to directors from any country. However, to maintain the integrity of our crypto environment, it's imperative that the Anti-Money Laundering (AML) officer is based in Lithuania.
Lithuania's approach to granting a Crypto Exchange License is both progressive and economical. Notably, there's a swift establishment timeline ranging between 30-60 days. Additionally, having a local bank account is essential, and our Consulting24 team is primed to assist you in this regard. Lithuania's proactive stance makes it a top destination for cryptocurrency endeavors.
MiCA regulation
Incorporating the MiCA Directive's pivotal elements, Lithuania ensures that the crypto license is passportable within the EU. This means businesses licensed in Lithuania can operate seamlessly across all EU member states, amplifying the country's appeal as a prime hub for cryptocurrency endeavors.
Possible Activities for a VASP Located in Lithuania
Custodial Service
Securely store clients' digital assets in custodial wallets. Essentially, the licensee can generate a digital wallet for a client and retain control over its private keys continuously.
Crypto to Fiat, Fiat to Crypto
Exchanges between digital currencies and conventional fiat currencies. This enables clients to trade utility tokens like Bitcoin, Ethereum, BNB, and more, against established currencies like the USD and Euro.
Crypto to Crypto
This allows trading of utility tokens and coins, including but not limited to Bitcoin, Ethereum, BNB, and more.
ICO/IDO/IEO
Carry out ICOs, IEOs, and IDOs, offering avenues to introduce its cryptocurrency.
Staking as Service
Leverage staking for passive cryptocurrency income. This approach, akin to bank deposits, entails committing cryptocurrencies to bolster a network's operations. Stakers often receive additional coins as rewards, allowing asset growth while retaining their digital holdings.
Mint & Trade NFTs
Establish an NFT trading platform or delve into NFT creation, paving the way for a distinctive digital asset marketplace.
Why Consulting24?
500+ crypto licenses acquired
Team
Mardo Soo
"Our experience consistently highlights that Lithuania's licenses stand unparalleled in the crypto industry. It's the preferred choice for forward-thinking enterprises aiming for growth and compliance."
Lena Elvbakken
"Lithuania's licenses have proven to be the gold standard, especially with a swift setup time of 30-60 days. This efficiency, coupled with robust regulations, makes it the top choice for visionary enterprises.
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