Crypto Exchange License in Lithuania
In Lithuania, there are two main types of licenses related to virtual asset service providers:
Crypto Exchange License — This license authorizes a business to manage transactions involving the conversion of virtual currencies to FIAT currencies, and vice versa, or enable the exchange of virtual currencies between users, while making a profit from the service fees.
Crypto Wallet License (Cryptocurrency Custodial Services) — This license allows a company to securely store digital currencies in its wallets for its customers and manage the confidential private keys associated with these wallets.
Initiating your crypto enterprise in Lithuania is as straightforward as setting up a UAB, a form of limited liability company. This structure serves as an excellent starting point for your crypto exchange or storage service, requiring only a capital investment of €125,000. An upfront payment of 25% (€31,250) is required, while the remaining 75% (€93,750) can be paid within the subsequent year.
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We value diversity in leadership roles. Regardless of your geographical origin, you're welcome to take up the director's position. Nonetheless, to uphold our crypto market's integrity, we insist on a locally-based Anti-Money Laundering (AML) officer.
Lithuania has distinguished itself with its innovative and economical approach to providing a Crypto Exchange License. Ahead of the formal implementation of the MiCa Directive, Lithuania has already integrated some of its critical aspects, staying at the forefront of progressive regulation.
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Additionally, with a swift establishment time of merely 30-60 days, and the requirement of a bank account—which our Consulting24 team is ready to help you with—Lithuania positions itself as a desirable hub for crypto businesses.
Process & Cost
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Company Establishment;
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Notary and State Fee Payment;
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Preparation of AML/CTF Documentation;
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Initiation of Bank Account;
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Registration of Share Capital;
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Acquisition of License;
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20 000€
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Verification (using verification link);
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Provide address, phone number, and email details;
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Issue Power of Attorney (POA) for company registration;
Note: No physical visit is necessary for registration or account setup.
Service Spectrum: Activities Possible for a Lithuania-Based VASP
Understanding the Broad Spectrum of Services Offered by Virtual Asset Service Providers (VASP)
Crypto to Crypto
Companies recognized as VASPs are granted the privilege to provide exchange services for a wide variety of digital assets. This includes, but is not limited to, Bitcoin, Ethereum, BNB, and other utility tokens and coins.
Crypto to Fiat, Fiat to Crypto
Holding a cryptocurrency license in Lithuania equips one with the ability to facilitate the mutual exchange between digital and conventional fiat currencies. Consequently, customers gain the benefit of trading utility tokens like Bitcoin, Ethereum, BNB, among others, with traditional currencies such as the USD and Euro.
Custodial Service
Possessing a VASP license enables the license holder to securely store clients' digital currencies using custodial wallets. In essence, the service provider has the ability to generate a digital wallet for a client and, in the process, retains control over the private keys of that wallet.
Mint & Trade NFTs
A VASP registered in Lithuania has the capacity to create a platform for NFT (Non-Fungible Token) trading, or even engage in the production of NFTs. This plays a significant role in cultivating a distinctive digital asset marketplace.
ICO/IDO/IEO
A Lithuanian-registered VASP has the capability to conduct Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs). These mechanisms furnish platforms for the VASP to debut its unique cryptocurrency. However, it's vital to bear in mind that these offerings are strictly confined to the introduction of utility tokens.
Staking as Service
VASPs have the permission to utilize staking as a method to generate a passive income stream in cryptocurrency. This practice, akin to making a deposit in a bank, involves securing cryptocurrencies into a network to bolster its functions. As a reward, stakers typically receive additional coins, thereby creating an earning opportunity while possessing cryptocurrencies.
Lithuania Vs Estonia
Looking to venture into the crypto world in Dubai? Consulting24 offers professional support in acquiring a crypto license in Dubai. We understand the complexities of the regulatory landscape and provide comprehensive services to make the licensing process seamless for you. Trust in Consulting24 to navigate through the process and help establish your cryptocurrency venture in the dynamic Dubai mark.
Our Team
Mardo Soo
Founder
"As the Chief Executive Officer of Consulting24, my duty lies in guiding budding entrepreneurs to set up their enterprises and secure the requisite licenses for undertaking crypto-related operations. Our company delivers all-inclusive solutions that simplify the entire procedure, thus empowering our clients to fully exploit the possibilities inherent in the cryptocurrency sector."
Lena Elvbakken
Co-founder
"My expertise lies in delivering tailored services to businesses making their foray into the world of cryptocurrency. With our proficient guidance, clients can confidently maneuver through the intricate regulatory environment, successfully acquiring the vital licenses required for their crypto-centric endeavors."