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FCIS Requirements for Crypto License in Lithuania
Lithuania welcomes crypto businesses with open arms, and the Financial Crime Investigation Service (FCIS) stands as its vigilant gatekeeper. Guided by its mission to protect the integrity of Lithuania's financial system, the FCIS carefully issues licenses to crypto service providers who meet strict standards for security, transparency, and compliance.
Bonus: all licensed companies are publicly listed for everyone to see!
Key requirements: €125k capital (€31,250 needed to start) , strong security & and compliance measures, and clean records for executives.
Easy entry, transparent operations - Lithuania's crypto hub awaits!
Types of Crypto Licences in Lithuania
Crypto licenses in Lithuania cover two main types of operations for virtual asset service providers:
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Cryptocurrency exchange license — This license enables a company to execute virtual currency exchange against FIAT and vice versa, or facilitate virtual currency exchanges among themselves, earning a commission for the provided services.
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Cryptocurrency wallet license (cryptocurrency custodial services) — This license permits a company to hold virtual currencies in its wallet on behalf of its clients and maintain the encrypted private keys from these wallets.
Both of these licenses fall under the purview of the Lithuanian Financial Crime Investigation Service (FCIS).
License acquisition process: 30-60 days.
Lithuania Crypto License Requirements
In Lithuania, obtaining a crypto license involves a straightforward yet thorough process, starting with the establishment of a UAB (limited liability company). This forms the ideal foundation for launching your crypto exchange or storage service. The specifics include:
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Capital Requirement: A total investment of €125,000 is necessary. Initially, only 25% (€31,250) is required upfront, with the remaining 75% (€93,750) to be completed within a year.
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Diverse Leadership Opportunities: Lithuania offers a welcoming environment for international entrepreneurs. You can hold the position of a director, regardless of your country of origin.
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AML Officer Requirement: A critical aspect of maintaining Lithuania's robust crypto ecosystem is the presence of an Anti-Money Laundering (AML) officer based in Lithuania.
Lithuania's distinctive approach in the realm of crypto licensing is both progressive and cost-effective. Notably, Lithuania has proactively begun integrating elements of the MiCa Directive, reflecting its commitment to being at the forefront of regulatory innovation in the cryptocurrency sector. This anticipatory adoption of MiCa's key aspects further cements Lithuania's position as a forward-looking jurisdiction in the field of cryptocurrency regulation.
The Process for Crypto License in Lithuania: Detailed Steps and MiCa Directive Integration
The process of acquiring a crypto license in Lithuania is methodical, offering a structured path to launch your crypto business. The key steps involved are:
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Company Registration and Initial Financial Setup:
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Open a share capital account with SEB Bank.
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Deposit an initial amount of €2,500.
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Complete Company Registration:
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Officially register your company in Lithuania as a UAB (limited liability company).
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Company Bank Account Opening:
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Open a company bank account.
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Deposit the remaining amount of €28,750, reaching a total of €31,250 in share capital.
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Share Capital Registration:
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Register the paid-up share capital as part of the company formation process.
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Preparation of AML and KYC Policies:
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Develop comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) policies in line with regulatory requirements.
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AML Officer Recruitment:
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Hire a qualified AML officer who is based in Lithuania to ensure adherence to local regulations.
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Crypto License Registration:
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Submit the application for the crypto license, ensuring all compliance measures are met.
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Additionally, Lithuania's proactive approach includes integrating key components of the MiCa Directive into its regulatory framework. This forward-thinking stance ensures that Lithuania remains a leading jurisdiction in cryptocurrency regulation and compliance.
Lithuania Crypto License Cost: Detailed Breakdown
The process of obtaining a crypto license in Lithuania involves specific costs and fees, outlined here for clarity and planning:
Fees:
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Company & Crypto Licenses Registration: €15,000 for the complete registration process.
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Banking and Operational Account Fees: €1,500 for opening deposit and operational accounts (additional fees from EMI are not included).
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AML/KYC Policy Preparation: €3,500 for developing the required Anti-Money Laundering and Know Your Customer policies.
Total Initial Cost: €20,000
Extra Service:
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AML Officer Recruitment: An additional fee of €3,500, with a starting salary for the AML officer from €1,200.
Yearly Expense:
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Virtual Office: €500 per year, with the first year included in the initial cost.
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AML officer salary
Payment Schedule:
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Initial Payment: €10,000 to commence the process.
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Final Payment: €10,000 due before the notary appointment.
Payment Options: Payments can be made in USDT (Tether) or EUR.
This comprehensive breakdown ensures transparency and helps in planning the financial aspects of acquiring a Lithuania Crypto License.
Take your Lithuania Crypto License Search to the next level by connecting with our experts, who are ready to guide you through every step of the process.
Capabilities of a Crypto Licence Lithuania: What's Possible?
Crypto to Crypto
Firms recognized as Virtual Asset Service Providers (VASPs) have the privilege to offer exchange services for various digital assets, encompassing utility tokens and coins. Yet, they're not granted the authority to enable trading of security tokens.
Custodial Service
With a VASP License in hand, the holder is authorized to store cryptocurrencies for clients using custodial wallets. In simpler terms, the operator can establish a wallet on behalf of a client, while the VASP retains control over the private keys.
Crypto to Fiat, Fiat to Crypto
Holding a cryptocurrency license in Lithuania equips one with the ability to facilitate the exchange of cryptocurrencies for traditional, fiat currencies, and vice versa. Thus, clients gain the power to buy or sell utility tokens using conventional currencies like the USD, Euro, and more.
ICO/IDO/IEO
A Lithuanian-registered VASP possesses the capability to execute Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs). These platforms serve as avenues for the VASP to debut its cryptocurrency. It's important to highlight, though, that these offerings are strictly limited to the launch of utility tokens.
Staking as Service
VASPs have the permission to employ staking as an extra approach to derive passive income from cryptocurrencies. Rather than just retaining cryptocurrencies, staking offers a lucrative alternative, mirroring the concept of bank deposits in the world of crypto.
Mint & Trade NFTs
A VASP registered in Lithuania can carve out a platform for NFT trading or participate in the creation of NFTs, thereby shaping a marketplace for one-of-a-kind digital assets.
Cross-Comparing Crypto Licensing in Lithuania, Dubai, and Estonia
Feature | Lithuania | Dubai | Estonia |
|---|---|---|---|
Cost | 20 000€ | 20 000€ | 25 000€ |
License Type & Government fee | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
|
No additional fee | 2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | 10 000€ | |
Audit | Not required | May be required by VARA | Monthly and yearly are needed |
Office | Can be virtual | Required | Required |
AML (Anti-Money Laundry Officer) | Local needed | Can be any nationality | Local needed |
AML monthly salary | Starting from 1200€ | 5000€ | Starting from 2000€ |
Local director | Can be any nationality | Can be any nationality | Can be of any nationality, but have to live in Estonia |
Share capital terms | 25% now, 75% within a year.
| Immidiately | Immediately |
Required share capital | 125 000€ | 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
| 100 000€ - Crypto wallet and custodian services license.
250000€ - Cryptocurrency exchange license |
At Consulting24, we're experts in obtaining crypto licenses in various jurisdictions, including Estonia and the UAE. We thrive in simplifying complex procedures, turning the intricate licensing process into a smooth, navigable journey. With over 500 licenses successfully secured in Estonia and Lithuania, we have a wealth of experience to offer.
Estonia, renowned for its progressive and accommodating stance towards cryptocurrencies, is an attractive location for businesses in the crypto space. In the heart of the EU, it provides businesses with a clear regulatory environment and straightforward access to the vast European market. Whether it's for wallet services or exchange operations, acquiring an Estonian crypto license has proven to be a worthwhile investment for many.
As we continue to help clients navigate their crypto journey, our commitment remains the same: to maximize success while minimizing complications. Visit our page to learn more about securing an Estonian crypto license: Click here to learn more: Cryptocurrency License in UAE or crypto license in Estonia.
With Consulting24, your crypto journey is in experienced hands. Let's embark on this exciting venture together.
Our Team
Mardo Soo
Founder
"As the CEO at Consulting24, my role involves helping budding entrepreneurs set up their firms and secure the requisite licenses for crypto activities. We offer all-inclusive solutions that simplify the process, paving the way for clients to harness the power of the crypto sphere."
Lena Elvbakken
Co-founder
"I provide tailored services to firms stepping into the world of cryptocurrency. With our expert counsel, clients can skillfully traverse the regulatory landscape and secure the crucial licenses required for their crypto-focused endeavors."
