Lithuania Cryptocurrency License
Transforming a Goal into a Reality by Consulting24. Learn all the details to acquire Lithuania licenses.
Cryptocurrency license in Lithuania
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Company registration
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VASP registration acquisition within FNTT
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Includes state and notary fees
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AML/CTF documentation
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Assistance in opening a share capital deposit account
Clients
The Breakdown of a Cryptocurrency License in Lithuania
In Lithuania, there are two principal licenses for entities providing virtual asset services:
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Cryptocurrency Exchange License - This license authorizes a company to manage the operations related to converting virtual currencies into FIAT currencies and vice versa. It also allows the company to broker the exchange of virtual currencies between users, earning income through service fees in the process.
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Cryptocurrency Custodial License (also referred to as Cryptocurrency Wallet Services) - This license empowers a firm to securely store clients' digital currencies in its wallets. The firm also retains control over the private keys associated with these wallets, ensuring the secure handling of digital assets.
Lithuania Cryptocurrency License Requirements
Acquiring a cryptocurrency license in Lithuania involves a streamlined and regulatory-compliant process. This approach is designed to facilitate the establishment of crypto businesses, such as exchanges and custodial services, within the country's progressive legal framework.
Here are the key steps and requirements:
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Setting Up a UAB: Establish a limited liability company (UAB) in Lithuania, serving as a base for crypto-related operations.
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Capital Investment: An initial investment of €125,000 is required, with €31,250 (25%) upfront and the remainder (€93,750 or 75%) within the next year.
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Diverse Leadership: Directors from any country are welcome (excluded Russia, Pakistan, etc), promoting international diversity in leadership.
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AML Officer Requirements:
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The officer must be based in Lithuania.
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They should have relevant educational background and experience in AML practices.
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An impeccable reputation is essential for ensuring integrity and professionalism.
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Lithuania's Crypto Exchange License:
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Integrates key aspects of the MiCa Directive, ensuring adherence to modern regulatory standards.
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Offers a rapid establishment period of 30-60 days.
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Requires setting up a local bank account, with assistance available from Consulting24.
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Lithuania's approach is tailored to meet the needs of modern crypto businesses, offering a blend of advanced regulation and practical support.
Services Enabled by Cryptocurrency License in Lithuania
Custodial Service
Holding a VASP license authorizes the holder to securely keep clients' digital currencies in custodial wallets. Essentially, the service provider can generate a digital wallet for a client, and in the process, sustain control over the wallet's private keys.
Crypto to Fiat, Fiat to Crypto
Being granted a cryptocurrency license in Lithuania endows one with the ability to mediate the mutual exchange between cryptocurrencies and conventional fiat currencies. This enables clients to transact utility tokens such as Bitcoin, Ethereum, BNB, and others against traditional currencies like the USD and Euro.
Crypto to Crypto
Companies acknowledged as VASPs are empowered to provide exchange services for a wide array of digital assets. This encompasses, but isn't limited to, Bitcoin, Ethereum, BNB, along with several other utility tokens and coins.
Staking as Service
VASPs have the license to employ staking to generate passive income via cryptocurrencies. This procedure, akin to making a deposit at a bank, requires immobilizing cryptocurrencies in a network to facilitate its functions. In exchange, those staking usually accrue additional coins, creating an earning potential while retaining their cryptocurrencies.
ICO/IDO/IEO
A Lithuania-based VASP is empowered to carry out Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs). These pathways furnish platforms for the VASP to debut its proprietary cryptocurrency. However, it's crucial to note that these offerings are solely restricted to the introduction of utility tokens.
Mint & Trade NFTs
A VASP registered in Lithuania possesses the ability to develop a platform for NFT (Non-Fungible Token) trading, or even get involved in NFT production. This greatly aids in the establishment of a distinct digital asset marketplace.
Your Branded Debit Card
Within the context of Lithuania's licensing framework, your enterprise is provided with the distinctive possibility of initiating its own branded debit card for your clientele. This card empowers your customers with the choice to execute purchases using widely accepted cryptocurrencies such as Bitcoin, Ethereum, BNB, and more.
OTC
You are entitled to provide Over-the-Counter (OTC) trading solutions to your clientele under Lithuania's licensing regime. This service facilitates your clients in conducting substantial volume trades discreetly and directly. They can exchange widely recognized cryptocurrencies like Bitcoin, Ethereum, BNB, and more.
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Consulting24 Team
Mardo Soo
CEO
"As the CEO of Consulting24, my mission is to assist upcoming entrepreneurs in setting up their businesses in Lithuania and securing the requisite cryptocurrency licenses. Our comprehensive solutions simplify the whole process, enabling our clients to maximize the vast potential of the Lithuanian cryptocurrency industry."
Lena Elvbakken
Co-founder
"My expertise lies in providing tailored services to businesses venturing into the crypto domain, particularly in obtaining a Lithuania cryptocurrency license. With our expert guidance, clients can confidently navigate the complex regulatory landscape, ensuring they secure the necessary licenses for their crypto-centric initiatives."
