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Cryptocurrency License in Lithuania Explained
In Lithuania, there exist two primary license categories pertaining to virtual asset service providers:
Cryptocurrency Exchange License — This license grants a company the right to oversee transactions related to the conversion of digital currencies into FIAT currencies, and vice versa, or facilitate the exchange of virtual currencies amongst users, thereby generating revenue from the service charges.
Cryptocurrency Wallet License (also known as Cryptocurrency Custodial Services) — This license enables a firm to securely hold digital currencies in its wallets on behalf of its clientele and control the confidential private keys linked to these wallets.
Process
Starting your cryptocurrency venture in Lithuania is as simple as forming a UAB, a type of limited liability company. This is an ideal foundation for your crypto exchange or storage service, demanding only an initial capital of €125,000. A down payment of 25% (€31,250) is necessary, with the remaining 75% (€93,750) to be settled within the following year.
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We uphold the importance of diversity in executive roles. No matter where you come from, you're invited to occupy the position of a director. However, to maintain the credibility of our crypto industry, we necessitate a locally-based Anti-Money Laundering (AML) officer.
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Lithuania has carved a niche for itself with its pioneering and cost-effective method of issuing a Crypto Exchange License. Even before the official adoption of the MiCa Directive, Lithuania has already embodied some of its key components, thus staying ahead in progressive regulation.
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Furthermore, with a rapid set-up time of just 30-60 days and a requisite bank account—which our Consulting24 team will be more than willing to assist you in opening—Lithuania establishes itself as a favored destination for crypto enterprises.
Lithuania Vs Estonia
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Service Range: Potential Activities for a VASP Based in Lithuania
Crypto to Crypto
Firms identified as VASPs are given the opportunity to offer exchange services for an extensive range of digital assets. These include, but are not limited to, Bitcoin, Ethereum, BNB, and a variety of other utility tokens and coins.
Crypto to Fiat, Fiat to Crypto
Obtaining a cryptocurrency license in Lithuania furnishes one with the capacity to broker the reciprocal exchange between digital and traditional fiat currencies. As a result, clients enjoy the advantage of transacting utility tokens like Bitcoin, Ethereum, BNB, and others against conventional currencies like the USD and Euro.
Custodial Service
Owning a VASP license provides the license holder with the capability to safely store clients' cryptocurrencies in custodial wallets. In essence, the service provider can create a digital wallet for a client and, while doing so, maintain control over the wallet's private keys.
Mint & Trade NFTs
A Lithuania-based VASP has the capability to establish a marketplace for NFT (Non-Fungible Token) trading, or even participate in the creation of NFTs. This significantly contributes to shaping a unique digital asset marketplace.
ICO/IDO/IEO
A VASP registered in Lithuania has the ability to execute Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs). These avenues provide platforms for the VASP to launch its exclusive cryptocurrency. However, it's important to remember that these offerings are strictly limited to the launch of utility tokens.
Staking as Service
VASPs are authorized to use staking as a means to earn passive income in cryptocurrency. This process, similar to depositing money in a bank, involves locking up cryptocurrencies within a network to support its operations. In return, stakers generally receive more coins, providing an income opportunity while still holding onto their cryptocurrencies.
Your Branded Debit Card
Under the Lithuanian licensing framework, your company has the exciting opportunity to launch your own branded debit card for your clients.
With this card, your customers will have the flexibility to make purchases using popular cryptocurrencies like Bitcoin, Ethereum, BNB, and others.
OTC
You can offer Over-the-Counter (OTC) trading services to your clients. This service allows your clients to perform large-volume trades directly and privately. They can trade popular cryptocurrencies like Bitcoin, Ethereum, BNB, and others without causing market fluctuations, optimizing their trading strategy while maintaining confidentiality.
Consulting24 Team
Mardo Soo
Founder
"As the CEO of Consulting24, I'm dedicated to helping emerging entrepreneurs establish their businesses and obtain the necessary permits for conducting crypto-centric operations. Our firm provides comprehensive solutions that streamline the entire process, allowing our clients to fully harness the potential within the cryptocurrency industry."
Lena Elvbakken
Co-founder
"My specialty revolves around providing customized services to enterprises venturing into the cryptocurrency sphere. Our expert guidance equips clients to navigate the complex regulatory landscape with assurance, successfully procuring the crucial licenses necessary for their crypto-focused initiatives."