Do you need a crypto license in Lithuania?

Yes, Licenses for Cryptocurrency Wallet and Custodian Services This license is necessary for entities offering cryptocurrency storage wallet services. Providers of these services generate encrypted keys for clients, enabling them to securely store, exchange, and transfer digital currencies.

Is crypto regulated in Lithuania?

The legal framework within the country permits cryptocurrency businesses to operate lawfully. To combat money laundering and terrorist financing, these operations are subject to strict regulation and oversight.

Who issues crypto license in Lithuania?

Who issues crypto license in Lithuania?Lithuania's Financial Crime Investigation Service (FCIS) After re-registering the company under your name, you can apply for a cryptocurrency license, either a Cryptocurrency Exchange License or a Crypto Wallet and Custodian Services License, by informing the Lithuanian Financial Crime Investigation Service (FCIS) about your intended crypto-related activities.

Where is the easiest place to get a crypto license?

Lithuania is considered one of the easiest places to obtain a cryptocurrency license. The process typically takes 30-60 days, and opening a bank account for crypto-related activities is straightforward. A share capital of 31,250€ is required for the license, and Lithuania offers licenses for Cryptocurrency Wallet and Custodian Services.

What is the capital of crypto license in Lithuania?

In Lithuania, the share capital for a cryptocurrency license is €125,000. Initially, 25% of this amount (€31,250) must be paid up, with the remaining 75% (€93,750) to be increased within one year.

Lithuania Cryptocurrency License

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The Breakdown of a Cryptocurrency License in Lithuania

In Lithuania, there are two principal licenses for entities providing virtual asset services:

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.
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:

Setting Up a UAB: Establish a limited liability company (UAB) in Lithuania, serving as a base for crypto-related operations.
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.
Diverse Leadership: Directors from any country are welcome (excluded Russia, Pakistan, etc), promoting international diversity in leadership.
AML Officer Requirements:
- The officer must be based in Lithuania.
- They should have relevant educational background and experience in AML practices.
- An impeccable reputation is essential for ensuring integrity and professionalism.
Lithuania's Crypto Exchange License:
- Integrates key aspects of the MiCa Directive, ensuring adherence to modern regulatory standards.
- Offers a rapid establishment period of 30-60 days.
- Requires setting up a local bank account, with assistance available from Consulting24.

Lithuania's approach is tailored to meet the needs of modern crypto businesses, offering a blend of advanced regulation and practical support.

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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.