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Obtain Your Cryptocurrency License in Lithuania

Obtain Your Cryptocurrency License in Lithuania

Licensing for virtual currencies in Lithuania is available in two forms:
Regular price £14,000.00 GBP
Regular price Sale price £14,000.00 GBP
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  • Dedicated licensing manager
  • Rapid project implementation
  • Virtual office address

Introduction

Are you looking to get a cryptocurrency exchange licence in Lithuania? Our expert team can guide you through the process of obtaining a cryptocurrency license, ensuring you meet all legal requirements and operate in a regulated environment.

Key Benefits of a Lithuanian Cryptocurrency License

  • Operate Legally: Conduct your business within a regulated framework.
  • Gain Credibility: Establish trust with your customers and partners.
  • Access a Growing Market: Tap into the thriving cryptocurrency market in Lithuania.

Our Services

  • Company Formation: We can help you establish a limited liability company (UAB) in Lithuania.
  • Legal Documentation: Our experts will prepare all necessary legal documents for your license application.
  • AML/KYC Compliance: We'll ensure your company adheres to anti-money laundering and know-your-customer regulations.
  • License Application: We'll guide you through the entire application process and submit the required documents to the Lithuanian authorities.
  • Ongoing Support: We'll provide ongoing support to help you maintain compliance and address any questions or concerns.

The Application Process

  1. Consultation: Schedule a consultation with our experts to discuss your business plan and requirements.
  2. Document Preparation: We'll assist you in preparing the necessary documents for your application.
  3. Submission: Submit your application to the Lithuanian Financial Crimes Investigation Service (FCIS).
  4. Review and Approval: The FCIS will review your application and make a decision on whether to grant the license.

 What's Included:

  • The establishment of a company or the purchase of one that is already established
  • A EUR 125,000 contribution to the registration of the share capital
  • Preparation of legal documents for companies
  • Assistance with state social insurance fund employment/KYC/AML officer and information
  • For one year, Vilnius Business Centre will be the legal address
  • An analysis of the Cryptocurrency Company’s business model and structure
  • Company KYC/AML procedures and procedural rules
  • Submission of notifications to Lithuanian FCIS and Business Registers
  • Fees for registering a company with the government
  • License fees for government-issued cryptography
  • Five hours of general counselling

General Regulations:

This Crypto License in Lithuania is granted after thorough review and full submission of required information, allowing a virtual company to conduct cryptographic activities. Changes in structure can only be made after obtaining license. Application form is provided by Lithuanian Business Register under control of FCIS.

Licence Procedure:

Obtain your virtual currency license with ease through OTCdomain. Limited liability companies (UABs) can be incorporated remotely without the need for a local resident or visit. With a minimum authorized capital of 2500 euros, you can confidently set up your cryptocurrency business with experienced AML expertise.

Requirements for Licence:

Applicants for licence need to comply with the following requirements:

  • Address of website that will offer cryptocurrency services
  • Identification procedures and identity checks must be conducted for all clients;
  • Regulators should have access to customer data;
  • An internal control system and a risk assessment procedure should be in place at the company;
  • Compliance with KYC/AML requires a compliance officer
  • The Financial Crimes Investigation Service (FCIS) must be notified.
  • Board of directors & shareholders must have impeccable reputation and no criminal record. A copy of the criminal record of an owner, board member, final beneficiary (UBO) or AML officer (not older than 3 months). 
  • All participants’ passports must be apostilled
  • The CVs of all participants in the project
  • Lithuanian territory does not include virtual or physical offices.
  • As part of the application process, an AML officer must prove that they have a good reputation in business and do not have any criminal records, as well as provide documentation regarding relevant education, skills, and experience
  • KYC/AML officers can be replaced by third-party suppliers with whom a collaboration agreement has been reached
  • Owners/board members of the company do not have any restrictions based on their country of residence.
  • The KYC/AML procedures, procedural rules, and business plan. 
  • The business model of the company and a detailed description of its activities

Requirements after obtaining your Licence:

Easily report to tax authorities. No special requirements for cryptocurrency companies. Comply with AML/KYC regulations by collecting and providing client data upon request from FCIS. Stay compliant and worry-free.

Tax Requirements:

  • VAT does not apply to crypto exchange services.
  • VAT is charged on cryptocurrency services.
  • There is a 15% tax on cryptocurrency benefits. Taxes are applied to small businesses with less than 10 employees and turnovers below 300,000 euros.
  • Dividends paid on income are taxed at 15%.

Taxes for crypto-related activities may vary depending on the type of activity. However, tokens obtained through exchanges, nesting, or other means are not subject to taxes.

Conclusion

Obtaining a cryptocurrency license in Lithuania can be a complex process. Our team of experts can guide you through every step, ensuring a smooth and successful application. Contact us today to learn more and start your journey towards operating a regulated cryptocurrency exchange.

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Frequently Asked Questions

How does it work?

Once you’re ready to get your Crypto Licence in Lithuania by OTCdomain experts, complete your purchase & schedule a call with one of our License Manager. During this call, we'll collect your business details, to ensure your application is filed accurately.

How long does it take to complete & submit my application?

It takes us less than 7 working days (excluding Sat-Sun) in most cases to complete & submit your License application, if we all have the information from you.

Once you complete the purchase, we will email you with an approximate time frame required.

How long does it take to get a decision for my Crypto Licence application?

A crypto licence in Lithuania requires a 30-day processing time. Delays may occur due to missing documents.

Can i make changes and edit my License application?

Yes you can make changes to your License application if it is not submitted.

If you require us to make changes, once the License application is complete, please contact us asap by sending an email to cryptolicence@otcdomain.com .

What country is the licence issued in?

Your License will be issued in the Lithuania.

Depending on your type of application & business activity you will be issued with the following license by the Lithuanian government :

  • License for cryptocurrency wallets (CryptoWallet Exchange)
  • Licence to exchange cryptocurrencies (Crypto Exchange Licence)

What are the requirements for obtaining the License?

The following requirements must be met by applicants in order to obtain a crypto licence in Lithuania:

  • Lithuanian company establishment and registration
  • A minimum of one employee is required for the company
  • The company must have an employee who has good knowledge of KYC and security regulations
  • A Lithuanian address is required for the company
  • KYC procedures must be established by the company
  • It is the company’s responsibility to provide the supervisory body with regular reports about its activities and security.

Am i subject to paying taxes in Lithuania after obtaining License?

Indeed. Apart from corporate taxes, crypto companies are also subject to other taxes. The State Tax Inspectorate, part of the Ministry of Finance in the Republic of Lithuania, oversees income reporting and tax collection.

Am i subject to audits in Lithuania?

Correct, the Lithuanian Financial Crime Investigation Service (FCIS) manages holders of both sorts of crypto licenses.

What crypto services can i sell/offer after obtaining my Licence?

  • Client keys may be given to customers by authorized holders of crypto wallet licenses, and client wallets may be held on their behalf by custodial wallet holders.
  • Holders of a Crypto exchange licence may offer exchange services between virtual currencies and fiat currencies for a fee. A virtual currency may also be exchanged for another.
  • For a virtual asset service provider to secure both crypto licenses in Lithuania, they must aim to offer both types of services.

Can non-Lithuanian Directors & Shareholders obtain a Licence?

Yes thats correct. Non-Lithuanian directors and shareholders may secure a license. No residency required

A trustee is required for non-residents to form a company in Lithuania remotely. If non-residents attempt it themselves, they must be in the country and locate a notary for assistance.

OTCdomain can help you create a crypto company remotely, with a Lithuanian trustee serving on behalf of the founder.

Do i need a Bank account before applying for the License?

No, you do not need a Business bank account as part of the application process.

You have the option to open a crypto business bank account after obtaining your license.

Whats the minimum authorised capital for virtual currency service provider?

Providers of virtual currency services need to maintain a minimum authorized capital of 2500 Euros.

What currency is used for authorised share capital?

An authorized capital deposit in Euros (EUR) is mandatory for applicants.

Can cryptocurrencies be used as minimum authorised capital?

No you cannot use cryptocurrencies to meet the minimum requirement of authorised capital

How long is the crypto licence issued for in Lithuania?

In Lithuania, crypto licenses remain valid indefinitely

What are the advantages of obtaining a licence with OTCdomain?

Lithuania implements technical developments rapidly, providing ideal conditions for business establishment and crypto licensing. Key benefits include:

  • The entire process can be completed remotely
  • Capitalization standards are minimal
  • Within a 30-day timeframe, the process can be finished
  • A 15 percent corporate tax rate is in effect, below the levels seen in several EU nations.

Do you offer discounts for referrals?

Absolutely. If you refer a client to us then we can reduce your price by 10%.

What payment methods do you accept?

 

  1. Credit/debit card 
  2. Paypal
  3. UK Bank transfer / Faster Payments 
  4. International Bank wire/transfer 
  5. Bitcoin (BTC)
  6. Ethereum (ETH) 
  7. USDT
  8. USDC 

Got More Questions?

Consult with an OTCdomain expert to learn more and get your questions answered.