Cryptocurrency or VASP License in Lithuania

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.