Crypto Exchange and Wallet Operator Licenses in Lithuania
Contributed by MAXCORP - Legal Department
07 May, 2021
Lithuanian crypto exchange and wallet operator licenses
Lithuania offers a friendly and regulated legal environment for crypto exchange and crypto wallet services provider companies, with regulations in place since 2020. Our onsite lawyers provide professional solutions for crypto exchange and wallet licenses setup.
Vilnius, the capital of Lithuania, is a well-known fintech capital in Europe and is also receiving more attention for its regulations for crypto exchange services licensing. In comparison to its neighbouring destination Estonia, Lithuanian regulations can be viewed as more flexible in terms of the setup and may come at lower on-going cost.
The Lithuanian crypto license covers:
- Crypto currency exchange operator for providers of a service of exchanging a crypto currency against a fiat currency (covers offering services for exchanging fiat to crypto, crypto to fiat and crypto to crypto);
- Crypto currency depository wallet operator for providers of a crypto currency wallet service (covers both hot and cold wallets).
The crypto licenses are supervised by the Lithuanian Financial Crime Investigation Service (FCIS). Our lawyers assist in applying for the crypto licenses in Lithuania for providing crypto exchange and/or wallet services by preparing all required legal compliance documentation and managing the process on your behalf fully remotely without travel needed. One company can hold both licenses. The regulator application review time is on average 1 month.
More information about crypto licensing in Lithuania:
How to apply for Crypto Currency Exchange and Wallet Operator Licenses in Lithuania?
To apply for the Lithuanian crypto license to provide cryptocurrency exchange and/or wallet services a limited liability company (UAB) has to first be set up in Lithuania. The minimum share capital requirement is 2500 EUR. The company setup can be carried out fully remotely with no visit required, it usually takes about 10 business days from the point we receive all required original documentation.
A licensed company has to keep a detailed and up-to-date overview of all clients and transactions according to the AML/KYC regulations. The regulator FCIS may make enquiries about the activities of the company, especially in regard to following the predefined AML/KYC policies. Our lawyers will support in compiling the full set of legal and compliance documentation as the regulator may request to check and monitor the internal procedures.
Key points for crypto company in Lithuania:
- At least 1 shareholder (private person or corporate entity). No restrictions to citizenship or residence.
- At least 1 management board member (can be same as shareholder). No restrictions to citizenship or residence. Additional board member(s) foreign residents are allowed, no restrictions to citizenship or residence.
- AML Compliance Officer. No restrictions to citizenship or residence. Professional experience and fit-and-proper requirement.
Members of the management board as well as ultimate beneficial owners of the company must meet the requirements of impeccable reputation. There is no requirement for the personnel to be Lithuanian and/or European residents. For optimal setup structure please consult our legal team.
Required documentation for Crypto License Application in Lithuania:
- Certified copy of passport and CV/resume
- Business plan detailing planned activities and forecasts
- Police certificate clearing the participants of criminal records
End-to-end setup of Crypto Company Structures in Lithuania
MAXCORP is a licensed service provider for company formations and corporate services, with a professional team in business since 1998. Our onsite legal team in Lithuania offers a full range of corporate services, including end-to-end setup of blockchain and crypto company structures. Our experience in working with a myriad of licensing projects since the birth of crypto focused legislation can be at your disposal if you like to work with professionals.
For more information and a free case evaluation please visit our website at https://www.maxcorp.eu/eng/crypto/crypto-license-lithuania/
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