Lithuanian Cryptocurrency License

Lithuania is the biggest of the Baltic states and regards itself as the region’s economic powerhouse. It has succeeded in attracting significant inflows of foreign direct investment due to the low costs of accounting and administration, low taxes and good geographical position. Openness to innovation, an increasingly digitized society, and a stamp of approval from hundreds of leading global companies - this is Lithuania today.

Lithuania offers 2 types of licenses for virtual assets service providers (VASP):

Cryptocurrency exchange license - allows to exchange digital currency for fiat currencies or vice versa, and cryptocurrency for fiat currency by charging a fee.

Crypto Wallet and Custodian License - allows to manage clients wallets to store cryptocurrency, generate and store clients encrypted keys.

Both types of licenses are supervised by Lithuanian Financial Crime Investigation Service (FCIS). It is also possible to obtain both licenses at once.

In order to obtain the VASP license the following requirements must be met:

Legal entity in Lithuania must be set up
Legal entity must have at least 1 shareholder and at least 1 director (no specific residency requirements)
Founders and management of the company must be of good repute and must not have criminal records
Registered office in Lithuania (can be a virtual office)
The minimum share capital must be at least 125,000 EUR
AML/MLRO officer must be appointed
Mandatory reporting to FCIS (Financial Crime Investigation Service) of Lithuania

To maintain the crypto license it is necessary to:

Perform identification and verification procedures for all customers
Store customer information and transfer it to the Regulator upon request
Perform ongoing transaction monitoring
Implement AML/CFT internal control procedures
Report to the Regulator (FCIS) about suspicious transactions

Benefits of Lithuanian Cryptocurrency License:

Relatively low operational costs compared to EU average

Favourable tax environment

Developed digital environment

No visit is required

No physical office required

No local board management member required

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General Information for Lithuanian Cryptocurrency License
Minimum Share Capital	125,000 EUR
Corporate Income Tax	15%
Approximate time frame for obtaining the License	2-3 months
Management Board	At least one Director
Shareholders	At least one Shareholder

Local Requirements for a Company operating under Lithuanian Cryptocurrency License
Local Physical Office	No
Local Management Board Member	No
Local AML/MLRO Officer	Yes
Publicly Accessible Records	Yes
Beneficial Owner(s) details	Disclosed to the authorities

Annual Requirements for a Company operating under Lithuanian Cryptocurrency License
Financial statements	Yes
Audited accounts	Yes

Cost of Lithuanian Cryptocurrency License

From

€ 29000