Yes, foreigners can open and run virtual asset service provider business in Lithuania since there are no residency requirements for owners and shareholders. 

It is sufficient to have a virtual office in Lithuania. 

Since November 2022, the minimum share capital requirement is € 125,000. 

Virtual currencies exchange services are not subject to VAT.

Corporate income tax rate is 15%. Small companies which have up to 10 employees can benefit from reduced corporate tax rate of 0-5% if the gross annual income is less than € 300,000. 

Dividend tax is levied on distributed income and is 15%. 

On average, the process takes about 2-3 months. Application timeframe will depend on the complexity of ownership structure, commercial proposition, and cooperation of the related parties since the application process runs in close collaboration with an applicant.

No, crypto license application process is fully remote. 

Members of the management, supervisory bodies and beneficial owner(s) of virtual assets service providers must not have criminal records, where specific conditions also apply to some types of committed crimes. A person  who has committed a serious crime is restricted to participate in VASP activities permanently. In case of less serious crime, a person would be able to participate in VASP activities only after a certain time period. 

MLRO is known as Money Laundering Reporting Officer who is responsible for ensuring compliance with anti money laundering policies. MLRO's duties include communication with the Regulator and reporting about suspicious transactions. MLRO must have the competence in the AML/CFT field, speak sufficient Lithuanian, and keep track of the Lithuanian legislation.