Lithuania: A Leading EU Nation Offering Specialized Crypto Licenses

Among the European Union nations, Lithuania stands out by providing a specific licensing and approval process for firms dealing with virtual currencies. While a comprehensive legal structure governing the use of cryptocurrencies hasn’t been fully established, companies engaged in the trading and storage of digital currencies can pursue two distinct licenses:

  1. Crypto Exchange License: This permits a firm or a subsidiary to trade virtual currencies and earn fees from these transactions.
  2. Cryptocurrency wallet license: This gives the firm or its affiliate the right to control customers’ wallets to store digital currencies.

Comprehensive Guide to Lithuania Crypto Licensing

Crypto Exchange License

Overview: This allows for the trading of virtual currencies.

Prerequisites for License: Board members and proprietors must have a spotless reputation; adherence to Anti-Money Laundering (AML) policies is mandatory.

Services Provided: Facilitates the transaction of digital currencies while earning transaction fees.

Advantages: Fintech newcomers will find a supportive atmosphere, accompanied by a streamlined process for securing the requisite permits.

Central Bank’s requirement: Activities of traditional financial entities should be distinctly partitioned from those of firms involved in cryptocurrency management.

Cryptocurrency Wallet License

Overview: Oversight of client wallets designated for cryptocurrency storage.

Prerequisites for License: Prospective licensees should present board members and owners of impeccable repute and must adhere strictly to Anti-Money Laundering (AML) policies.

Services Provided: Engage in the administration of wallets for clients to securely store their cryptocurrencies.

Advantages: Start-ups in the fintech sector get access to a favorable environment and a simplified procedure for obtaining licenses.

Central Bank’s requirement: Activities of traditional financial entities should be distinctly partitioned from those of firms involved in cryptocurrency management.

Advantages of Securing a Lithuanian Crypto License

Getting a crypto license in Lithuania comes with several perks:

  1. It allows the trading and safekeeping of digital currencies.
  2. Lithuania provides a positive setting for new fintech businesses.
  3. The process to get the needed licenses is straightforward and simple.
  4. There’s a clear distinction between regular financial businesses and crypto companies.
  5. Lithuania strictly follows the Anti-Money Laundering Policy (AML Policy).
  6. Traditional business players have the chance to engage in the virtual asset market too.

Why You Need to Work with Professionals When Setting Up a Cryptocurrency Exchange Company

Registration of such a business requires a full understanding of technical, financial, and legal aspects. One of the most important stages is the availability of an appropriate license. The specialists of Prifinance have extensive experience in obtaining a crypto license in Lithuania and are always ready to help their clients with this. Thanks to the support of professionals, several issues will be resolved at once:

  • Preparation of legal documentation.
  • Ensuring that the business meets all the necessary requirements.
  • Providing support in the field of taxation and financial planning.
  • An audit and internal control of the business will be conducted to ensure compliance with regulatory requirements and transparency.