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Crypto license in Lithuania is quite popular solution for crypto businesses. The jurisdiction established its crypto regulation in 2020, after that interest in this country for businesses engaged into crypto activity significantly increased.
Despite the fact of implementation of stricter rules for this industry in 2022 by Bank of Lithuania, the Ministry of Finance, and the Financial Crime Investigation Service (FCIS or FNTT (Lithuanian: Finansinių nusikaltimų tyrimo tarnyba), the country is still more attractive than an Estonian option. It easily could be nominated as one of the “leading crypto hubs” in EU area, taking the second place after Poland.
It is for sure worth five minutes of your attention to read more about Lithuania crypto regulation, requirements and “licensing” regime below.
The term "Lithuania Crypto License" is frequently used, but the legislation of the country does not have a licensing regime specifically designed for crypto asset providers. The existing regulatory framework operates on an "authorization" principle, permitting crypto businesses functioning without strict licensing requirements. The term "Lithuanian Crypto license" in this article should be understood as the authorization process required for any virtual asset service provider in Lithuania before offering crypto-related services.
The Lithuanian government allows the business to use virtual currencies along with FIAT (traditional financial services) and electronic money, engage in activities related to cryptocurrencies, such as exchanges and wallet services. This license is popular for possibility to operate within the European Union due to Lithuania's compliance with EU laws and regulations, which makes it easier for businesses to expand their services across Europe.
The license ensures that all crypto businesses operating in Lithuania follow strict standards of transparency, security and legal compliance. This includes requirement to comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. Modern proactive approach to regulating the crypto space has made Lithuania crypto license an attractive place of interest for many crypto businesses with a reputable jurisdiction in which to operate.
Opting for a crypto license in Lithuania offers many benefits for crypto businesses:
Licensing for virtual currencies in Lithuania provides two forms of licenses (authorization):
The scope of the Crypto License Lithuania is comparatively wide covering many crypto related activities.
Obtaining a Crypto License in Lithuania allows a business to provide particularly the following services:
Special attention should be paid to ICO (Initial Coin Offerings) projects. It is important to note that they may be subject to different regulatory frameworks in Lithuania, depending on their legal classification. When utility tokens can be considered within the offered “licensing” regime, certain ICO might potential touch upon crowdfunding and securities regulation in the country.
The Lithuania Crypto Exchange License is a permit that covers activity of businesses that operate cryptocurrency exchanges. This permit allows companies to facilitate transactions between different cryptocurrencies, as well as between cryptocurrencies and fiat currencies. It is designed to ensure these transactions are conducted in a secure, transparent and legally compliant manner, protecting both the exchange operators and their clients.
Below are some key requirements for obtaining Crypto License in Lithuania:
The registration process for obtaining a Cryptocurrency License Lithuania is briefly described below. To enter the Lithuania crypto license register the operators can consider the following steps.
Step 1 Preliminary check
Step 2. Incorporation of the company
Step 3. Regulatory notification
Prior to regulatory notification Crypto Licensing (authorization) process will require the following actions:
Once the application is complete, it is submitted to the Financial Crime Investigation Service (FCIS) for review. The FCIS will assess the application to ensure that the company meets all legal requirements, including financial stability and compliance with regulatory standards. If the application is approved, the company will be granted a cryptocurrency license, allowing it to legally operate within Lithuania’s jurisdiction. The entire process typically takes several months, depending on the complexity of the application and the responsiveness of the applicant.
Step 4. Ongoing Compliance
Ongoing Monitoring: Regularly monitor AML officers’ activities, ensuring compliance and assisting in communication with regulatory bodies.
Legal Frameworks for crypto operation in Lithuania includes such acts:
In Lithuania, the primary regulatory authority overseeing cryptocurrency activities is the Financial Crime Investigation Service (FCIS). This body is responsible for issuing licenses, monitoring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, and ensuring that companies operating within the cryptocurrency sector adhere to both national and European Union (EU) laws. FCIS plays a crucial role in maintaining the integrity of the financial system by preventing illicit activities such as money laundering and fraud.
Another key regulatory body is the Bank of Lithuania, which, while primarily focused on traditional financial institutions, also provides guidance on the application of financial regulations to cryptocurrency businesses. The Bank of Lithuania ensures that the financial stability of the country is upheld, and it works closely with FCIS to monitor the impact of cryptocurrencies on the broader financial market.
Together, these authorities create a regulation that supports innovation in the cryptocurrency sector and at the same time ofeers safe environment for consumers. Their supervison helps Lithuania to be considered as a reputable and secure jurisdiction for cryptocurrency businesses.
Companies that have obtained a crypto exchange license in Lithuania are required to comply with regulatory requirements and provide regular reports:
After the adoption of Regulation 2023/1114 of the European Parliament and of the Council on markets in crypto-assets (“MiCA”) at the European level, countries are required to implement various amendments to align with the new, more uniform regulatory framework established across the European Union.
While current Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CTF”) regulations are in place to combat money laundering, terrorist financing, evasion of international sanctions, and fraud, the new regime aims to enhance transparency, ensure financial market stability, and safeguard consumers from the speculative risks associated with the crypto-assets market. Now its actively working to adapt and clarify their regulatory environments to meet these new standards.
Following this, operators in Lithuania’s virtual currency sphere are required to be in compliance with stringent legal protocols, necessitating the establishment of high quality internal policies and control procedures. These cover many important aspects:
Starting January 1, 2023, strict identity verification is required for virtual currency transactions over 700 EUR, including deposits and withdrawals. For transactions exceeding 15,000 EUR, operators must provide detailed identification for both individuals and entities involved.
Additionally, from January 1, 2025, enhanced data transmission requirements will apply to companies with a crypto license in Lithuania.
Operators in Lithuania's virtual currency sphere are mandated to adhere to stringent legal protocols, necessitating the establishment of robust internal policies and control procedures. These encompass various vital aspects:
Starting January 1, 2023, stringent identity verification protocols become mandatory for virtual currency exchange operations or transactions exceeding 700 EUR, including deposits or withdrawals from virtual currency depository wallets.
Additionally, virtual currency operators initiating transactions above 15,000 EUR or equivalent amounts in foreign or virtual currency must provide comprehensive identification data for both natural persons and legal entities involved in the transactions.
Furthermore, effective from January 1, 2025, stringent data transmission mandates will be in effect for companies under crypto license Lithuania regime.
A crypto license in Lithuania is a mandatory permission (authorization process) for VASPs providers before offering crypto-related services to comply with EU laws and regulations.
To obtain a crypto license in Lithuania you will need to prepare following documents:
A crypto license in Lithuania gives you an opportunity to conduct crypto related operations within the EU and international clients.
Key activities allowed: cryptocurrency exchanges, crypto wallet services and crypto transfers. Moreover, some ICOs correspond with specific authorization procedures applicable to crypto operations.
Yes, it`s need to establish the initial authorized capital.
The share capital should be of EUR 125,000.
Usually it takes between 3-6 months (including the application process, document preparation, and regulatory review). However, it may differ depending on the complexity of the case and regulatory considerations.
No, directors can be non-residents of the country.
Below are listed several of them:
The cryptocurrency license in Lithuania has no validity period.
The Markets in Crypto-Assets regulation entry into force from December 30, 2024. This will for sure affect the rules for crypto licenses in Lithuania. The implementation date is till July 1, 2026. Lithuanians authorities are working to make the changes faster. The goal of new regulation is to eliminate risks with money laundering, terrorism, and fraud. After enactment of MICA service providers would be required to follow regulations and consumer protection standards with strict control from the Bank of Lithuania and the Financial Crime Investigation Service (FCIS).
Inteliumlaw closely monitors these changes to ensure our clients compliance with updated requirements.
The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.
The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.
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