Lithuania crypto license

State authorities in Lithuania have a positive attitude towards cryptocurrency projects. Today, Lithuania has issued more than a thousand licenses for cryptocurrency activities. Unlike the United Kingdom, Singapore, Switzerland, or the United States, the cost of the license is 10 times lower, and there are no mandatory minimum capital requirements. Also, while operating in Lithuania, you can get a card e-residency (e-residency), which will greatly facilitate access to all public services and interaction with state authorities. Income tax in Lithuania is 0%.

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The main types of crypto license in Lithuania

You can get several types of licenses for cryptocurrency activities in Lithuania: storage of cryptocurrency (virtual wallet) and exchange of virtual currency. Each type of licensing has its own characteristics. For example, a cryptocurrency license allows cryptocurrencies to be exchanged for cryptocurrency, fiat funds for cryptocurrency and back. The Cryptocurrency Wallet License allows you to generate access keys to virtual wallets, store on them the virtual values of the client and make transfers between these wallets. The time frame for obtaining both licenses is usually up to 30 working days. There is no special reporting under the legislation. The license may be revoked if the company has not started operations within 6 months from the date of obtaining the license. And also if the requirements of the legislation and regulations of the regulator are not met.

Process of obtaining a crypto license in Lithuania

Requirements for obtaining a crypto license in Lithuania

In a company can be from one director and from one shareholder of any nationality and residence. All participants must provide a detailed description of their professional life (CV). For a successful application, all participants must have a good background in the cryptocurrency profession, such as IT or finance. Each participant must provide a certificate of no criminal record. The document will have to be translated into Estonian. The cost of translation of documents for one participant is included in the cost of services. In case of more than one participant, the cost of additional translations will be charged separately. After successful license you can open a company account, develop your own website and conduct your business. Companies must comply with European Union legislation, so when dealing with customers you will need to comply with the requirements of GDPR (General Data Protection Regulation). This includes team training, proper data processing and storage, developing a privacy policy.