In EU countries, the number of crypto enthusiasts is snowballing, so the number of crypto organizations is increasing. Many of them prefer to get a Lithuanian crypto license, as there are no strict rules for obtaining a work permit in this jurisdiction, and there are all conditions for business development.
Many have managed to appreciate the benefits of using blockchain technologies, so it is not surprising that every year, more and more organizations use crypto. Crypto Regulations in Lithuania are much better than in other countries, which is why many companies seek permission to work in this jurisdiction.
Each jurisdiction establishes its own rules for regulating the crypto business. Some of them ban the industry entirely, while others have set rules. Among all countries in the EU, Lithuania has established clear and logical rules for regulating the industry.
To get a Lithuanian crypto license, you must complete several necessary steps. So, you must register an organization, open a bank account and pay a fee, and check the company’s readiness to obtain a work permit. The above points are of great importance, so we advise you to consider them in more detail.
To be sure that you will get a work permit, it is better to seek the help of professionals. They will help you get a turnkey license or do some of the errands you ask for.
First, you need to register an organization. You can do this remotely. You can submit documents electronically. It usually takes about five business days for your application to be processed.
If you want to be sure that all documents are drawn up correctly, we advise you to seek help from specialized specialists.
In some cases, it makes sense to buy an already registered organization, this can speed up the process of obtaining a permit, but such a service is more expensive.
Government authorities set strict requirements for companies that want to obtain a crypto exchange license in Lithuania. Particular attention should be paid to compliance with KYC and AML policies.
So, it would be best if you had robust tools to verify your customers and not provide services to people involved in fraud or money laundering.
You also need to make sure that you have a good protection of personal data and financial assets. Many exchanges are regularly hacked, and attackers want to gain access to users’ financial support or personal data to blackmail.
Please involve specialists to test your software and ensure you are ready to be tested.
You must open a bank account where the company’s authorized capital will be stored. Money must be credited to the account in one payment. You can choose any bank ready to open an account for a crypto organization. It is generally accepted that such a business is risky, so you must be prepared for failure. Our specialists will help you choose the most suitable bank, depending on your preferences.
You also need to pay the fee. The amount of this is fixed, regardless of the company’s size.
All documents in your organization must be up to date. We advise you to invite specialized lawyers who check which documents are missing and how well the papers are drawn up correctly.
Obtaining a cryptolicense is a complex process. Government agencies will scrutinize your documents. If they notice errors, they may ask for them to be corrected, which can significantly increase the time it takes to obtain a permit.
When all the preparatory stages are over, you must apply for a Lithuania crypto exchange license. You can submit documents yourself or through a trustee. Government agencies have 2 weeks to review your application and make a decision.
If you want to get a cryptocurrency permit in Lithuania, there are no big problems with it. Both businessmen from this country and foreigners can register a company here. However, the company itself must be registered in this country. Recent changes in the law states that the director of the company must have citizenship of this jurisdiction. Particular attention should be paid to compliance with KYC and AML policies, we discussed above.
On average, it takes about a month to get a license – several days to register a company and check whether it meets all the requirements, and 2 weeks for government agencies to consider your application. You can obtain a work permit in this jurisdiction faster than in any other foreign country. If state bodies find document errors, they give 2 months to eliminate them.
The cost of obtaining a crypto license consists of three points – the size of the authorized capital, fees, and legal services. You can ask lawyers to supervise your project entirely, or you can do some work yourself (for example, open a bank account or find an office). Thus, if you want to know the exact cost of obtaining a permit for your organization, we advise contacting specialists.
To obtain a license, you must collect a large document package. For individuals and legal entities, this list is different.
Private individuals need to prepare a copy of their passports. This must first be certified by a notary. A bank statement or utility bill can serve as proof of address. It will also be good if you provide documents on education. All documents must be in Lithuanian. If you are a resident of another country, you must provide documents in two versions – copies of the original and the translation.
Legal entities need to pay more attention to creating a business plan. All the company’s activities, profits, and costs should be included. The more realistic your business plan is, the better.
Collecting all the necessary documents is a crucial step that is best left to specialists. Our lawyers will check the list of papers and the correctness of their filling.
This jurisdiction does not impose complex requirements for applicant companies. Among the most important are the following:
Previously, the minimum authorized capital was 2,500 euros, but they changed and increased it to 125,000 euros this year. It makes this jurisdiction less accessible to small startups. To work with Lithuanian cryptocurrency, you must consider the risks, evaluate them correctly and make the right decisions.
None of the team members must have a history of legal trouble. So, You must provide a certificate of a criminal record. Also, the company’s owner must have experience in managing similar organizations and the necessary stock of knowledge. If the company’s owner is a non-resident, they must hire a resident director who will reside in that country.
As already mentioned, a security specialist should work in the state, whose duties should include monitoring the work of company employees to prevent fraud and money laundering on their part. Also, specialists must create reports on the company’s activities and provide the necessary information to government agencies.
The choice of such a specialist must be given a lot of time. This person must live in this jurisdiction and have a specialized higher education and work experience in this field. This person must have an excellent reputation.
An AML specialist can be a company shareholder but cannot be an owner.
You need to collect a package of documents in advance, which will include the following papers:
If you want to ask the specialists of our company to do all the work for you, you need to draw up a power of attorney. In this case, they will be able to act on your behalf and reduce your participation in this process to a minimum.
The government does not set special reporting requirements for crypto companies. It would be best if you kept the accounting records the same way as all organizations in this jurisdiction do. You can create a staff of accountants within your company or outsource these services.
To obtain a work permit, you need to go through several necessary steps:
Before registering a company, you need to decide on a business model and consider what services you plan to provide.
Developing good software and creating a well-thought-out business plan are also necessary. You can register a company remotely, which takes an average of 5 days.
After registering a company, you need to open an account in a local bank and deposit the authorized capital here. Money must be credited to the account in one payment. Also, at this stage, you must pay the state fee. The amount of this is fixed for all companies.
The government of this country has established relatively simple rules for taxation. So, each company must pay 15% of the income. However, small companies have benefits – if your company has less than 10 employees and an annual turnover of up to 300 thousand euros, the tax rate can be reduced to 0-5%.
Cryptocurrency exchanges are not subject to VAT, but other transactions may be.
If you want to know more about this, you can contact our specialists. They will calculate how much tax you have to pay, considering your financial turnover.
Getting a work permit in this jurisdiction has a large number of advantages, but the most important ones are:
Getting a permit in this jurisdiction allows you to work legally throughout Europe. It makes this country very attractive to foreign investors.
If you want to work legally, you need to get a license. Otherwise, your company will be recognized as a fraudster, you will have to pay a fine, the site or mobile application will be blocked, and the owner may have problems with the law. Crypto enthusiasts who store crypto-assets do not need a permit.
A license is issued indefinitely, but you can still retain it if government authorities suspect you of fraud, money laundering, or terrorist financing. In the future, you will not be able to obtain a work permit again in any jurisdiction.
We provide services for obtaining a crypto license and in the following jurisdictions:
Crypto license Lithuania
Obtaining a work permit is a critical step in the mind of any crypto organization. Thanks to this, you can not be afraid of problems with government agencies, and you can also work successfully and attract new investments and a large number of customers. Since obtaining a license is a complex process, you need the help of professionals.
Yes, you can obtain a work permit in this country, after which you can start activities legally.
Get a work permit if you register a company and pass the background check.
Yes, this country has strict rules for regulating the crypto industry. You must register a company and pay taxes regularly.
Yes, if you decide to operate without a permit, your company will automatically be recognized as a fraud, and you will get in trouble with the law.
If your organization meets the requirements of the regulatory body, then you can get a work permit within a month.
Yes, non-residents can hold a crypto license in this country, but recent legal changes require you to hire a resident director.