Lithuania as the best country for obtaining a license

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.

Collect papers

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.

Apply

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.

How much does it cost?

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.

What requirements must your organization meet?

This jurisdiction does not impose complex requirements for applicant companies. Among the most important are the following:

• Viable business plan;
• No criminal records for all team members;
• Authorized capital – 125 thousand euros;
• At least one director and shareholder;
• There should be a security specialist on staff;
• Good protection;
• Compliance with KYC and AML requirements.

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.

What requirements must your employees meet?

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. Particular attention should be paid to the choice of a security specialist. This person will oversee the work of other team members and client transactions. They must prevent fraud and money laundering, prepare reports for government agencies, and much more. This specialist must have a specialized education, an excellent reputation, and experience in a similar position. It will be good if this person is a resident of the country. In addition, this specialist can combine the role of an organization’s shareholder.

Required documents

You need to collect a package of documents in advance, which will include the following papers:

• Copies of passports;
• Business plan, which includes a detailed description of the business model and the services you will provide;
• CVs of all team members;
• Website address;
• Certificate of good conduct.

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.

Reporting Requirements

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.