Crypto-license in Lithuania

Lithuania is the most affordable jurisdiction in EU for getting a cryptocurrency license

Why in Lithuania

Every year, maintaining a crypto license in European jurisdictions becomes more and more financially burdensome, even for companies that already have regular income. In this regard, many crypto-companies moved to Lithuania. Lithuanian crypto-license relatively inexpensive, both in acquisition and maintenance.

License types

  • Cryptocurrency exchange operator

    This type of license allows a firm to exchange digital currency to fiat currencies or vice versa, and cryptocurrency to cryptocurrency for a fee.

  • Cryptocurrency custodian wallet operator

    License for companies introducing cryptocurrency wallets to store cryptocurrency, create encrypted client keys, and store them.

Why license

Cryptolicense allows you to provide all the crypto-related services and stay in a safe, legal field.

Its also a great way to gain trust of your customers. Cryptocurrency itself is an independent means of payment and is often used in scams. However, a licensed company has same level of responsibility as traditional fiat-involved financial businesses.

And in case you want to attract investments, or planning to sell project later, crypto-license will significantly rise your company value.

Links to related official sources

  • FCIS

    Financial Crime Investigation Service - state organization supervising crypto-licenses.
    Read

  • Commercial registry

    Here you can check online the most of related commercial data.
    Read

Official requirements

Crypto-wallet servicesCrypto-exchange involved
AML
EducationHigher education in financeHigher education in finance
Real knowledgeRequiredRequired
ExperienceRequiredRequired
CertificationAML certification requiredAML certification required
Residency--
Working placesCan work for a few crypto-companies at a timeCan work for a few crypto-companies at a time
Member of the board
Education--
Working placesCan work in a few crypto-companies at a timeCan work in a few crypto-companies at a time
Residency--
Share capital
Amount2,500€2,500€
FormContributed in cash, not with other assetsContributed in cash, not with other assets
AvailabilityFunds are available to use after contributionFunds are available to use after contribution
Office
Location--
StatusCould be a virtual officeCould be a virtual office
Uniqueness--
Other
License application state fee--
State fee for change in company structure--
Bank accountCorporate bank account must be opened in EU bankCorporate bank account must be opened in EU bank
Business plan--
Audit--
BookkeepingMust keep accounting in accordance with local rulesMust keep accounting in accordance with local rules
Software--

Services included

Legal entity
Lithuanian legal entity in a form of UAB (limited liability organization). Private persons or another company may be registered as shareholders.
Crypto-license
End-to-end legal support for obtaining a crypto-license.
AML specialist
AML specialist, hired for 12 months. Person meets all crypto-license requirements.
12 months
State fee
Company registration state fee and license application fee are included.
AML/KYC document
Internal control system document for ensuring compliance with the control requirements of the European Union AML/CFT and international Sanctions. It is a core license document.
Corporate documents
Incorporation documents, including information about members of the board and shareholders. License status document.
Legal address
Legal address in Lithuania, for a period of 12 months.
12 months
Initial consultation
Initial consultation regarding the best practices in crypto-related activity and taxes.

Detailed roadmap

Shareholder is a private person
For example, if you make a prepayment tomorrow 31.10.2023

  • Prepayment

    We issue an invoice, and you make a 50% prepayment + pay for all chosen additional services in full.

    31.10.2023

  • Documents from your side

    From shareholder
    • Copy of passport main page, notarized;
    • Power of attorney, notarized and sworn-translated into english (we will provide you a template);
    • Proof of residential address;
    • Certificate of a good conduct.
    Other
    • Description of the planned business activity.
    31.10.2023

  • Neccesary preparations

    Our lawyers make all the preparations:

    • Ensure proposed company name is available to register
    • Establish Lithuanian legal entity with a desired name
    • Assign a legal address to a company
    • Write an Internal Control System document*
    • Fill all the neccesary forms, required for a license application

    * Internal Control System document - is a core document for license application. It regulates how you ensure compliance with the control requirements of the European Union AML/CFT and International Sanctions.

    ~5 working days
    5.11.2023

  • You pay the rest 50% at this point

    5.11.2023

  • Finishing touches

    • We assign to company a valid AML officer
    • Open a corporate bank account in EU payment institution
    ~5 working days
    10.11.2023

  • Share capital increase

    Share capital must be contributed in the amount of 2,500€.

    ~3 working days
    13.11.2023

  • Application submission

    We submit an application to FCIS (Financial Crime Investigation Service).

    13.11.2023

  • License issuance

    If there was no indication of deficiencies, the license is granted.

    ~30 days
    13.12.2023
All indicated time frames are illustrative. The timing may depend on many factors, such as but not limited to: the number of public holidays, the time of delivery by courier, the workload of government departments. We do not take responsibility for the delays beyond our control.

Extra services

  • AML specialist
    Local AML specialist. Estonian resident, with experience in financial sector and corresponding education.
  • Member of the board
    Member of the board, bounded by the obligations arising from a signed contract. In countries where nominal service is forbidden, managing service is offered instead, in order to meet the local law requirements.
  • Office
    Physical office in Lithuania.
  • Audit
    Financial audit by sworn auditor.
    Price:
    2,900€
  • Bookkeeping
    Bookkeeping service.
  • EORI
    The Economic Operators Registration and Identification (EORI) number is a unique identification number used in the customs territory of the European Union and assigned to an economic operator or other person by a customs authority in order to register that person for customs purposes.
    Price:
    450€
  • Consultation
    Additional consultation regarding the best practices in crypto-related activity and taxes.
  • VAT
    VAT (value-added tax) number.
    Price:
    500€

In total

Crypto-license:

12,000€

Additional services:

0€

Total:

12,000€

Ready-made companies

Dont want to wait? Buy the ready-made company already with license.

  • In stock

    10,000€

    Cryptocurrency exchange operator and Cryptocurrency custodian wallet operator. Ready-made company transfer in 1 week.

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