Сrypto license in Lithuania

Lithuania has recently become a friendly jurisdiction for organizations providing services in the field of virtual currencies. The country has decided to open up to a new market and allow the purchase of a license for cryptocurrency in Lithuania. Simplicity of the procedure for obtaining a cryptocurrency license in Lithuania, speed of its introduction and friendliness of the regulator - a number of strong arguments to be interested in issuing licenses for virtual currency in Lithuania. The cryptocurrency license in Lithuania is an excellent solution for modern start-ups who want to use convenient tax solutions, friendly administration and full electronization of public life.

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Who can get a license for cryptocurrency in Lithuania?

Obtaining a cryptocurrency license in Lithuania is possible for a limited liability company (Lithuanian UAB). The company is established by a Lithuanian notary and may be established by one or more legal or natural persons. Such a company must have a share capital of 2500 euros, and such capital must be paid in full, and of course the Company must have a registered address to which it has a legal right, one director authorized to represent the Company. Lithuanian companies are registered in the relevant register of entrepreneurs. The cryptocurrency license itself in Lithuania is actually divided into two relative objects of activity - offer of services in the sphere of storage of foreign cryptocurrencies i.e. wallet service, offering services in the sphere of virtual currency exchange for other virtual currencies or fiat currencies so-called cryptocurrency exchange.

What are the requirements for obtaining a cryptocurrency license in Lithuania?

First of all, the company applying for a crypto license in Lithuania must meet the formal requirements related to the establishment of a legal entity as mentioned above. In addition, the company should have an appropriate AML policy and implement KYC procedures. The company must also have an AML compliance officer who can be a board member. The Financial Crime Investigation Service (FCIS), which studies the contents of the application and documents, recognizes the correctly filled application for the cryptocurrency license in Lithuania. FCIS has the right to request additional documents testifying to the experience of AML Compliance Officer in the sphere of virtual currency services, as well as detailed descriptions of planned activities.

Liquidity Pool - 2%

Marketing & Buyback - 5%

Auto Liquidity - 5%

Holders Redistribution - 3%

Regulation of crypto activities in Lithuania

Lithuania is one of the countries in Europe that have officially legalized cryptocurrencies. In the jurisdiction, operating licenses were issued to several exchanges that carried out transactions with crypto assets. The Central Bank is considered the main supervisory body responsible for the regulation of crypto business in Lithuania and the licensing of crypto exchangers and cryptocurrency exchanges. It is important to meet the requirements of AML jurisdiction to all companies that carry out any of the following transactions with virtual assets: services of exchange of virtual assets and fiat currencies, exchange between virtual assets, virtual asset transfer services and services for the protection or storage and administration of virtual assets.

Taxation in Lithuania

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Tax-free jurisdiction for crypto traders in Lithuania is one of the most attractive and profitable thanks to the new fiscal incentives introduced by the government of the country. The decision was made to improve the economic situation, as well as to make it a leader in the fintech industry. By abandoning the income tax that was levied on individuals receiving income from the sale of cryptocurrency, the country’s leadership created more favorable conditions for the development of this business. Thus crypto traders can conduct financial activities without paying fiscal fees.