Lithuania crypto license
Lithuania is a member of the European Union, where financial transactions with cryptocurrency are possible and legal by obtaining special permission to operate from the state (FCIS). This is well known in the financial sector as licensing fiat and electronic money. Thus, the Government of Lithuania provides the opportunity to obtain virtual currency licenses. Lithuania can offer a regulated environment for legal entities offering cryptocurrency exchange services and cryptocurrency purse services with transparent rules.
Opportunities of (PI) crypto license in Lithuania
With the Payment Institution (PI) license you will be able to:
- to open client accounts for physical. and jur. persons;
- to provide remote fund management services – internet bank;
- offer currency exchange services;
- issue their own IBANs (as in a bank);
- make international payments;
- offer acquiring services (eCommerce).
The main difference is that EMI can store client balances, but PI cannot. In other words, when PI receives money, it should ideally know immediately when and where to send it further, when as in EMI the customer can put the money on the account and do nothing with it. EMI is very close to a bank license – it can actually do the same thing, except credit and asset management. However, PI has much more capital than EMI. The capital of PI: 125,000 EUR, and that of EMI: 350,000 EUR.
Ready-made company with a registered crypto license in Lithuania
Registered company UAB in Lithuania and authorised capital (minimum deposit of €2,500). Preparation of company legal documents. Registered license of virtual currency depository wallet operator. All associated government and licensing fees. European bank account (SEPA, SWIFT). AML/KYC Documents. Selection of local managers in Lithuania. Provision of local contact person in Lithuania. Representation of the client in FCIS (additional fee). Ability to start a business immediately.