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.
Basic types of crypto license in Lithuania
License to exchange cryptocurrencies. A company with such a license can exchange digital currency for fiat or vice versa, or cryptocurrency for another cryptocurrency, receiving a fee for the services provided. License for crypto wallet and custom services. A licensed company can manage a client’s cryptocurrency wallet, including the generation and storage of encrypted client keys.
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.
Application for a new crypto license in Lithuania
UAB registration in Lithuania. Registration of authorised capital (minimum deposit of EUR 2500) and a legal address for the company. Preparation of company legal documents. Payment of state fees for registration of the company and government fees for Lithuania crypto license. Obtaining a license of a virtual currency exchange operator and the license of the operator of the virtual currency wallet depository. Selection of local managers in Lithuania. Provision of local contact person in Lithuania.
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.