{"id":22098,"date":"2022-05-27T17:38:35","date_gmt":"2022-05-27T15:38:35","guid":{"rendered":"https:\/\/www.pfser.com\/?page_id=22098"},"modified":"2022-05-27T17:39:55","modified_gmt":"2022-05-27T15:39:55","slug":"cryptocurrency-license-in-lithuania","status":"publish","type":"page","link":"https:\/\/www.pfser.com\/en\/cryptocurrency-license-in-lithuania\/","title":{"rendered":"Cryptocurrency License in Lithuania"},"content":{"rendered":"

[vc_row full_width=”stretch_row” el_class=”pfser-row–white” css=”.vc_custom_1636410880734{padding-top: 50px !important;padding-bottom: 60px !important;}”][vc_column]\n

\"\"<\/div>\n [vc_column_text css=”.vc_custom_1653664635585{padding-bottom: 50px !important;}”]<\/p>\n

Cryptocurrency License in Lithuania (Authorisation) – An Overview<\/h2>\n

[\/vc_column_text][vc_row_inner][vc_column_inner width=”1\/6″][\/vc_column_inner][vc_column_inner width=”2\/3″][vc_column_text]Private Financial Services specialists were among the first to assist with obtaining cryptocurrency license in Lithuania.<\/p>\n

At the beginning of 2020, amendments were made to the Law on the Prevention of Money Laundering and Terrorist Financing in Lithuania. Already widely known concepts in some jurisdictions were introduced:
\n– a virtual currency exchange operator (this is a legal entity that exchanges cryptocurrencies by charging a certain commission for the service);
\n– a virtual currency depositary wallet operator (this is a company or branch of another company that manages wallets for storing customers’ cryptocurrencies).
\nThere are no licenses to carry out crypto-activities in Lithuania, for the operations of exchanging and storing virtual currency, it is enough to receive an authorization from the regulatory body – the Financial Crimes Investigation Service. Authorization (an entry in the state register of legal entities) for conducting crypto activities in the country and abroad can be obtained by anyone who meets the requirements of Lithuanian laws.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/6″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1605639610781{padding-top: 40px !important;padding-bottom: 20px !important;background-color: #ba8350 !important;}” el_class=”crypto-about__title crypto-container”][vc_column]\n

\n<\/g><\/g><\/svg>\n<\/div><\/div>\n [vc_column_text css=”.vc_custom_1653665116183{padding-bottom: 30px !important;}”]<\/p>\n

Benefits of Crypto-License in Lithuania (Authorisation)<\/h2>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” el_class=”pfser-row–white” css=”.vc_custom_1605642480154{padding-top: 30px !important;padding-bottom: 60px !important;}”][vc_column][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Timeframes<\/h3>\n

All stages of obtaining an entry in the register of activities in the field of virtual currencies take on average 2-3 months if carried out remotely. The process can always be accelerated by arriving at the place. A visit to Lithuania for a few days will shorten the time for obtaining an entry in the register by a couple of weeks.[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Legislation<\/h3>\n

Lithuanian legislation governing the scope of activities of crypto companies is quite complex. Before applying for a permit for cryptocurrency transactions, you should familiarize yourself with the law on the prevention of money laundering and the financing of terrorism, as well as the Civil Code of Lithuania. If the project involves the issuance of tokens, then knowledge of the law on securities and the law on markets for financial instruments will come in handy.[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\n<\/g><\/g><\/svg>\n<\/div><\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Price<\/h3>\n

Support in obtaining crypto-authorization in Lithuania starts from 3000 euros. If desired, all actions are performed remotely.
\nThe authorization process can be started with the creation of a new company, as well as applying for permission to conduct crypto activities for an existing Lithuanian company. But a crypto company must be clearly separated from any other licensed financial institution (for example, EMI).[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Convenience<\/h3>\n

Possibility of remote registration and application. As in Estonia, in Lithuania, from 2020, it is possible to obtain e-residency, which will help, on a par with local residents, to use all state portals and services, as well as remotely manage a company.<\/p>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Bank account<\/h3>\n

Lithuania is one of the best fintech countries in Europe. As of 2021, about 40 payment institutions and more than 70 e-money issuers were operating in Lithuania. Therefore, there will be no difficulties with opening an account for a crypto company. The final result depends on the business model of the project, the experience of persons responsible for AML in the company, and cooperation with the payment solution provider in the KYC verification process.<\/p>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

Tax Policy<\/h3>\n

The profit of Lithuanian companies is a subject to 15% tax. The tax on dividends is 15%. Lithuania has agreements on avoidance of double taxation with 55 countries. VAT is 21%.
\nCompanies involved in crypto activities do not have specific reporting requirements. Bookkeeping should be done in the same way as in a regular company.<\/p>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1605639610781{padding-top: 40px !important;padding-bottom: 20px !important;background-color: #ba8350 !important;}” el_class=”crypto-about__title crypto-container”][vc_column]\n

\n<\/g><\/g><\/g><\/svg>\n<\/div><\/div>\n [vc_column_text css=”.vc_custom_1653665431799{padding-bottom: 30px !important;}”]<\/p>\n

Cryptocurrency License in Lithuania (Authorisation) – Procedure and Required Documents<\/h2>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” el_class=”pfser-row–white” css=”.vc_custom_1605642480154{padding-top: 30px !important;padding-bottom: 60px !important;}”][vc_column][vc_row_inner el_class=”crypto-about__item”][vc_column_inner text_color=”” text_hover_color=”” width=”1\/6″ offset=”vc_col-xs-1″][\/vc_column_inner][vc_column_inner text_color=”” text_hover_color=”” width=”2\/3″ offset=”vc_col-xs-10″]\n

\"\"<\/div>\n [vc_column_text el_class=”crypto-about__item-text”]<\/p>\n

The Steps<\/h3>\n