Crypto license in Lithuania

This license entitles crypto companies to exchange cryptocurrencies for fiat and vice versa, as well as exchange one virtual asset for another.

Companies that obtain this license may create and manage customers’ crypto custodial wallets, as well as offer and provide the ability to store customers’ crypto assets in designated wallets.

Initially, our specialists will provide you with a thorough consultation tailored to your preferred method of communication — we typically use phone calls, Telegram, WhatsApp, and Google Meet. During this consultation, they will cover all the essential details, walking you through the process step by step.

Note: You’ll receive a comprehensive overview of our services, along with detailed explanations of the relevant regulations and compliance requirements in Lithuania, ensuring that you are fully informed and confident in your decisions moving forward.

It is essential to compile KYC information for the company founder to draft necessary documents and outline subsequent steps. Our team will carefully examine them and advise you on the subsequent steps.

Note: “Know Your Client” (KYC) documents include, but are not limited to, a completed client form, proof of address, and identity documents. These documents are required in digital format and do not need to be notarized, apostilled, or legalized. Your dedicated personal manager will furnish you with a comprehensive list of required documents tailored to your specific request.

Lithuania, as a member of the Hague Convention, adheres to modern international standards for the certification and authentication of original documents. As a result, there is no need for you to be physically present in Lithuania to complete the required procedures. The entire process can be managed remotely, allowing you to submit certified documents from abroad with ease and efficiency.

Note: The required original documents include a power of attorney and JAR-PSA, both issued in the name of our lawyer, who will be strictly limited to performing only those actions necessary to complete the assigned task). Additionally, a certificate of no criminal record, issued by the applicant’s country of citizenship and dated no more than three months prior, will be required, along with any other necessary documentation. Comprehensive list will be dedicated by your personal manager.

As the official language in Lithuania is exclusively Lithuanian, all documents must be translated accordingly. Our team works with certified translators to ensure the accuracy and reliability of the translations, providing you with complete confidence in the correctness of the documentation. Once the translation is complete, all documents will be submitted to a notary office with which we have a longstanding relationship.

Note: Through years of cooperation, we have established mutual understanding and efficient communication. In the event of any comments or issues raised by the notary, we will be informed promptly. Typically, the notary accepts the documents without delay and initiates the company registration process, which includes reserving the company name and preparing all necessary internal documentation.

As of August 1, 2024, Lithuanian VASPs are mandated to maintain a corporate account with either a Lithuanian bank or a foreign bank that has a presence in Lithuania. It is important to note that this requirement pertains specifically to traditional banks; payment systems and electronic money institutions do not meet the necessary criteria.

Note: We have conducted a thorough market analysis and engaged with all relevant banks to identify the most optimal solutions for crypto assets service providers (CASPs). In addition to the essential corporate bank account required for legal compliance, the company will also maintain an additional corporate account with an international payment system, thereby enhancing its business opportunities and operational flexibility.

One of the key legal requirements is the appointment of a local Money Laundering Reporting Officer (MLRO) within the company. Unlike in many other European countries, it suffices for this individual to also serve as a Senior Manager, though this role is distinct from that of a director. The ideal candidate for this position should possess either specialized knowledge or relevant experience in the field. Any additional conditions and details can be discussed separately with us or with the candidate directly.

Note: On our part, we will select candidates from our pool and forward their profiles (CV and KYC) to the client’s selection committee, followed by arranging a common call for further discussion. If the candidate is approved, the accountant will be responsible for registering them with SODRA with employment contract signed. Subsequently, the candidate will notify the Financial Crime Investigation Service (FNNT) of their designation as the company’s contact person. Their primary responsibilities will include maintaining communication with the Regulator, submitting required reports, and notifying the appropriate authorities of any suspicious transactions, among other duties.

The final step in the registration process for a company operating with crypto assets is its entry into the appropriate lists within the Commercial Register, specifically for activities related to cryptocurrency exchange and the provision of custodial crypto wallets. Our legal team will submit the necessary application to the Commercial Register, and within a few business days, the company will be officially published. This publication marks the completion of the registration process and confirms the company’s legal standing to engage in cryptocurrency-related activities.

Note: This step signifies the conclusion of the company registration process as a VASP and serves as the commencement of your operational framework. At this stage, no additional supporting documents will be required, and any third party will have the ability to review the publicly accessible list of licensed companies and verify the legitimacy of your business operations. This transparency enhances the credibility of your organization and facilitates trust in your partnerships.

Regardless of the completion of the primary registration process, the company may require additional services to ensure its continued compliance and operational efficiency. These services may encompass legal support for the drafting and certification of corporate documents, as well as the preparation of legal opinions. Furthermore, ongoing monthly accounting assistance and the preparation of annual reports may also be necessary to meet regulatory obligations and facilitate sound financial management.

Note: We maintain continuous communication with our clients and ensure that the “window of opportunity” for collaboration remains open. Consequently, should the company require any assistance, we are more than willing to provide support, provided it falls within our capacity to do so. Our commitment to our clients extends beyond the initial engagement, as we strive to foster long-term partnerships built on trust and responsiveness.