The Lithuanian crypto industry is rapidly growing. Interest in cryptocurrencies has surged in the last few years, especially since prices for digital assets skyrocketed.
With this increased interest, the crypto industry has become more closely regulated.
It’s now essential that business owners and crypto-enthusiasts understand the compliance requirements of the industry.
A compliance officer is a specialised accountant that is tasked with keeping record of a company’s financial transactions and reporting requirements. In this article, we’ll explore the role of a compliance officer, their responsibilities.
Who is a Compliance Officer?
A compliance officer is a professional accountant who ensures the alignment between the company’s goals and the accounting policies. A compliance officer’s responsibilities are to oversee the financial and reporting aspects of a company.
The responsibilities of a compliance officer include:
- Evaluating current policies and procedures to ensure they align with company goals
- Reviewing and assessing incoming accounting data
- Preparing financial reports and filing tax returns
- Ensuring that all information and data entered into accounting software complies with accounting standards
Crypto license in Europe
Crypto license in Lithuania
A European Economic Area jurisdiction that is very supportive of cryptocurrency and has a large number of registered EMIs and operating within its borders. It also has stable legislation close to upcoming amendments to MiCA regulations.
Timeframe: 3 weeks
One-time fee: 3 500 EUR
Crypto license in the Czech Republic
Ideal for European market-oriented crypto startups, supporting experimental projects; very low requirements, pretty simple and straightforward process of obtaining a cryptolicense.
Timeframe: 3 weeks
One-time fee: 1 500 EUR
Crypto license in Estonia
A global leader in digital innovation, Estonia was the first country that introduced crypto licensing. Nowadays the Estonian crypto license requires a live structure in the country with several requirements, such as a physical office and an AML specialist.
Timeframe: 8 weeks
One-time fee: 15 000 EUR
Responsibilities of a Compliance Officer in Lithuania
In Lithuania, a compliance officer’s responsibilities are remarkably different from other jurisdictions. In the US, for example, the Corporate Secretary is tasked with ensuring that a company complies with all state and federal regulations. In Lithuania, the compliance officer’s main responsibility is reporting on and filing taxes for companies.
Compliance officers are also required to ensure that an organisation’s accounting policies and procedures are compliant with the relevant accounting standards. They are required to assess the accuracy of all incoming accounting data, review accounting software programs, and ensure that all accounting policies and procedures are followed. Compliance officers are often required to be certified public accountants (CPAs) or certified auditors.
How to find a Compliance Officer in Lithuania
Finding a compliant officer in Lithuania is relatively straightforward. After all, the country is home to a large number of certified public accountants.
To find a compliant officer in Lithuania, you can use a number of resources.
- In person
- Through networking groups
- Online directories
- Researching the company’s industry
- Order a service for the selection of a boss at the AdamSmith company
If you would like to get a general advice or a comprehensive corporate law service, please contact us! We will respond to you within one working day or sooner.