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Cryptocurrency license in Lithuania, Estonia, Poland

How to get a cryptocurrency license in Europe 2022

22. 04. 2022
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Cryptocurrency exchanges, as well as organizations involved in the exchange and storage of digital money in virtual wallets, must obtain a cryptolicense in Europe. This decision was published in the 5th EU Anti-Money Laundering Directive in 2020. When choosing a country to register a cryptocompany and obtain a license, experts recommend paying attention to Lithuania, Estonia, Poland.

What you should know before obtaining a cryptolicense

European countries that issue a cryptolicense, carefully check the applicant, so the documents must be in order. It is important that the owner, directors, and other employees of the cryptocompany do not have a criminal record, as well as are not connected with criminal cases.

Cryptocurrency license 2022 processing has its own peculiarities in different jurisdictions. Some countries, such as Estonia, offer a single license that allows both exchange and storage of digital currency. Lithuania, on the other hand, issues two licenses. On the one hand, it may seem more troublesome than obtaining a license in Estonia, but on the other, it saves money. 

Poland has a different situation. It issues two licenses, local and international. And while the former is easy to get, the latter is problematic.

Lithuania

To get a cryptolicense, an investor must register a limited liability company (LLC). This can be done remotely. After submitting all documents, registration takes up to 2 weeks. Obligatory conditions include having an authorized capital off at least €2500 and employing a staff member who monitors and prevents money laundering and has a license.

To get a cryptolicense in Lithuania, you must provide the following to the regulator:

  • Physical address of the company in Lithuania, website address;
  • Detailed information about the real owner;
  • Data about all employees of the company;
  • Business plan detailing the operation of the company;
  • Certificate of cleanliness of all employees who will manage the company.

All papers must be translated into English, notarized, and apostilled where necessary. The Regulator considers an application for 2 months, and for an additional fee, 2 weeks.

Estonia

Single cryptocurrency license in Estonia is issued once, with no repeated checks required. It can be obtained online, using the e-residence card. Other options are to contact a notary in Tallinn or a representative of our company.

To get a cryptocurrency license in Estonia, you need the following documents:

  • full information about the real owner of the business, including phone, e-mail;
  • documents of the contact person, directors, which must be a citizen of Estonia;
  • real law office in Estonia;
  • website;
  • non-criminal record.

The amount of registered capital for a cryptocompany is €12 000. At the time of application, all money must be in the account. Prior to that, it is also necessary to open a bank account and get IBAN.

Poland

Cryptocurrency license in Poland has its own features. The country issues 2 permits - small or national payment institutions (MIP and KIP). The first allows to working in Poland, and the second allows working in other countries.

MIP is suitable for a startup, issued within 14 days. The license makes it possible to do the following:

  • keep up to €2000 in wallets;
  • make/receive payments (up to €1.5 million/month);
  • create payment instruments;
  • exchange cryptocurrencies;
  • give credits.

MIP-license does not allows issuing ICO to work in another country. To enter an international market, the issue of digital coins is planned, and it is necessary to get the KIP. An additional advantage of this license is the possibility for users to keep an unlimited amount of money.

KIP is only for legal entities, the amount of registered capital depends on the number of services provided. To get a KIP one should submit a package of documents, including a three year work plan, a list of services, and a bank guarantee. The procedure of obtaining KIP is complicated and can take a couple of months. To speed it up, it is better to act through our company.

How to get a cryptolicense in the EU

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