Peculiarities of cryptocurrency license in Lithuania 2022
Lithuania is one of the friendliest countries for cryptocurrency companies. It has favorable conditions for crypto-business, including a developed legal framework. Cryptocompanies are clearly regulated and monitored, so a company that gets a cryptocurrency license in Lithuania is trusted and can safely conduct business.
Advantages of a Lithuanian cryptolicense
Thanks to the favorable policy created by the Lithuanian authorities regarding cryptocurrency business, Lithuania has long been in the list of the largest fintech business centers in Europe. Both startups and large corporations are successfully operating in the capital. Among the reasons are the following:
- Clear legislation that is as oriented as possible to the crypto-business;
- Inexpensive cryptolicense;
- Prestigious jurisdiction;
- Low costs;
- Clear and transparent rules for getting a cryptocurrency license, without additional bureaucratic procedures, unnecessary requirements;
- Corporate tax - 15%. Companies with up to 10 employees, gross annual income of no more than €300,000 and only physical persons as shareholders are taxed at preferential rate from 0 to 5%;
- Cryptocurrency exchange services are not subject to VAT.
Types of cryptocurrency license in Lithuania
Lithuania offers crypto-businesses two types of cryptolicenses (if necessary, you can get both at once):
- To engage in the exchange of digital currencies among themselves and for real money.
- Offer services for storing digital assets (cryptocurrencies). The license allows creating encrypted keys, as well as transferring cryptocurrency to other people.
Requirements for a cryptolicense
Before obtaining a cryptolicense, you must register a limited liability company. It must meet the following requirements:
- The minimum amount of the share capital is from €2500;
- Members of the board must have a clean business reputation. Criminal record is not allowed.Must have not less than 1 shareholder and 1 director (the latter can be a shareholder). There must also be a person to oversee AML/KYC compliance;
- Proper record keeping and filing of reports.
Companies that want to be in the crypto business have to run smoothly. Their work is monitored by the Financial Crimes Investigation Unit (FIU).
Documents for company registration
- Certified copies of passports;
- Articles of incorporation, other corporate papers;
- Address to business profile in social networks and other data that confirms real experience of project participants;
- A certificate confirming the absence of criminal record with an apostille;
- Certificate of corporate account opening in a Lithuanian bank;
- Detailed description of the company's operations (business plan).
After registration, the company can apply for a cryptolicense. To get it quickly and without problems, it is necessary to correctly fill out the forms (our staff will help to cope with the task). The application is usually considered no more than a month.
How to get a cryptolicense in Lithuania fast
To quickly obtain a cryptocurrency license in Lithuania, contact IT-OFFSHORE experts and we will help you.