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Opening a crypto business in Lithuania 2022

Advantages of crypto business in Lithuania

21. 09. 2022
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Crypto-business in Lithuania is at its peak of popularity. The country offers ideal conditions for business development in the field of fintech and virtual assets. Its advantages includes quick registration of a cryptocompany, inexpensive license, and low taxes.

Advantages of crypto business in Lithuania

The crypto business in Lithuania is regulated, and it is very convenient. The company registration procedure is clearly spelled out, so the businesspeople should not be afraid of sudden demands. The existing businesses have been thoroughly checked and have proven their reliability. So the investors trust them, and the entrepreneurs can run their businesses with peace of mind.

Other advantages of opening a cryptocurrency business in Lithuania in 2022 include:

  • Reputable country.
  • Low costs for business registration and operations.
  • Fast registration.
  • 100% foreign ownership is allowed.
  • Head office can be overseas.
  • Low price for cryptolicense - €230.
  • Authorized capital starting from €2,500.
  • Absence of bureaucracy during business registration.

Cryptocurrency companies licensing in Lithuania is very straightforward. You need to submit an application to the regulator, pay the state duty and appoint an anti-money laundering specialist. 

If the staff is less than 10 employees and the gross annual income does not exceed €300K, then corporate tax is from 0 to 5%. For a large company the rate is 15%.

Companies that engage in the exchange of virtual assets are not subject to VAT.

The crypto business in Lithuania became especially attractive when Estonia raised the price for the crypto license, extended the time to obtain it to 3 months, and increased the authorized capital to €12K. In addition, the Estonian regulator announced a total check on the cryptocompanies that have already received a license. If they do not pass it, the permit will be withdrawn.

Types of cryptolicenses in Lithuania

Lithuania issues 2 types of cryptolicenses:

  • Crypto Wallet Exchange. Companies have the right to store client's virtual assets, transfer them to other users, and offer encrypted keys.
  • To exchange virtual assets for real money or other virtual currency.

A company may obtain either one or two crypto licenses. In the second case, it will double the price. It will be up to €460, and you will have to duplicate the application packet. 

Basic requirements for cryptocurrency business

  • The owners and managers of the cryptocurrency company can be non-residents of Lithuania. It's not required to have a local resident in the company.
  • The main requirements for directors and owners is that they are not to be involved in fraudulent transactions and not to be on the blacklists.
  • All customers of the company must pass the identification procedure.
  • There must be an anti-money laundering and anti-terrorist financing specialist on the staff.
  • A licensed company must keep records of all transactions.
  • Reports must be kept and filed.
  • Companies must follow the letter of the law, not violate it. Its activities will be monitored by the department that investigates financial crimes (FIU).

What is needed to register a cryptocurrency company

To register a cryptocurrency company in Lithuania, you need a minimum package of documents:

  • Passports of the owners.
  • Corporate documents.
  • Business plan.
  • Certificate of residence.
  • Address of the company's website.
  • A document that proves no criminal record. The certificate must be apostilled.
  • Certificate from a local bank confirming the opening of a corporate account.

After registering a company, the business can apply for a cryptocurrency license. The permit is issued within a month if all the documents are executed correctly.

How to start a crypto business in Lithuania

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