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Opening a crypto business in Lithuania 2022

Advantages of crypto business in Lithuania

21. 09. 2022

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

Advantages of crypto business in Lithuania

Crypto business in Lithuania is regulated, and it is very convenient. The company registration procedure is clearly spelled out, the businesspeople can not be afraid of sudden requirements. Businesses that have been thoroughly checked have proven their reliability, so the investor trusts them, and the entrepreneur can run the business with peace of mind.

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

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

Licensing of cryptocurrency companies in Lithuania is limited to submitting an application to the regulator, paying the state duty, and appointing an anti-money laundering specialist.

If the staff is less than 10 employees and the gross annual income does not exceed €300K, the corporate tax - 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.

Crypto business in Lithuania became especially attractive when Estonia raised the price for cryptolicense, extended the term of obtaining it to 3 months, 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, warned about the cancellation of the permit.

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, offer encrypted keys.
    To exchange virtual assets for real money or other virtual currency.
  • A company may obtain either one or two cryptolicenses. In the second case, the price will increase twice - up to €460, as well as will have to duplicate the package of documents.

Basic requirements for cryptocurrency business

  • The owners and managers of the cryptocurrency company can be non-residents of Lithuania. A local resident is not required.
  • The main requirements for directors and owners - not to be involved in fraudulent transactions, not to be in 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.
  • 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. If all the documents are executed correctly, the permit is issued within a month.

How to start a crypto business in Lithuania

To register a business and get a cryptocurrency license in Lithuania, contact IT-OFFSHORE experts.

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