🇱🇹 Cryptocurrency license Lithuania
KYC required from Board Members:
- Passport copy or Identity Card certified by Notary and legalised through Apostille
- Proof of address (Utility bill, bank statement, etc. not older than 90 days)
- CV or link to LinkedIN profile
- No criminal record proof legalised by Apostille
KYC required from shareholders:
- Passport copy certified by Notary and legalised by Apostille
- Proof of address (Utility bill, bank statement and etc. not older than 90 days)
- CV or link to LinkedIn Profile
- Police clearance certificate legalised by Apostille (if required);
- Source of funds;
🇱🇹 Cryptocurrency license in Lithuania
2 Types of License in Lithuania🇱🇹
| License Type | Description |
|---|---|
| 💱 Exchange License for Cryptocurrencies | Enables companies to exchange cryptocurrency for capital or another cryptocurrency, earning a fee for the provided services. |
| 🛡️ Custodian License for Crypto Wallets | Allows licensed companies to manage cryptocurrency wallets, including the generation and secure storage of encrypted client keys. |
Meet The National Bank of Lithuania
Low Taxes in Lithuania – 0,5 or 15%?
One of my clients said to me: “I am decided to set up a company in Lithuanian country , becuase Revolut and other fintech companies are here….”
Corporate Income Tax Rate Applicability 📈 15% Standard corporate income tax rate. 📉 5% Small companies with less than 10 employees or an income of €300,000 or less in a specified taxation period. 📉 0% In the initial tax period, new companies with fewer than 10 employees or income below €300,000 enjoy a 0% tax rate. Special conditions apply for the next three taxation periods. Lithuania offers flexible and advantageous corporate income tax rates to encourage business growth! 🇱🇹💼✨
Requirement for crypto company in Lithuania
Requirements Description Company Registration Mandatory for all activities, with separation from licensed traditional finance activities. Must be a separate legal entity. 🏢🇱🇹 Policies Preparation Necessary policies for virtual currency activities must be drafted. 📝💻 AML/KYC Control Measures Drafting and implementation of AML/KYC control measures, including AML policy, KYC policy, and Risk Assessment. 🔒🌐
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Blueprints
- Members of the Management Board (Directors) as well as Ultimate Beneficial Owners (UBOs) of the Crypto company shall to meet the requirements of irreproachable reputation, that means:
- They cannot be sentenced for infringements related to private ownership, economic and business order, financial system, civil service or any public interest.
- Shareholders/Ultimate Beneficial Owner need to pass the Investors Assessment Commission (IAC).
- Approval of the Commission is required for all the investors (shareholders) planning investments into the Lithuanian financial sector.
- Cryptocurrency license holders are supervised by Financial Crime Investigation Service (FIS).
| General Requirements | Details |
|---|---|
| 🔄 Customer Identification: | Verify customers at the beginning of the relationship or when exceeding a specified transaction amount. |
| 📝 Reporting: | Report to the Financial Crime Investigation Service (FIS). |
| 📊 Record-Keeping: | Maintain up-to-date records and client data in accordance with regulatory requirements. |
| 👤 AML Officer: | Appoint an Anti-Money Laundering (AML) Officer. |
| 🇱🇹 Local MLRO: | Appoint a Local Money Laundering Reporting Officer (MLRO) who is a resident of Lithuania and experienced in AML. (Service available on request) |
| 📑 Internal Controls: | Implement internal control policies and procedures based on regulatory requirements. (Available on request) |
| 🏦 Separation: | Ensure separation from licensed f |
We Prepare KYC and AML Policy for Lithuanian Company
Arrangement of the documents for IAC
Drafting of the company incorporation documentation meets legal requirements set to Virtual Currency Operators and limited liability company registration
Preparation of the AML Policy, KYC Policy based on FCIS requirements (Risk Assessment on request), Adaptation of existing AML policies
Hire AML Compliance Officer
AML compliance officer must have a Lithuanian personal identification number or have an e-resident ID (https://www.migracija.lt/noriu-tapti-elektroniniu-rezidentu) in order to provide STR/CTR reports through the electronic government gateway while logging in through platform https://www.epaslaugos.lt/portal/service/33641/36020?searchId=b6433ae1-b00c-47b7-b8e1-dee3065cfb1c. Access to the platform requires permission from FCIS.
How to obtain Lithuanian VASP License?
| Step | Description |
|---|---|
| 1. | Register a company in our name and sell it to you (Ready Made Company) or register a new UAB company. 📋🏢 |
| 2. | Sign a crypto services agreement with your new company and prepare AML policies, including KYC procedures, AML rules, and Risk Assessment. 🤝💼 |
| 3. | Find a suitable AML officer for you (monthly salary ranges from €1,000 to €1,500). 👤💶 |
| 4. | File notifications to the Financial Crime Investigation Service and Registry. 📑🔍 |
Cost of Lithuanian Crypto Company
Fees associated with Company Registration
| Service | Description | Pricing |
|---|---|---|
| Ready made limited liability company (UAB) | Includes the acquisition of a pre-registered UAB. | from 1500€ |
| Legal address for 1 year | Provides a legal address for your company for one year. | 100€ |
| English translations of documents | Translations for documents you will sign. | 100€ |
| Notary house fee | Fee to confirm the buying and selling of shares. | Ask for the fee |
| Centre of registers fee | Fee for changing shareholder and CEO on the database. | Ask for the fee |
| Introduction to internet banking solution | Assistance in setting up internet banking. | Ask for the fee |
Additional Services:
| Service | Description | Pricing |
|---|---|---|
| VAT code application | Application for a VAT code. | €300 |
| Remote selling by Power of Attorney | Remote selling service with a fee for the translation of the Power of Attorney per person. | €200 + Translation Fee |
| Documentation for crypto and compliance | Preparation of all documentation for crypto and compliance with FCIS and Registry. | Ask for the fee |
| Accounting | Accounting services starting at €100 per month. | Starting at €150/month |
| Timeframe | up to 2 months |
|---|---|
| Personal visit / travel | Not required |
| Non-residents | Accepted |
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