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Cryptocurrency license Lithuania

8,500.00

 

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;

Types of cryptocurrency registration

  1. Cryptocurrency exchange operator (when the company exchanges cryptocurrency owned by the third parties and earns commission)
  2. Cryptocurrency depository wallet operator (when the company manages or stores digital assets of clients – f.e BTC, ETH)

Requirement for crypto company in Lithuania: 

Company registration in Lithuania is mandatory and its activity shall be separated from the licensed traditional finance activity (f.e payment institution, payment service provider) – a separate legal entity

Preparation of needed policies for the provision of virtual currency activities  

Drafting and implementation of AML/KYC control measures (AML policy, KYC policy, Risk Assessment)

Please note:

  1. 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:
  2.  They cannot be sentenced for infringements related to private ownership, economic and business order, financial system, civil service or any public interest.
  3. Shareholders/Ultimate Beneficial Owner need to pass the Investors Assessment Commission (IAC). 
  4. Approval of the Commission is required for all the investors (shareholders) planning investments into the Lithuanian financial sector.
  5. Cryptocurrency license holders are supervised by Financial Crime Investigation Service (FIS).

A company that has issued a cryptocurrency license from Lithuania needs to follow general requirements:

  1. Identify and verify customers upon starting a relationship or when the operation exceeds a certain amount
  2. Report to Financial Crime Investigation Service (FIS)
  3. Keep records up to date and data of clients based on requirements
  4. Appoint AML Officer
  5. Appoint Local MLRO, who shall be fully experienced in AML and should be Lithuanian residents – we can provide this service on request.
  6. Implement internal control policies and procedures based on requirements ( on request )
  7. Cryptocurrency company needs to be separated from licensed financial institution (EMI or any other).

Our offer for crypto companies:

  1. Arrangement of the documents for IAC
  2. Drafting of the company incorporation documentation meets legal requirements set to Virtual Currency Operators and limited liability company registration
  3. Preparation of the AML Policy, KYC Policy based on FCIS requirements (Risk Assessment on request), Adaptation of existing AML policies 
Timeframe

up to 2 months

Personal visit / travel

Not required

Non-residents

Accepted

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