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LICENSE OF THE CRYPTOCURRENCY EXCHANGE AND CRYPTOWALLET OPERATOR

Lithuania has created almost ideal conditions for fintech business launch, and favorable environment for fintech startups development; the procedure for license issue has been also simplified. This is one of few European Union (EU) and European Economic Area member states, which offers license for virtual currency transactions.

LICENSE OF THE CRYPTOCURRENCY EXCHANGE AND CRYPTOWALLET OPERATOR

Lithuania has created almost ideal conditions for fintech business launch, and favorable environment for fintech startups development; the procedure for license issue has been also simplified. This is one of few European Union (EU) and European Economic Area member states, which offers license for virtual currency transactions.

Although there is no created internal legal base for work with cryptocurrencies in Lithuania, anyway it has introduced licensing of companies, which deal with cryptocurrency exchange and servicing of cryptocurrency storing wallets. World’s biggest Cryptocurrency Exchange Binance is authorized in Lithuania and it provides services to European customers from this country.

Legal entities registered in Lithuania have a right to register primary placement of coins and perform public distribution of tokens, successfully offering virtual coins to investors in all EU states.

Types of license

  •   Cryptocurrency exchange operator (legal entity exchanging the cryptocurrency that belongs to the customers for a commission fee);
  •   Operator of wallets for cryptocurrency keeping (legal entity managing the wallets for keeping the customers’ cryptocurrency).

The cryptocurrency exchange operators and cryptowallet operators should be separated from the licensed traditional financial activity. Nevertheless, licensed financial institutions may maintain fiduciary payments of companies and their customers in terms of cryptocurrency and create an efficient mechanism of fiduciary payments related to cryptocurrency this way.

Legal entities, performing cryptocurrency activities, are required the following:

The registered companies in Lithuania may submit an application for the registration of cryptocurrency-related activity. The registrar of legal entities of Lithuania should be informed on conducting of events related to cryptocurrency, as well as on the measures taken in order to prevent money laundering. The activity of operators of cryptocurrency exchange and wallets for cryptocurrency keeping is controlled by the Financial Crime Investigation Service (FIU).

The main requirements towards legal entities:

  •   unchallenged reputation;
  •   customers identification and verification;
  •   reporting to the FIU of Lithuania;
  •   keeping of records and customer data;
  •   appointment of manager responsible for compilation with requirements of counteraction against money laundering.

Legal entities, performing cryptocurrency activities, are required the following:

The registered companies in Lithuania may submit an application for the registration of cryptocurrency-related activity. The registrar of legal entities of Lithuania should be informed on conducting of events related to cryptocurrency, as well as on the measures taken in order to prevent money laundering. The activity of operators of cryptocurrency exchange and wallets for cryptocurrency keeping is controlled by the Financial Crime Investigation Service (FIU).

The main requirements towards legal entities:

  •   customers identification and verification;
  •   customers identification and verification;
  •   reporting to the FIU of Lithuania;
  •   keeping of records and customer data;
  •   appointment of manager responsible for compilation with requirements of counteraction against money laundering.

InLegal PRO services

Creation of cryptocurrency projects is a lengthy process with variety of nuances that are not easy to deal without professional assistance.

InLegal PRO Company provides full range of services of authorization of cryptocurrency exchange operator and cryptocurrency wallet, including registration of companies and affiliated persons of companies in Lithuania. If you need cryptocurrency exchange license, our specialists will develop the best solution for you. We can offer consultations and provide legal support of cryptocurrency projects of any level of complexity.

InLegal PRO services

Creation of cryptocurrency projects is a lengthy process with variety of nuances that are not easy to deal without professional assistance.

InLegal PRO Company provides full range of services of authorization of cryptocurrency exchange operator and cryptocurrency wallet, including registration of companies and affiliated persons of companies in Lithuania. If you need cryptocurrency exchange license, our specialists will develop the best solution for you. We can offer consultations and provide legal support of cryptocurrency projects of any level of complexity.

LEAVE AN APPLICATION FOR A FREE CONSULTATION

    UAB InLegal PRO

    Successful business in Europe from scratch: registration and sale of companies, residence permit (TRP), legal support, accounting services. Legal and financial advice.

    Terms and conditions of service provision
    Privacy policy

    Company code: 304291346 
    VAT code: LT100011233910 

    Konstitucijos ave. 12-211, Vilnius
               Lithuania, LT-09308
    Mo. – Fr.: from 8:00 to 17:00  

    Migracijos_tarnyba
    paypal_
    bitcoin_pic
    SB
    Paysera

    UAB InLegal PRO

    Successful business in Europe from scratch: registration and sale of companies, residence permit (TRP), legal support, accounting services. Legal and financial advice.

    Terms and conditions of service provision
    Privacy policy

    Company code: 304291346 
    VAT code: LT100011233910 

    Konstitucijos ave. 12-211, Vilnius,
               Lithuania, LT-09308
    Mo. – Fr.: from 8:00 to 17:00

    Migracijos_tarnyba
    SB
    paypal_
    Paysera
    bitcoin_pic
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