The European crypto market is very prominent as it is booming with new countries joining it by passing relevant laws. Among the first governments to regulate the use of digital assets was Lithuania. It is possible to provide all sorts of cryptocurrency services if a sufficient license — https://sb-sb.com/services/crypto/crypto-license/europe/lithuania/ was obtained, which is not a difficult task if the help of professionals of SBSB Fintech Lawyers was used. Such a document would allow your company to work with different types of digital coins. The main services include crypto exchange and providing crypto wallets.
Exact Scenarios of When You Need a Crypto License in Lithuania
By choosing a good country to build a business surrounding cryptocurrencies, Lithuania feels like a pretty good choice. It is important for the Central Bank to ensure all transactions tied to digital assets are transparent and are not going to become a threat to the financial sector of the country. The government wants to make sure the security of your cryptocurrency platform is high enough to reduce the risks of money laundering. Do not forget — this country is a part of European Union jurisdiction, which means it should adhere not only to local AML and CFT legislation but also to EU directives as well.
If you feel unsure surrounding the process of obtaining such a license, you should not be afraid to do that, because it is simple enough and does not take much time, if you are working on it with true professionals. There are only a few requirements:
- your business should have a share capital of at least 125 000 EUR;
- no criminal records for shareholders directors and ultimate beneficiaries;
- AML/CFT officer resident.
Basically, your service should have a good reputation with highly educated professionals who have enough experience in the financial sector. The procedure includes the registration of a limited liability and an application submitted to the Financial Crimes Investigation Service. Be prepared that during this this procedure, regulators can request additional details surrounding your business. The procedure may take up to 6 months, but not more than that.
Benefits of Getting This License in Lithuania
Once you get this license, you get a number of benefits:
- the permission to run your business legally;
- No residency requirements for shareholders and directors;
- ability to provide services to your company remotely.
This registration is a must for all people who want to start their business centered around cryptocurrencies in the EU, as the country has a fairly flexible regulation laws for all investors.
If you have zero to none experience with obtaining the license, it is highly recommended to get help from professionals. Experts of SBSB Fintech Lawyers are ready to help you with all the steps necessary for the registration of your business.
