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Latvia: Immigration law amendments
26th May 2014
Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.

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Acquire crypto licence and a Lithuanian (EU) company

European Union member state Lithuania has a legal framework to acquire crypto licence for corporate entity. Regulation regarding crypto assets in Lithuania is sufficiently flexible to make it an attractive option where the goal is to have crypto legally in European Union.

There are two options: registering a brand now legal entity or purchasing a ready-made solution - a shelf company with crypto authorisation setup (with and without bank account available).

Shelf company with cryptocurrency licence and an optional bank account

Expected expense for full setup at glance.

With a bank account15000€
Without a bank account12500€

Contact us with detailed explanation of what’s included in each option and what are the requirements. However, if ready-made solution is not what you’re looking for – keep reading to find out the other option of registering a brand-new company in Lithuania (European Union).

Crypto Exchange or Crypto Wallet licence

Lithuania has established excellent environment for FINTECH business. The jurisdiction has a start-up environment whereby it has introduced two types of cryptocurrency licence – Crypto Exchange (Crypto currency exchange operator licence) and Crypto Wallet (Crypto currency depository wallet operator). Current regulation has greatly simplified the procedure to acquire a crypto licence.

Crypto Exchange licence in Lithuania

A company, branch or incorporated legal representative holds the right to exchange between digital currencies and receive a commission for exchange services in addition to providing services regarding fiat currency exchange to cryptocurrency and vice versa.

Crypto Wallet licence in Lithuania

A company, branch or incorporated legal representative holds the right to manage and safekeep cryptocurrency depository wallets owned by consumers and other third parties.

Licence registration

Companies or branches can apply for the Lithuanian crypto licence. This is regardless of the fact if the entity is a resident or non-resident of the EU.

The Central Bank of Lithuania aims to strictly separate traditional financial institutions and cryptocurrency service providers – companies buying, selling, storing, or exchanging cryptocurrencies. However, digital assets can be show in turnover of traditional market players.

The Central Bank has extensive framework to encourage the development of non-banking payment services.

Continuation requirements

An entity operating under cryptocurrency regulation must follow specific set of guidelines. The requirements include:

  • Customer identification and verification procedure for all customers
  • Thorough accounting and records of customer data must be managed
  • Mandatory introduction of internal control procedure – transaction monitoring
  • AML (Anti-Money Laundering) Policy officer must be appointed
  • Mandatory reporting to FCIS (Financial Crime Investigation Service) of Lithuania

Ongoing expense

Lithuania option for crypto licence is especially appealing as there are no requirements for local personnel. The single requirement for a local employee is in regard to AML/MLRO officer. The employment of such officer can be hourly based, for instance, 10 hours a month.

Company registration in Lithuania

Baltic Legal and its extensive professional experience in Lithuanian market is at your disposal when you are considering registering a company in Lithuania with crypto licence.

Registering a limited liability company (in Lithuanian language - UAB) can make the process quicker and increase the success for acquiring Lithuanian crypto licence.

Here are some indications when preparing to open a Lithuanian company:

  • Ensure the presence of at least 1 shareholder and 1 director [1];
  • A local professional AML Compliance Officer.

[1] Director can be a member of the board. There are no restrictions on citizenship or place of residence.

The company’s recommended minimum share capital is 10 thousand euros for each shareholder.

Additional requirements

AML (Anti-Money Laundering) Policy Officer or Compliance Officer reporting to FCIS must be different individuals in case your company is planning to have both. There’s no requirement to have both positions. The Compliance Officer must be a resident of Lithuania.

Shareholders/UBO must be approved by the Investor Appraisal Commission (IAC).

To conduct cryptocurrency asset business in Lithuania, there must be a clear information control of all clients and transactions as per AML/KYC regulation, which is done internally by AML/MLRO officer. The control must include external client identification and transaction monitoring system implementation.

Baltic Legal business support and licence registration services

If any of the information above does not answer your question regarding cryptocurrency licence in Lithuania, our employees can provide you with a comprehensive advice based on crypto legal framework and regulation in Lithuania.

One of the top reasons why Lithuania is selected as a jurisdiction for incorporating a cryptocurrency exchange entity is the size of tax rates for local and foreign entrepreneurs.

There is a low-income tax rate of 15% in Lithuania. Availability of EMI licenses in Lithuania assists many companies to avoid high tax burdens.

The European member state is different in the presence of designated goals for the effective development of financial technologies. Please contact us if you are interested to open a company in Lithuania and subsequently acquire a crypto licence.

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