Lithuania

Crypto Exchange & Wallet License

Lithuania is now becoming one of the most crypto-friendly and attractive jurisdictions within the European Union.
In comparison to its neighbouring destination Estonia, Lithuanian regulations can be viewed as more flexible in terms of the setup and come at lower on-going cost as there is no specific requirement for onsite personnel. Our extensive experience both in Estonia and Lithuania can be at your disposal if you like to work with professionals.

Our team of experts provide professional solutions for crypto exchange and wallet licenses setup. The company and license setup can be fully processed remotely, with no travel required.

Lithuania Crypto Exchange & Wallet License Advantages

Simplicity
Minimum procedural requirements and bureaucratic burden of the process. The result will be only the company entry into the Register, without the need to obtain supporting documents and other attributes of bureaucracy

Low costs
You only need to pay for the company registration, the authorized capital, as well as preparation and submission of documents

Capital Requirements
No capital requirements for licensing purposes

Local Resident members
No requirements for the residence of the company director and shareholdersTerms
from 3 weeks

Taxes
Corporate tax of 15% is one of the lowest rates in the EU

Remote registration format
There is an opportunity to register a Lithuanian company remotely

Hiring Local Staff
No requirements for hiring local staff

Lithuania
Types of Crypto Licenses for
Virtual Currency Operations

Providers of a service of exchanging a virtual (crypto) currency against a fiat currency
Official activity license covering services for exchanging fiat to crypto and crypto to fiat and crypto to crypto. Such activity license registration enables to operate a crypto exchange in a regulated manner.

Providers of a virtual (crypto) currency wallet service
The virtual currency wallet service means a service in the framework of which keys are generated for customers or customers’ encrypted keys are kept, which can be used for the purpose of keeping, storing and transferring virtual currencies.

The crypto licenses are supervised by the Lithuanian Financial Crime Investigation Service (FCIS). Our lawyers assist in applying for the crypto licenses in Lithuania for providing crypto exchange and/or wallet services by preparing all required legal compliance documentation and managing the process on your behalf fully remotely without travel needed. One company can hold both licenses. The regulator application review time is on average 1 month.

Lithuanian
Crypto Company structure
Key points

To apply for the Lithuanian crypto license to provide cryptocurrency exchange and/or wallet services a limited liability company (UAB) has to first be set up in Lithuania. The minimum share capital requirement is 2500 EUR. The company setup can be carried out fully remotely with no visit required, it usually takes about 10 business days from the point we receive all required original documentation.

The minimum company structure requirement is currently 1 person who can act as the shareholder, director and compliance officer all in one. However, for the compliance officer position previous work experience and supportive documentation is needed. We recommend out-sourcing a 3rd party service provider to fulfill AML and KYC requirements.

The recommended setup structure is to include at least 3 board members while the compliance officer should have previous professional work experience, while Lithuanian residency is not required.

Subject to project review we can provide on-going support with certified accounting, local substance and compliance services.

A licensed company has to keep a detailed and up-to-date overview of all clients and transactions according to the AML/KYC regulations. The monitoring authority FCIS may make enquiries about the activities of the company, especially in regard to following the predefined AML/KYC policies. Our lawyers will support in compiling the full set of legal and compliance documentation as the regulator may request to check and monitor the internal procedures.

General requirements

At least 1 shareholder (private person or corporate entity). No restrictions to citizenship or residence. For optimal setup structure please consult our legal team.
At least 1 director (can be same as shareholder). Foreign residents are allowed, there are no restrictions to citizenship or residence.
AML compliance officer (can be same as director). No restrictions to citizenship or residence. Professional experience and fit-and-proper requirement.
Local office setup needed. Virtual office accepted.
Beneficial owners’ details are disclosed to the authorities.

Taxation

Virtual currencies (e.g. Bitcoin and altcoins) exchange services are not subject to VAT.
Services invoiced (e.g. sales invoices) in virtual currencies are subject to regular VAT rules.
Corporate profits are taxed at 15% (CIT=15%). Small companies with fewer than ten employees and less than 300 000 EUR in gross annual revenues can benefit from reduced corporate tax rate of 0-5%.
Withholding tax (WHT) 15% is charged on gross dividends.

Banking

Most companies working in the crypto sphere, whether licensed in Lithuania or Estonia, take advantage of crypto friendly fintech banks working under the EMI license. We work with several traditional and fintech banks to ensure the opening of a business bank account for your Lithuanian company. The end-result will depend on your business model, background and co-operation during the KYC process. Most of our clients have been able to open an operational account in a few weeks, it just may happen that applications to several banks have to be submitted.

It is important to note that currently traditional Lithuanian banks may prove to be difficult to work with regarding non-residents and especially crypto companies, but Lithuanian based fintech banks do not have such challenges, further we can suggest alternative banking options in Europe. Please also note that for crypto companies higher level of AML/KYC principles are applied. We can support with appropriate banking solution consideration after we have full overview of the planned activities and financial forecasts to consider the best path forward.

Company formation

Our lawyers support whether with a new company incorporation or we provide an already prepared shelf company for a faster setup and license application submission. We also have availability for Lithuanian shelf companies with older registration dates and active VAT registrations. We can provide you with a turnkey solution with all the support services. Usually the most time and cost-efficient approach to register a company in Lithuania is to purchase a new shelf company, because the founding process can be a challenge to non-residents due to some requirements (e.g. share capital payment deposit). In most cases, non-residents opt for a new tailor-made shelf company to avoid bureaucracy as we have already taken care of all requirements. However, we do assist with new incorporations on request. We will help you to choose the best approach according to your objectives.

Pricing for Crypto License in Lithuania

We provide efficient solutions for crypto exchange and wallet licenses setup. Possibility for full remote setup with no travel. Setting up a Lithuanian limited liability company and applying for a FCIS monitored crypto activity license is made simple as our lawyers take care of the full legal procedures on your behalf. We also have availability for new and fully licensed shelf companies for swift setup.

For more information please contact us for a tailored offer for your project


STANDARD PACKAGE

UAB company incorporation package
with new license application

EUR 11,500


PREMIUM PACKAGE

New UAB shelf company
package with new license application

EUR 19,500

New UAB company in Lithuania

Yes

Yes
Remote setup without travel Yes Yes
Timeframe to start activities 2-3 months 1-2 months
Type of setup package New license application New license application
Registered share capital € 2.500 (deposit needed) € 2.500 (pre-registered)
Official crypto license type Crypto Exchange – Wallet Crypto Exchange – Wallet
All government and licensing fees Yes Yes
AML/KYC legal package Yes Yes
Virtual registered office 1 year Yes
Compliance services consultation Yes

 

UAB – Limited Liability Company

* All orders are subject to our review and subject to our final confirmation; conditions may apply; recurring monthly service fees may apply in some cases.

Notice: all pricing is indicative and is subject to our final confirmation upon receiving order details; indicative packages for one natural person participant. Prices shown excluding VAT, which is added; in some cases no VAT added. Discounts may be applied. We reserve the right to change our individual and package prices at any time without notice. Additional fees may apply in case of additional participants, corporate shareholder, translation services, legal analysis/opinion services, certified documents orders and more. Please contact us for a detailed offer specific to your project.

Legal Framework and Requirements

The legal framework is governed by the Money Laundering and Terrorist Financing Prevention Act. We can prepare all policy documentation according to the legal framework and manage the process with the Bank of Lithuania and FCIS on basis of a Power of Attorney (PoA).

Application for a new Lithuanian Crypto License

Registration of UAB company in Lithuania
Registration of share capital (min 2500 EUR deposit needed)
Preparation of legal company documents
Registration of legal address for the company
Paying company registration government fees
Paying government crypto license fees
Obtaining currency exchange operator license
Obtaining currency depository wallet operator license
Providing local manager recruitment service in Lithuania
Providing local contact person service in Lithuania
General counselling

Documentation

For reviewing and preparing the license application we will ask for the following documentation:
Valid copy of passport from each country of citizenship
Power of Attorney (PoA)
Description of planned business model and licensed activities
Resume (CV) listing employment and education background for all participants
Website address where services will be offered
Certificate of non-criminal record from the registry of convictions (not older than 3 months) for shareholder(s), board member(s), ultimate beneficiary owner(s) and compliance officer *

All listed documentation has to be certified by notary public and confirmed with an apostille, in English (or notarized English translation). In the first stage we will gather all information and provide step by step process overview according to your case.

Procedures

Our compliance team will prepare the full internal procedures documentation for the company to meet with the Anti Money Laundering (AML) and Know Your Customer (KYC) criteria established in the legal framework. Some parts of this include, for example:

Internal security measures: – assessment and management of the risk of money laundering and terrorist

financing;

– collection and keeping of records;

– performance of the notification obligation and notification of the management;

– internal control rules for checking adherence thereto.

Procedure rules: – describing transactions of a lower risk level and establishing the appropriate requirements

and procedure for carrying out such transactions;

– describing transactions of a higher risk level, including risks arising from means of

communication, computer network and other technological development, and

establishing the appropriate requirements and procedures for carrying out and

monitoring such transactions;

– set out the rules of taking the due diligence measures;

– set out the requirements and procedure for keeping the documents and records;

– set out the requirements and procedure for application;

Instructions and guidelines How to effectively identify whether or not the person is:

– a politically exposed person;

– a person whose place of residence or seat is in a country where no sufficient

measures for prevention of money laundering and terrorist financing have been taken;

– a person with regard to whose activities there is prior suspicion that the person may

be involved in money laundering or terrorist financing;

– a person with regard to whom international sanctions are imposed;

– a person with whom a transaction is carried out using telecommunications.

 

The legal framework is governed by the Money Laundering and Terrorist Financing Prevention Act, further by the Order No V-5, which provides the guidelines for the operators of crypto exchanges and custodian wallets.

Additional Services

  • AML/KYC documents
  • Client representation in obligatory communication with regulators in Lithuania
  • Local manager
  • Accounting services
  • C2B/BTC payment solutions for crypto business
  • Payment cards

Why TBA

What separates us from our competitors is that our services don’t end with the registration of your company. We offer a wide range of additional services others can’t or just won’t offer, such as lifetime free support.

Whilst most providers either specialise on personalized consultation at relatively high rates or run bulk registration factories without any support, we want to offer the positive aspects of both types.

Therefore TBA combines professional advice, worldwide registration services, reasonable fees, customized order processing, lifetime support and fast processing. Where others see company formation services as a bulk registration with no support and no individual assistance, we do care about your business needs.

Licensing Services
Our Company Services
Services we DO and Services we DO NOT DO

Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly registered and licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency business activities.

TBA & Associates Tax Business Advisors Limited does not carry out any sort of Cryptocurrency Business Trade

Should you have any question or matter
You would like to discuss or clarify with us

Or

Should you like to receive further Information
About our services and fees, …

Our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.

You may call or email us, and we will be happy to assist you in a fast and efficient manner.

You can also come and visit us at our Limassol offices to discuss issues face to face if you prefer. Just arrange an appointment and we will be happy to meet with you.