Lithuania is one of the few countries in the EU that has favorable conditions for creating and running a crypto business. Here the government is aimed at receiving foreign investment. Therefore it makes an excellent inverting climate for business development. Obtaining a crypto license in Lithuania takes only a few weeks, and regulators do not impose complex requirements for applicants. The failure rate here is really low.
Requirements for the applicant
As already mentioned, Lithuania does not set special requirements for those wishing to obtain a permit. People in business can easily see this if you look at their list:
• Must have at least one owner;
• A security specialist should be on staff;
• Customer data must be stored in a place where regulators can access it;
• The authorized capital must be at least 2500 euros.
But the main requirement is that the owner and shareholders have no criminal records. In addition, the security specialist must have an excellent reputation, experience in a similar position, and appropriate education. If you and your employees had no problems with the law and established yourself as good specialists, then there would be no problems.
Also, you must adhere to the KYC policy. So, every client registering on your platform must undergo the verification procedure. He or she must provide some documents that prove their identity. It is necessary to prevent fraud or money laundering by your company. The security specialist should give regulators access to customer transaction data and provide them with reports on the organization’s performance.
Types of licenses
In Lithuania, there are only 2 types of licenses, so it will not be challenging to choose in general. So, different kinds of permissions must be obtained by crypto exchanges and wallets. At the same time, the list of documents or the fees does not change.
If your company provides both services, you can get both licenses, but you must go through the licensing process twice.
The process of obtaining a crypto license
Obtaining a work permit in Lithuania is not difficult compared to other countries. However, you will have to go through several steps.
So, first, you must create or buy a company and register it in Lithuania. This step usually takes up to 5 business days. You can apply for company registration remotely. At this stage, you need to decide on the organization’s name, the form of management, and the authorized capital.
In the next step, you must prepare the company to meet the regulators’ main requirements. A good solution would be to ask Gofaizen-Sherle specialists for help, and they will tell you what points you should pay attention to and what changes need to be made. On average, it only takes 7 days if you know what to do.
After the preparatory stage is completed, you can apply for a license. To do this, you must fill out an application and provide the necessary documents. This can be done remotely; you do not need to fly into the country if you own a foreign company. The authorities will then have 14 days to make a decision.
Services of our company
Gofaizen-Sherle is a large law firm that specializes in assisting in the granting of licenses. Its specialists have extensive experience in this industry and know how to speed up the process of obtaining a permit in the jurisdiction of your choice.
Among the most valuable services of Gofaizen-Sherle are:
• Full consultation;
• Assistance in company registration;
• Assessment of your company’s readiness for registration;
• Verification of documents;
• Assistance in filling out an application and much more.
When you contact the specialists of Gofaizen-Sherle, you get a great consultation, where the experts will name the advantages of obtaining a license in Lithuania, tell you how the licensing process goes, what points you need to pay attention to, first of all, and also answer all possible questions. The consultation usually takes several hours, so we advise you to allow enough time for this.
You can issue a power of attorney to the specialists of Gofaizen-Sherle, and they will be able to do all the difficult work for you. You will only have to provide some data about the outcome of your organization, and the firm’s specialists will take care of the rest.