Crypto license in Lithuania

GBO Corporate Services can assist you to set up a Cryptocurrency Exchange License in Lithuania

 

GBO provides expert assistance to firms looking for one stop shop for obtaining crypto license, open bank accounts, legal , systems and everything you need for your crypto business.

Introduction to Lithuania crypto license and regulation

Starting in 2016, companies based inside the European Union could be licensed under the Payment Services Directive and the EU Electronic Money Directive to establish cryptocurrency exchanges. The EU was the first bloc to provide a comprehensive framework for trading digital money and crypto-assets on exchange platforms and virtual networks.

GBO will guide you through the steps required to establish a fully operational licensed cryptocurrency exchange in Lithuania that fully conforms to the current EU regulations. These now stipulate that only authorised exchanges will be allowed to trade cryptocurrencies in EU countries legally.

 Feel free to contact a GBO professional representative to schedule a consultation regarding a crypto bank accounts and licensing offering in Estonia and Slovakia


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    What does investment in an online cryptocurrency exchange Lithuania  promise?

    Since the explosion of cryptocurrencies in 2016, hundreds of thousands of deals and billions of units are being bought and sold each day around the world. An online cryptocurrency exchange (also called a digital currency exchange) is now the most popular platform that allows customers to trade cryptocurrencies and swap between different digital currencies. The revenue stream of a cryptocurrency exchange comes from two possible options

    • The exchange can take a commission fee (usually a small percentage of margin on the value of each transaction). In this way, it operates in the same manner as a stockbroker on the stock exchange or bourse, where buyers and sellers make bids and offers and settle the transaction. One or both pay the fee.
    • Alternatively, the exchange can offer a spread between buy and sell prices on individual cryptocurrencies, taking the difference as its fee. In this case, the exchange has to hold some balance in the cryptocurrencies on offer and accept the concurrent risk of price variation on the cryptocurrencies it holds.

    Digital exchanges allow for the transfer of cryptocurrencies to and from a customer’s personal cryptocurrency wallet. The denomination of funds kept in accounts may be fiat or digital currency.

    Get in touch with a GBO professional today.

    Contact a GBO professional to begin your cryptocurrency business today

    Why choose Lithuania crypto license?

    One of the primary requirements for any business wishing to trade cryptocurrencies inside the EU is to have a registered company inside the union. Lithuania is acknowledged as one of the bloc’s most advanced digital finance environments. For example, it has the second-largest number of Electronic Money Institutions – only the UK has more. In terms of the relative importance of digital banking, Lithuania far outstrips all others in the EU.

    EMIs currently operating from Lithuania conduct business in all the EEA member states. They are licensed and authorized by the Bank of Lithuania (BoL). Overall, the Lithuanian EMIs enjoy a very high reputation for stability, safety and customer service, ranking near the top in terms of these

    ratings.

    Right now, there is a lack of a common approach across the world of finance to the phenomenal growth of cryptocurrencies. As well, there are fundamental differences between other regions. One example is the US, which regulates cryptocurrencies under existing securities law.

    The EU is moving quickly towards the regulation and supervision of digital financial institutions. Its ‘crypto regulation’ will be the first instance where a central body regulates this sphere. The EU, however, has created an entirely new framework to establish the cryptocurrency world with greater transparency, commonly agreed accounting methods, and taxation.

    Lithuania crypto tax – Lithuanian companies that hold a Lithuania cryptocurrency/virtual currency licence can then offer their services for exchanging, circulating, transferring and holding digital currency and cryptocurrency. Customers throughout the EU can use these digital services for both fiat currency and cryptocurrency transactions.

    Lithuania offers the third most attractive taxation regime amongst all OECD countries. In addition, it is possible to incorporate a cryptocurrency exchange in Lithuania that is owned as a subsidiary of an Estonian company. This will further optimise the corporate tax structure, reducing it to 15% corporate tax on profit and 15% withholding tax.

    Basic requirements for establishing a Lithuania crypto exchange license

    With the assistance of the expert team here at GBO, it is possible to set up your Lithuanian crypto exchange in about 6-10 weeks.

    Summary of the basic steps required:

    1. Register a private limited company in Lithuania (UAB) – including:
      1. Preparation of company documentation including:
        1. Agreement or act of incorporation
        2. Articles of association
        3. Minutes of the first meeting
        4. Details of the Ultimate Beneficial Owners (UBO)
        5. In that case where another company is the parent company, besides the above documents, a complete set of its corporate documents is required in apostilled hardcopies, a notarised Power of Attorney, and two incorporation and application forms/documents for signature.
    2. Open a bank account with a suitable crypto-friendly financial institution inside the EU
    3. Register the corporation with the Registrar of Crypto Exchanges in Lithuania
    4. Setup the website

    Detailed procedures and costs of the services provided by GBO

                    EUR Incorporation of a company in Lithuania
    3,600 Incorporation of a company in Lithuania

    Company formation (standard structure one director and one shareholder), opening an accumulative bank account, corporate documents, government fees.

    1,800 Annual Maintenance fees *

    Providing legal registration address with correspondence reception services.

    4,200 Registration of Crypto Services with the Manger of the Register of Legal Entities, notification of the FCIS.
    9,600 Total Price

      

    Optional Services

    EUR Optional Services
    2,500 Corporate account
    3,000 Merchant account

      

    Additional Services – Compliance

    10,000 Post authorization AML support

    •  Tailor made AML/CTF Policy that includes, governance, roles & responsibilities, internal control, legal background, requirements for: Customer risk assessment, Customer identification, KYC, simplified due diligence, Customer due diligence, ongoing due diligence, enhanced due diligence, PEP identification, transaction monitoring, detection of suspicious transactions, sanctions screening, reporting to FCIS, termination of the business relationship, employee training, record keeping, etc.;
    • Annexes to AML/CTF Policy:
    • Template of General register of monetary operations and transactions;
    • Template of register of suspicious monetary operations and transactions, reports;
    • Template of Register of Customer with whom transactions or business relationships were terminated;
    • Template of unusual or suspicious monetary operations and transactions investigation form;
    • List of the criteria for the determination of suspicious activity.

     

    In addition, there is a standard fee of €250 payable to the authorities when registering the company.

    Once these stages have been completed, the following steps are required:

    • The company’s equity capital (minimum €2500) must be transferred into the regular savings bank account of the company created during the formation procedure. This can then be used in regular company activity once the formation procedures are finished.
    • Payment amounting to €9800 is due for legal services for registration of the corporation and acquisition of the cryptocurrency exchange licence, including review of the UBO scheme
    • Approximately €200 monthly should be budgeted for accounting services for small corporations
    • In any instance where documents require translation before they can be notarised, a standard per-page fee of €18 will be charged

    Total for a complete package of services from GBO is €.

    Summary of the procedures of supported by GBO:

    • Collection of all required information and preparation of all documents. In these documents, shareholders (or a parent company if this is a subsidiary) must nominate a person designated by GBO as holding Power of Attorney to open bank accounts and act on behalf of the new owner in the process of company registration.
    • Details of the ultimate beneficial owners, shareholders and senior executives are required. These include passport copies, CVs and the residence addresses of all proposed directors and board members and the designation of the chief board member (Managing Director, President or Chairman). Passports must be apostilled if issued outside the EU or notarized if issued in the EU.
      • Note: if all of the parties involved are residents of the EU, documents (an original or its certified copy) issued by the authorities in one EU country are accepted in Lithuania as authentic without requiring an apostille stamp to prove its authenticity.
    • All documents must be signed and notarised, and then sent to our designated address in Vilnius either by registered post or preferably by courier (DHL, TNT preferred).
    • Once the documents are received and validated, GBO will open a regular savings bank account for the newly-founded company and you will need to transfer a minimum €2500 representing the share capital
      • (OPTIONAL) The savings account can be converted into a current account by a director after the company is founded. This account can then be used for any transactions
      • Once this amount has been cleared, the company’s share capital will be registered at the Notary office.
    • Registering a company at the Commercial Register of Legal Entities takes approximately 3-5 business days
    • An engagement letter for the lawyers must be provided
    • Documents setting out AML (Anti Money Laundering) and KYC (Know Your Customer) rules, a review of UBOs (Ultimate Business Owners) and the application for the licence will be prepared. These will comply with requirements for a virtual currency exchange authorization.
    Details GBO charge
    Preparing all the company documents required for company registration (either in Lithuanian alone, or in both English and Lithuanian).
    Notarising the documents
    Establishing the virtual business address for the 1st year
    Opening a regular savings account in the corporate name with a European bank
    Assistance in opening corporate banking accounts with a  crypto-friendly bank/EMI

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