Lithuania is on the TOP list of reputable European states to launch and handle crypto deals. Lithuania has quite high standards to enter the market. Still, running a crypto business from this state adds points to the reputation of a firm. The single crucial aspect to enter the market is to receive a crypto license in Lithuania Prifinance Company confirms that this is more than a realistic solution. This may be a profitable endeavor provided that specific compliance demands are 100% observed.
Core Aspects of Crypto Licensing in Lithuania
The law applicable to managing crypto assets requires the applicants to incorporate separate corporate entities. These firms should have well-rounded business policies to transact and guarantee compliance in the area.
Establishing a local company that will act as a future licensee requires:
- collecting the details about the entity’s founders, beneficiaries, and future management; if there is a group of companies, its structure should be explained;
- develop a financial plan for a future entity;
- paying share capital in a specific amount (at least 50% of the statutory requirement but more is better);
- drafting company’s statutory docs and internal policies to arrange commercial processes properly for dealing with considered assets further – appoint responsible officials, ensure ongoing tracking of operations, establish notification procedure, etc.;
- finding and formalizing labor relations with managers who have proven experience and good reputation;
- arrange the physical office in Lithuania;
- obtain confirmed electronic signature and e-residency;
- open bank account(-s) in local crypto-friendly bank(-s):
- observing the applicable reporting standards a future entity should follow.
The terms of taxation are also advantageous in Lithuania. Profits and dividends are taxed at a rate of 15% each.
KYC Compliance and Verification
When handling operations with crypto assets, it is crucial to guarantee proper compliance when dealing with clients. The Lithuanian crypto regulation requires handling KYC identification to monitor users and the origin of their funds. AML is of crucial importance in Lithuania as well as a licensee has to ensure ongoing tracking of operations carried out by clients.
How Prifinance Specialists May Help You
If you are considering the solution of receiving a crypto license exactly in Lithuania, Prifinance lawyers are ready to facilitate the realization of your business ideas , including but not limited to:
- assessing the specifics of your business idea and suggest the most perspective solutions for its realization;
- choosing the most appropriate company type and registering a new entity;
- guaranteeing legal assistance for all preparatory arrangements (legal address, management, capital formation, etc.);
- developing all must-have internal policies;
- drafting statutory and registration documents;
- handling all negotiations with the Lithuanian officials;
- opening and closing any bank accounts that may be needed;
- ensuring your compliance with all regulatory requirements, including AML/KYC and data protection;
- assisting with resolving all possible issues that may appear in the course of the next company’s operation, including while dealing with customers and regulators.
Provide the details of your business idea to get a more precise assessment, action plan, and all required support in terms of its realization in Lithuania.