We at GBO will assist you to obtain your Crypto license in Lithuania according to the new regulation starting in Nov 2022.

(The last update is from 1.9.2023)

 

GBO is a corporate services firm specializing in the cryptocurrency industry, offering expertise in areas such as crypto licenses, company formations, and banking services for crypto businesses. We provide a range of corporate services tailored to meet the unique needs of companies operating in the crypto market

 

Lithuania is one of the most highly advanced countries in the European Union for commerce and finance in crypto currencies. Since the departure of the UK from the EU last year, Lithuania now has the largest number of registered Electronic Money Institutions (EMIs), and outstrips all others in the EU in the range and variety of options for EU companies looking to set up authorized cryptocurrency businesses.

 

Currently, the EMIs operating from Lithuania can conduct business for customers in all members of the European Economic Area. Licenses are issued and authorized by the Bank of Lithuania (BoL) and have a very good reputation for safety and stability, and customer service, ranking near the top in all of these.

To establish a cryptocurrency exchange that can do business all around the EU, the best option is to create a company in Lithuania, and get the required license from the Bank of Lithuania website.

Find out how we can help you obtain a crypto license in Lithuania

 

WhatsApp or Telegram us: +972504938469, email us: info@gbo-il.com

    New updates as of 1.8.2023

    Lithuania has recently implemented new regulations for cryptocurrency exchanges and custodians. As of January 1, 2023, exchanges and custodians must obtain a license from the Bank of Lithuania before they can provide services to customers. Additionally, anonymous client accounts or accounts with fictitious names will be banned as of November 1, 2022. All exchanges must also comply with Anti-Money Laundering regulations, and must have a legal entity based in Lithuania. Furthermore, only permanent residents of Lithuania will be allowed to manage companies dealing with cryptocurrencies.

    In Lithuania, crypto companies are regulated by the Bank of Lithuania and must follow the same rules and regulations as other financial institutions. Companies must have a minimum capital of €125,000 and must be registered with the Lithuanian Financial and Capital Market Commission. Additionally, companies must have adequate personnel with the necessary technical and financial expertise to provide the services they are offering. Companies must also be able to demonstrate that they have the necessary resources to meet their obligations to their customers. Companies must also comply with all applicable security and anti-fraud measures.

     

    This license is valid for five years and requires companies to appoint a Money Laundering Risk Officer (MLRO), a Compliance Officer, and an Auditor. Companies providing Initial Coin Offering (ICO) services are also required to obtain a license from the Bank of Lithuania and to appoint a Money Laundering Risk Officer (MLRO). Companies conducting other cryptocurrency activities, such as mining, are currently unregulated and do not have to appoint any specific positions.

     

    Lithuania cryptocurrency regulation

    Cryptocurrency regulation in Lithuania is regulated by the government regulations for financial institutions. Lithuania crypto regulation is much more advanced and flexible than most of the other EU countries. Lithuania crypto regulation allows Lithuanian companies to swap, buy and sell both crypto currencies and Fiat currency.

    Crypto license – Lithuania requirements

    There are two kinds of licenses issued by the Bank of Lithuania.

    • A Cryptocurrency Exchange Operator can provide services to customers for swapping between different digital currencies, for swapping standard currencies (known as Fiat currencies) to digital currencies or exchanging cryptocurrency to Fiat currencies. The exchange charges a fee for each transaction.
    • A Cryptocurrency Custodian Wallet operator provides digital wallets where customers can store their cryptocurrencies, create encrypted client keys, and store them. The wallet operator can charge both for opening and renting the wallet and for transactions.

    A Lithuanian company that holds a Cryptocurrency Exchange or Cryptocurrency Custodian Wallet license issued by the central bank can offer services to other companies and individuals anywhere in the EU for circulating, exchanging, transferring and holding digital currency and cryptocurrency.

    Lithuania crypto tax

    Lithuania offers a taxation regime that compares very well against other major countries. GBO has also gained experience in setting up holding companies in Estonia to own the Lithuanian company that has been licensed. This can lower the corporate tax payable on total profits to 15% with a 15% withholding tax on undistributed earnings. Talk to our team for help in all the licensing, company registration and lodging of documents

     

    Lithuania crypto license cost

    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. The total costs for preparation of company documentation, locating and opening merchant account services and bank account(s) with a crypto-friendly EMI, and registration of Lithuania crypto exchange license with the Registrar of Crypto Exchanges in Lithuania are as follows:

    Lithuania Crypto License Costs and Requirements

    Crypto friendly banks in Lithuania

    GBO is here to assist you once you’re ready to proceed with sourcing the best bank account for your Lithuania cryptocurrency exchange. In Lithuania, corporate bank accounts are available in reliable and secure Electronic Money Institutions. Discuss with us the various bank account options with you. We will work with you to ensure the best fit.

    In Lithuania, we have relationships with many crypto-friendly banks that will be pleased to partner with your cryptocurrency exchange company. As a professional consultancy, we have an established history with reputable European banks across the board.

    FAQ

     

    Can I buy Bitcoin in Lithuania?

    Several global cryptocurrencies can be traded freely by Lithuanian cryptocurrency exchanges. Some of the existing exchanges that offer services in exchanging, buying and selling bitcoin are Coinbase, eToro and Bitpanda.

     

    Which Bitcoin wallet is used in Lithuania?

    More than one crypto wallet is already used in Lithuania. These include ZenGo, Electrum Wallet and Ledger Nano S.

    Ledger Nano S is a secure hardware wallet that connects to your computer via USB.

    ZenGo focuses on mobile devices with an iOS/Android bitcoin & cryptocurrency wallet. Electrum focuses on desktop and laptop devices in desktop providing a Bitcoin wallet which is compatible with Windows, Mac, and Linux ,

     

    Does Lithuania use crypto currency?

    Lithuania allows for legal financial transactions with cryptocurrency. Exchanges must have an official license for conduct of transactions. The regulation of cryptocurrency transactions conforms to the laws of the state as well as EU money laundering, KYC and other standards.

     

    About the Author: Admin

    GBO provides corporate solutions, which includes step-by-step guidance incorporating foreign companies and opening bank accounts worldwide as well as assisting to obtain gaming and financial licenses, clearing and payment solutions, operating from 2009 You can contact GBO at: https://il.linkedin.com/in/lena-dikman-04422496/

    Recommended for you

    Online Gaming Licenses in Vanuatu - A Comprehensive Guide to Vanuatu gaming license
    29.05.23
    GBO’s gaming experts will assist you to obtain a Vanuatu Gaming License – contact us below a for price offer   Full legal package | company formation | bank accounts in Europe | Easy Process 🙂 We license all iGaming Products – online casinos, apps,...
    Banking solutions for global businesses
    29.05.23
    GBO, a renowned corporate service provider, is dedicated to offering exceptional banking solutions for global businesses and the European market.   Our experienced team is ready to assist you in finding the perfect banking solution that aligns with your company's requirements.   At GBO, we...
    Anjouan Corporate Services: GBO's Comprehensive Solutions for Business Success
    28.05.23
    GBO Corporate Services: Your trusted partner for Anjouan corporate services of gaming licenses, company formation, Forenx & crypto license   GBO Corporate Services is a leading provider of comprehensive solutions for entrepreneurs and companies seeking online gaming licenses in Anjouan, Comoros. With our expertise in...