The Republic of Lithuania is now the centre of fintech development in Europe. The registration and permission process for crypto activities is flexible. There are no extra bureaucratic requirements and there are no high-cost fees. Below are the requirements for obtaining a lithuanian crypto license. Future and more experienced crypto-businessmen will find this article useful in understanding how a virtual currency licence works in Lithuania.

The basic requirements for a license to operate a crypto-business

You can have two licenses at the same time. The first is called Virtual currency exchange operator. It allows you to trade one cryptocurrency for another, fiat or cryptocurrency, and vice versa. Operator of virtual currency funds is the second. This will enable you to manage customers' currencies and offer digital money storage services. Let's now look at the requirements

• Have a website resource and a bank accounts
• Using KYC, identify your customers and their transactions
• Get approvals from all authorities in the Republic of Lithuania
• Employ an AML-certified employee within your company
• Implement a management system for your company to protect yourself from financial fraud.

You will also need to register a limited liability business -- UBO. The crypto-firm's management staff does not need to be Lithuanian, but AML employees must have it. Attention must also be paid to the 2500 euro minimum capital.

We can help you get a license

It may appear that it is difficult to obtain a Lithuanian crypto license. This is true on the one hand, but you must register a company first, which will require a lot of work. A crypto-firm must also be able to operate smoothly. Lithuania has very strict reporting requirements. We recommend that you contact us to help with the registration, licensing, and maintaining records. We will handle your application and offer you favorable terms of cooperation.