Lithuania will be an excellent choice to launch a successful fintech business. Obtaining a crypto license in Lithuania is the goal of many companies that want to work in the virtual currency market.
The central bank actively supports non-bank payment services and financial technologies. Over the past year alone, the number of fintech companies has increased by 40%. This attracts the attention of major international players.
Cryptocurrency License in Lithuania
This country is one of the few in Europe that works with virtual currencies and offers a licensing and authorization process for companies.
It is worth adding that there is no coherent legal framework for working with cryptocurrencies. Those businessmen who are engaged in wallet services and cryptocurrency exchange can form an application to obtain two types of licenses:
Crypto wallet exchange license: A company or branch has the ability to manage customer wallets for storing cryptocurrency.
Cryptocurrency exchange license: Obtaining the ability to exchange digital currency by receiving a commission.
Crypto Exchange Licensing Overview
Definition: Facilitating digital currency exchange opportunities.
Licensing Requirements: Upholding board members’ impeccable reputation, strict AML compliance.
Services: Engaging in digital currency exchange, earning commissions.
Advantages: Access to a fintech-friendly environment, streamlined licensing.
Central Bank Requirement: Separation of traditional finance and crypto activities.
Crypto Wallet Exchange Explained
Definition: Managing secure customer wallets for cryptocurrencies.
Licensing Requirements: Demonstrating owner/board reputation, AML adherence.
Services: Safely managing customer wallets for cryptocurrencies.
Advantages: Access to supportive startup ecosystem, simplified licensing.
Central Bank Requirement: Clear separation of traditional finance and crypto activities.
Regulatory Framework for Crypto Operations in Lithuania
The Central Bank of Lithuania separates the traditional activities of financial institutions from those of companies that work with virtual currencies.
Digital assets are all that can be in circulation of traditional market players. Those companies that are engaged in cryptocurrency activities must meet certain requirements.
They have to comply with the AML Policy and have a very good reputation among board members and owners.
Advantages of Securing a Cryptocurrency License in Lithuania
Below are the advantages of obtaining a license:
- Exchange and storage of cryptocurrency.
- Access to a comfortable Lithuanian environment for fintech startups.
- Obtaining the necessary permits in Lithuania under a simplified procedure.
- Anti-money laundering policies (AML policies)
- Separation of cryptocurrency companies and traditional financial institutions.
Use the Services of Professionals
Prifinance’s experts boast a deep understanding of cryptocurrency legislation, helping clients secure exchange licenses and establish mining operations efficiently.
They stay ahead with their grasp of cryptocurrency and blockchain, monitoring legal changes and market needs, backed by positive reviews.