Cryptocurrency exchange and wallet operator license in Lithuania
Lithuania is world famous jurisdiction for FinTech businesses. New Office assists our international clients to secure cryptocurrency exchange and wallet operator licenses. Currently Lithuania is one of the most crypto-friendly jurisdictions, having fast and flexible crypto authorization process. All crypto related services from company opening to crypto licensing can be provided fully remotely without client’s physical presence in Lithuania.
TYPES OF CRYPTOCURRENCY AUTHORIZATION
– Cryptocurrency exchange
– Cryptocurrency wallet
Crypto activities are supervised by Lithuanian Financial Crime Investigation Service (FCIS).
MAIN REQUIREMENTS FOR CRYPTOCURRENCY ACTIVITIES
– Customer identification and verification;
– Employment of Lithuanian speaking MLRO officer;
– Preparing AML/KYC policies and other internal procedures;
There is no requirement for CEO and/or Ultimate Beneficial Owner (UBO) to be the resident of Lithuania or other EU country.
CRYPTO AUTHORIZATION PROCESS
Step 1: Company formation/purchase. This can be done fully remotely with a notarized and legalized Power of Attorney;
Step 2: Signing of the crypto services agreement with New Office;
Step 2: Preparation of company’s AML/KYC policies and procedures;
Step 3: Employment of MLRO officer after we provide the potential candidates;
Step 4: Registration to Financial Crime Investigation Service (FCIS);
Step 5: Notification to State Enterprise Centre of Registers.
These steps take approximately 3-4 weeks if the client provides required information in a timely manner.