Crypto license in Lithuania

Lithuania stands as a dynamic hub for virtual asset service providers (VASPs), offering a streamlined process for obtaining crypto licenses. With its favorable regulatory environment, robust financial infrastructure, and strategic location within the European Union, Lithuania presents an attractive opportunity for companies looking to establish or expand their presence in the crypto space. Our team at Samson Solutions is dedicated to guiding you through every step of the licensing process, ensuring compliance with all legal requirements and helping you launch your business swiftly and efficiently.

Regulatory Framework

Lithuania’s regulatory framework for virtual asset service providers (VASPs) is designed to foster a secure and compliant environment for cryptocurrency businesses. The country’s legislation aligns with the EU’s stringent anti-money laundering (AML) and counter-terrorist financing (CTF) directives, ensuring a robust foundation for the operation of crypto companies. Licensing requires adherence to strict AML/KYC protocols, comprehensive business plans, and the establishment of internal controls. Samson Solutions provides expert guidance through this regulatory landscape, helping you meet all legal requirements efficiently and effectively.

Application Process

The application process for obtaining a crypto license in the Lithuania involves several steps, including:

• Company Registration: Form a private limited company (UAB) in Lithuania, ensuring a local presence with at least one director based in the country.
• Document Preparation: Develop comprehensive AML/KYC policies, organizational structure, and submit information about shareholders and beneficial owners.
• Application Submission: Submit the completed application package to the Financial Crime Investigation Service (FCIS), including all required documentation and compliance policies.
• Review and Approval: The FCIS conducts background checks and reviews the application before granting the crypto license.
• Ongoing Compliance: Maintain continuous adherence to Lithuanian regulatory standards through regular reporting and updates to compliance programs.

Main types of activities 

• Exchange Services: Facilitating the exchange of cryptocurrencies with fiat currencies or other digital assets.
• Wallet Services: Providing digital wallet solutions that securely store, manage, and transfer cryptocurrencies.
• Custody Services: Offering custodial services to safeguard digital assets on behalf of clients.
• ICO/IEO Management: Assisting in the launch and management of Initial Coin Offerings (ICOs) or Initial Exchange Offerings (IEOs).