Lithuania crypto license
Lithuania has become Fintech country, many startups are seeking in Vilnius to establish their companies there. The main reason is the propitious environment for the registration of financial companies. If in other countries the obtaining of licenses is delayed for years, then in Lithuania deadlines and agreements are strictly adhered to.
The meaning of crypto license in Lithuania.
Lithuania crypto license licence is an authorization from the regulatory authorities to carry out a specific activity. To obtain a licence, or as it is sometimes called, a permit or certificate, depending on the jurisdiction, requires a number of requirements and conditions, such as minimum security capital. The crypto license license is beneficial for all market participants, as clear rules of the game protect the interests of all parties. Licensed work means more transparency, legality and reliability of operations.
Opportunities of of crypto license in Lithuania:
– to open client accounts for physical and jur. persons;
– to provide remote fund management services – internet bank;
– offer currency exchange services;
– issue their own IBANs;
– make international payments;
– offer acquiring services.
The main difference is that EMI can store client balances, but PI cannot. In other words, when PI receives money, it should ideally know immediately when and where to send it further, when as in EMI the customer can put the money on the account and do nothing with it.
Types of crypto license in Lithuania.
1)Payment Institution (PI)
2) Electronic Money Institution (EMI)
Requirements for registration of crypto license in Lithuania
- The number of directors – at least one. There are no requirements for the residence of the director.
- Qualification requirements of the director: the presence of education related to the activities of financial organizations or other specialized institutions, as well as the presence of experience in this field in managerial positions.
- The number of shareholders – from 1 to 250. Shareholders can be both natural and legal persons. There are no requirements to residency of shareholders.
- Having a legal address in Lithuania is mandatory.
- The minimum authorized capital is EUR 2,500.
- Agreement with AML officer for communication with Lithuanian state bodies.