Lithuania offers a friendly and regulated legal environment for virtual asset service provider (VASP) companies, with clear regulations in place since January 2020.
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Work with usLithuanian government offers transparent and cost-effective virtual currency authorization.
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All companies and subsidiaries in Lithuania are subject to the obligation to keep accounts.
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Lithuania is one of the few member states of the European Union in which legal financial transactions with cryptocurrency are possible, and there is an official permit for the conduct and regulation of cryptocurrency business by the state (FCIS). Widely recognized in the traditional financial sector (FIAT) and in e-money licensing, the Lithuanian government also offers transparent and cost-effective virtual currency authorization.
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Ready-made company in Lithuania, with a license for working with virtual currency:
European Union Residents - 9,900 EUR
Non-European Union Residents - 14,900 EUR
Cryptocurrency exchange, Crypto wallet and Custodian services license. A company with such a license is able to exchange digital currency for FIAT or vice versa, or cryptocurrency for another cryptocurrency, receiving a commission for the services provided.
Obtaining cryptocurrency license:
The price includes:
The price does not include (paid separately):
from 500 EUR / month
from 250 EUR / hour
In order to prevent the legalization of the proceeds of crime, the activities of cryptocurrency companies are monitored by the relevant legal institutions. Board member as well as owners of the company must meet the requirements of impeccable reputation and have no criminal record.
Companies providing services in the cryptocurrency sector are subject to the following requirements:
There is no need for owners or board member of a cryptocurrency company to be physically present in Lithuania so that foreigners/non-residents of Lithuania can legally engage in crypto related activities while in their country.
During the licensing process, the regulator has the right to request additional information and a detailed/white paper description of the proposed activity of the cryptocurrency company. A licence may be issued only after all necessary information is considered sufficient and all licensing conditions are met.
Any change in the structure of the cryptocurrency company after the receipt of the license (address, owner, board member, beneficiary, AML officer) requires the registration of changes in the registry with the provision of a complete set of documents.
The application for a cryptocurrency licence is considered by the Bank of Lithuania, regulated by the FCIS and issued by the Business Register. FCIS is an independent structural unit of the Lithuanian Police and Border Police Department.
Cryptocurrency companies are regulated by the Law on the Prevention of Money Laundering and Financing of Terrorism, in particular Order No V-5 of January 2020.
The cryptocurrency company has no special reporting requirements to the tax authorities. Accounting must be provided in the same way as for any other Lithuanian company. FCIS can always make prescriptions and queries about the activities of a cryptocurrency company. The basic requirement of the FCIS is to comply with AML/KYC requirements, such as the collection of client data from a crypto related project and the possibility of making them available to the regulator on demand.
In order to apply for a cryptocurrency license, a Limited Company (UAB) must be established in Lithuania to provide cryptocurrency exchange or storage services. The minimum requirement for the company’s authorized capital is 2,500 EUR. The establishment of a cryptocurrency company can be carried out upon a visit to Vilnius or completely remotely by proxy without the need to visit Lithuania.
Today UAB is one of the most frequently used and popular forms of business activity in Lithuania. The statutory capital of the UAB is divided into shares which can be sold in whole or in part, donated or hereditary. UAB must have at least one owner (natural or legal person) and one director (natural person) authorized to sign on behalf of the company.
Stages of obtaining a cryptocurrency licence in Lithuania:
In order to prevent the legalization of the proceeds of crime, the activities of cryptocurrency companies are monitored by the relevant legal institutions. Board member as well as owners of the company must meet the requirements of impeccable reputation and have no criminal record.
Companies providing services in the cryptocurrency sector are subject to the following requirements:
There is no need for owners or board member of a cryptocurrency company to be physically present in Lithuania so that foreigners/non-residents of Lithuania can legally engage in crypto related activities while in their country.
The following documentation will be required to review and prepare an application for a cryptocurrency licence:
The cryptocurrency company must also have an AML officer. AML officer for the prevention of money laundering and terrorist financing must have previous professional experience and an impeccable reputation (Lithuanian residence is not compulsory).
The licensed company must keep a detailed and up-to-date overview of all customers and transactions in accordance with AML/KYC rules. The FCIS Control Authority can make requests about the company’s activities, especially regarding compliance with the AML/KYC policy.
Before applying for a cryptocurrency license in Lithuania, it is necessary to prepare documentation on internal procedures of the company in order to meet the anti-money laundering criteria (AML) and «Know your client» (KYC) established by FCIS. Some parts of this include, for example:
Assessment and risk management of money-laundering and terrorist financing:
The duties of an AML employee include:
KYC/AML officer applies due diligence measures:
FCIS requirements for an AML compliance officer:
The Compliance Specialist not only tracks and processes various confidential financial data, but also interacts regularly with the board of directors as well as financial authorities. In addition to KYC/AML, an officer of your company must have sufficient authority to ensure the effective performance of his duties. Ideally, an AML specialist should be a director-level employee with industry experience to deal with all aspects of their professional environment.
The taxation of transactions in virtual currency depends on the nature of the transactions. There is no direct tax if the token is sold or purchased similarly to a security, investment or other currency.
Sales are considered normal/regular, even if payments for goods and services are received in virtual currencies. For accounting purposes, the transaction must have a value in euros and VAT rules are applied according to a normal transaction. Payment of goods or services in virtual currency does not exempt from VAT. If VAT is applied to payments in physical currency, it should also be applied to payments in virtual currency. VAT declarations must be submitted in euros and VAT will be paid / returned in euros.
The mission of the Financial Crimes Investigation Service (FCIS) is to protect the public financial system by uncovering criminal acts and other violations of the law.
The purpose of the Financial Crimes Investigation Service is to develop methods of combating criminal activities against the public financial system. In pursuance of this objective, FCIS is actively involved in the implementation of the National Crime Prevention and Control Programme, the National Anti-Corruption Programme, and is preparing a public relations strategy, through which it seeks to involve society in preventive activities against financial crimes. The Service pursues its objective by taking operational measures, detecting and conducting pre-trial investigations and preventing criminal acts, implementing measures to combat money-laundering, as well as the means to guarantee the legality of the receipt and use of financial support from the European Union and other countries, by conducting an assessment of their commercial and financial activities and submitting an expert opinion thereon, as well as measures to ensure that hidden taxes can be reimbursed in order to maximize their impact on the actual revenues to be paid into the State budget.
At present, the Service gives priority to the detection, investigation and prevention of criminal acts related to money laundering, VAT embezzlement, illegal receipt and use of financial support of the European Union and foreign countries. These criminal acts are particularly damaging to the State budget and create a negative image of the State.
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