How to start crypto business in Lithuania?

Here is a step-by-step guide on how to start operating a crypto business in Lithuania:

  1. Set up a Lithuanian company .

The requirements for setting up a Lithuanian crypto company are:

  • Minimum share capital of €125 000 (during the initial stage, at least a quarter of this amount must be paid).
  • A depository bank account opened with a Lithuanian financial institution into which the authorized capital will be transferred.
  • Certain business functions to be arranged to be carried out in Lithuania (in the long run, in order to avoid inconveniences, we strongly recommend sustaining a decent economic substance in Lithuania).

Physical presence of the shareholder(s)/director(s) of the company in Lithuania is not mandatory and no physical office space is required - it is sufficient to obtain a virtual address (nevertheless, proper management of correspondence must be ensured).

  1. Appoint a director and an AML officer.

A Lithuanian crypto company must have a director and an anti-money laundering (AML) officer. There is no requirement for the director to be citizen and/or resident of Lithuania, however, the AML officer should be Lithuanian resident. After the AML officer is employed, the State Social Insurance Fund, the Lithuanian FCIS and the Lithuanian Centre of Registers must be informed.

  1. Gather/prepare the documents for notifying the FCIS and the Lithuanian Centre of Registers.

The documents which you will require to submit to the FCIS in order to notify them that you are starting to operate as a provider of virtual currencies-related services, are:

  • Documents proving that the director(s) and the UBO(s) of the company meet the requirements of impeccable reputation.
  • AML policies and KYC procedures of the company.
  • The notification forms and auxiliary documents required by the FCIS and LT CR.
  1. Notify the FCIS and the Lithuanian Centre of Registers in order to be authorized as a provider of crypto services. After the notification is submitted, the company will be included in the publicly available list of crypto exchange and depository service providers.

Nomad Law will help you with each of the steps, from setting up a company, preparing the AML/CTF policies, KYC procedures and other applicable documents to communicating with the authorities in order to authorize the company to provide crypto-related services. If preferred, Nomad Law will continue to provide corporate advisory and AML/KYC advisory throughout the lifetime of the company in order to ensure compliance with the latest regulations in a quick-changing positions of the supervisors regarding virtual currency businesses.

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