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Company News

Tallinn, Nov. 17, 2022. Crypto accountant: Gofaizen&Sherle launches full-cycle online accounting in Lithuania

Gofaizen&Sherle launched an online accounting service for crypto companies in Lithuania. A ready-made solution for digital accounting makes the complicated process of reports preparation simple and swift. The service checks the correctness of the reports and assists in tax calculation and navigation in important dates of the tax calendar.

“Reporting and accounting is an important part of the work that takes a lot of precious time, which entrepreneurs are naturally short of. Online accounting by Gofaizen&Sherle is a ready-made solution for crypto businesses and traditional companies that want to make this process simple and fast. The service takes care of the paperwork so you can focus on strategic tasks,” said Mark Gofaizen, Senior Partner at Gofaizen&Sherle.

The service may also be used by traditional companies and will provide full accounting support. It makes generation of annual, quarterly, tax and payroll reports for any business easy and timely.

More details on the service are available via the link.

About Gofaizen & Sherle
Gofaizen & Sherle is a leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations focused on EU markets while expanding globally. Its headquarter is located in Tallinn with representative offices in Lithuania, the Czech Republic, and Poland. The firm services scope features company registration, business strategy development, and financial licensing including crypto businesses, EMI, and other types of licenses.

Gofaizen & Sherle to Help Businesses Scale the New Lithuanian Cryptocurrency Regulations

In light of the strengthened supervision of the cryptocurrency sector by Lithuania, Gofaizen & Sherle, an international legal and management consulting firm based in Europe, has taken the initiative to assist businesses in navigating these new regulations. According to Lithuanian regulators, these new laws will go into effect in November 2022. In addition, the country will prohibit anonymous accounts and establish more stringent requirements for customer identification.

Gofazen & Sherle, which has helped over 500 companies across 30 countries, has a physical presence in Estonia, Lithuania and Germany.

The New Lithuanian Regulations
According to the Lithuanian Ministry of Finance, the national government has approved changes to the country's anti-money laundering (AML) and counter-terrorism financing regulations that affect the cryptocurrency sector. The newly approved laws will tighten user identification guidelines and prohibit anonymous accounts. The new regulations will also impose stricter requirements on exchange operators. For example, Crypto exchange operators will be required to register as a corporate body with a minimum capital of 125,000 euros beginning January 1, 2023. In addition, their top management must also be permanent residents of Lithuania.

According to Lithuania's Finance Minister, Skaiste, the country decided to update its regulations in response to recent events in the region, particularly the ongoing military conflict in Ukraine.

Lithuania has seen a rapid increase in the number of crypto companies starting operations since Estonia tightened its crypto regulations. However, only eight such entities were established in 2020, whereas 188 new firms were registered in 2021, with another 40 added in the first months of this year. According to the finance ministry, over 400 crypto service providers are currently operating in Lithuania.

The Estonia Crypto Clamp-down
Estonia's new regulations represented a sharp U-turn for a country with a population of just 1.3 million but which last year was home to more than half of the world's registered virtual-asset service providers (VASPs).

The new rules, which went into effect on June 15, required Estonian crypto companies to meet new transparency requirements; they can no longer have anonymous accounts and must have at least €100,000-250,000 in capital.

Estonia has been a pioneer in regulating cryptocurrency-related services. However, until recently, the regulatory framework was very lax, and the entry barrier was low. This changed when existing laws were amended to provide greater clarity and regulation to the cryptocurrency industry. In short, the requirements for providing cryptocurrency-based exchange, trading, transfer, and wallet services will be more akin to those of European e-money institutions and other licensed financial service providers.

Since then the number of new licenses has dropped from 1305 in 2019 to just 81 in 2021. This represents a significant downtrend due to the new regulations.

Lithuania Will Not Be Like Estonia
As the new regulations are approved, many cryptocurrency enthusiasts are concerned that the once-global crypto hub will become another Estonia. Gofazen & Sherle lawyers, on the other hand, is providing businesses with a legal and convenient way to navigate the turbulent waters by receiving instructions from the FCIS in October and devising a strategy to help businesses thrive regardless.

About Gofaizen & Sherle
Gofaizen & Sherle is a leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations focused on EU markets while expanding globally. Its headquarter is located in Tallinn with representative offices in Lithuania, the Czech Republic, and Poland. The firm services scope features company registration, business strategy development, and financial licensing including crypto businesses, EMI, and other types of licenses.

Crypto-licenses in Slovakia: no more bottlenecks

Tallinn, Sep. 12, 2022. - Gofaizen & Sherle will help its customers to obtain crypto-licences in Slovakia. The new service offers full legal support with all aspects covered within a contract.

The crypto market in Slovakia is a promising and attractive business field. Crypto companies can enjoy several available special tax regimes, and the country takes part in more than 70 double-tax treaties.

“When entering the Slovak market, you need to take into account many nuances of regulation, reporting, and the regulator access. Any regulator in this country has access to corporate information. It is also important to study anti-money laundering legislation and the local KYC system. To save our clients’ time and money we offer a holistic solution for companies that seek to obtain a crypto license in Slovakia,” said Mihhail Sherle, Senior Partner, Head of Legal Practice at Gofaizen & Sherle.

To get more information about the service and pricing please follow the link.

Go Global: Gofaizen & Sherle Consultancy Marks First Year Of Market Presence

Tallinn, Aug. 29, 2022. - Gofaizen & Sherle, a legal & business consultancy for digital assets-oriented businesses, investment funds, and financial organizations, reports its first-year business results. Since its opening in September 2021, the company has acquired a portfolio of more than half thousand 535 projects for over 400 clients from all over the world.

“Every day a fast-paced world of digital financial services faces challenging, slow traditional approach to establishing companies and dealing with license nuances in the new markets, such as Germany, Estonia, Lithuania, and many others. We see our mission to support our clients in getting the legal nuances covered and ensure their dynamic growth in the new markets,” says Mark Gofaizen, Senior Partner at Gofaizen & Sherle.

Gofaizen & Sherle team, which initially consisted of legal and business professionals, has tripled in the last 12 months. Now it disposes of highly-qualified experts able to cover all challenging aspects of establishing a new business - legal & financial advisory, business analysis, and product development. It provides customers with a holistic approach to their needs. The numbers speak for themselves: Gofaizen & Sherle clients have obtained over 200 financial licenses in European, American and Asian jurisdictions, and rely on its support while developing their businesses in the new markets.

The company plans to further expand its presence in the new markets.

About Gofaizen & Sherle
Gofaizen & Sherle is a leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations focused on EU markets while expanding globally. Its headquarter is located in Tallinn with representative offices in Lithuania, the Czech Republic, and Poland. The firm services scope features company registration, business strategy development, and financial licensing including crypto businesses, EMI, and other types of licenses.

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