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Crypto license in Lithuania

Support in the issuance of Lithuania crypto license with a guarantee of a turnkey contract.
chess

A comprehensive and tailored approach

Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
diamand

Versatile experience

You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
reward

Long-term partnerships

Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
chess

A comprehensive and tailored approach

Gofaizen & Sherle provides comprehensive services under one roof, allowing clients to plan and prioritize their chosen strategy in a very short time and with limited resources. We offer a wide range of services, including consultancy, legal services, and company formation, which focus on the optimal implementation of business strategies.
diamand

Versatile experience

You will receive legal and management consultancy services of the highest caliber, thanks to the many years of experience of our highly qualified professionals. Each client receives comprehensive assistance with business development and support. Every task is tailored to the client's needs, the specifics of the business and the legislation of the particular country.
reward

Long-term partnerships

Our company establishes a relationship of trust and long-term commitment with our customers. An indication of Gofaizen & Sherle's high level of service is the cooperation with our customers on an ongoing basis.
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Lithuania is one of the most cryptocurrency-loyal jurisdictions in the EU and has a reputation for having a stable economy, which encourages investors to register Lithuanian crypto companies. At the moment, it is the most attractive budget solution among EU countries.

It has created a favorable environment for legal financial transactions with cryptocurrency. Lithuania has an official commercial authorization and state registration of cryptocurrency businesses (by FCIS). The Lithuanian government offers transparent registration of cryptocurrency, gaining recognition in the financial sector.

What is FCIS, and how does it relate to cryptocurrency

FCIS creates methods to combat criminal activities against the Lithuanian financial system. So, its duties include the identification of economic terrorism, money laundering, and corruption.
So, this service is trying to do everything to prevent the possibility of embezzlement of budget funds or non-payment of taxes, corruption, and other financial crimes. Also, it conducts a pre-trial investigation, which allows it to identify the perpetrators and provide the court with the necessary evidence.
In the legal sphere of Lithuania, cryptocurrencies are associated with ordinary fiat currency, and many of the rules that apply to the Euro are also valid for cryptocurrencies. Thus, cryptocurrency companies fall under the scope of the FCIS in matters of money laundering and financial terrorism.
If people who have companies want to get a crypto exchange license, they need to get the necessary documents and apply to FCIS. This service will examine all the data and decide within several working days. Without the permission of FCIS, no crypto company can legally operate on the territory of Lithuania.

Two types of crypto licenses can be obtained in Lithuania:

Both are under the supervision of the Lithuanian Financial Crime Investigation Service (FCIS)

Cryptocurrency exchange operator

This type of license allows a firm to exchange digital currency to fiat currencies or vice versa, and cryptocurrency to cryptocurrency for a fee.

Cryptocurrency custodian wallet operator

License for companies introducing cryptocurrency wallets to store cryptocurrency, create encrypted client keys, and store them.

Legal framework

In Lithuania cryptocurrency is entirely legal. Its regulation is carried out taking into account the requirements of the Law on the Prevention of Money Laundering and the Financing of Terrorism. If you cannot independently understand the laws regarding cryptocurrency regulation, you can seek help from our specialist.
Before you can get a license to use cryptocurrencies, you need to register a limited liability company (UAB). The minimum authorized capital for obtaining a permit is 2500 Euro. You can set up a company while visiting Vilnius or entirely remotely with the help of a trustee located in Lithuania.
At the moment, a limited liability company is the most popular form of company management. It assumes that the company's authorized capital is divided into shares that can be wholly or partially sold or bought, donated, or inherited. UAB must have one owner and one director (individual) who manages the company.

Service packages for registration of Lithuania crypto license

Choose the best package of services for obtaining a crypto activity license in Lithuania
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BASIC

Assistance with company formation and FCIS registration
€ 2500
Set-up fee
€ 0 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Templated draft of AML/KYC policy
  • Registration of the activities within FCIS
  • Virtual address
  • Corporate documents
    hint

    Full set of apostilled and sworn translated corporate documents (articles and memorandum of association, registry card, etc.)

  • Segregated (C2B/B2B) Bank account for operating activity
    hint

    • Assistance in opening a corporate account for operating activity (B2B) and for the Client Funds (C2B)

    • Ability to operate in SEPA and SWIFT zones

    • USD/EUR currencies supported

    • Ability to connect acquiring services

    *Service includes the result of opening an account and if the first Financial Institution rejects the application for specific reasons, Gofaizen & Sherle takes the obligation to proceed with another until the account will be approved (multiple attempts included in the price)

  • Conducting communication on the course of the company operating activity with the Financial Crime Investigation Service (FCIS)
    hint

    During the course of actions as VASP and conducting an operating activity by the company Lithuanian supervisory bodies might ask several questions; send queries; request filling out questionnaires; contact MLRO etc, as per our practice.

    • Gofaizen & Sherle support the Client's company in the frames of the legal maintenance subscription plan (up to 1 hour per month) answering the questions in the way to reduce the next round of questions and be fully compliant and in the line with requirements

    • By appointing a competent MLRO working in the following field for 5 years and above, the Client also deducts the number of the questions arisen by the regulatory bodies (please see MLRO subscription services below)

  • Money Laundering Reporting Officer (MLRO)
    hint

    • Lithuanian MLRO will be attracted to the Client's company with actual involvement and have the following experience and skills:

    - Master's or Bachelor's degree in Law; Finance or Business

    - Experience of minimum 3-5 years in Lithuanian Bank; Electronic Money Institution; Financial or Credit Institution as AML officer or MLRO


    • Actual involvement up to 5 hours per month (submitting reports to FCIS; reverting back with further instructions)

    - According to our practice, as per 1000 transactions made by the company 5-10 are revealed as suspicious and have to be reported to FCIS


    • The Clients company will have a direct employment agreement with MLRO and Gofaizen & Sherle acting as an agent will be settling net salary on behalf of the Client's company to MLRO and taxes to SODRA.

    - MLRO operating capacity includes submission of up to 5-10 reports per one hour meaning that 25-50 reports could be submitted per 5 hours, respectively serving 5000 transactions that the company made.


    *Such solution resolves issues with

    - seeking a proper candidate with relevant experience and skills for low costs;

    - supervising candidate on the course of action (as it will be done by Gofaizen & Sherle)

    *In case higher-level MLRO involvement is required, it could be agreed upon individually

  • Supervising MLRO on the course of actions
    hint

    -During the course of company operating activity, Gofaizen & Sherle takes the obligation to resolve raised issues with MLRO, replacement (if needed), etc.

  • Full accounting services for the legal entity registered in Lithuania
    hint

    • Monthly reports up to 50 transactions through B2B corporate account

    • Up to 3 payroll reports on a monthly basis and agent services of settling the payments to employees (net salary and taxes to SODRA)

    • Statistical reports

    • Annual reports

    * In case of the higher company operating activity, price agreed upon individually

Order now

CUSTOMIZED

Individual AML/KYC Policy in accordance with business model + basic maintenance
€ 4500
Set-up fee
€ 35 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Developed of AML/KYC Policy
    hint

    • Individually developed AML procedural rules adopted under the company specs and AML legislation of Lithuania (up to 20 hours of lawyer work included)

    • AML procedural rules will be in line with new legislative requirements applicable to VASP in Lithuania and be enforced by the end of November 2022.

    • Individual procedural rules


    (a) allow assigning of proper Lithuanian MLRO with relevant experience and education with further convenient integration of MLRO into the company structure

    (b) increase company sustainability in the long run

    (c) decrease multiple questions to the company during the course of operating activity arising by the Lithuanian Financial Crime Investigation Service (FCIS)

  • Registration of the activities within FCIS
  • Virtual address
  • Corporate documents
  • Segregated (C2B/B2B) Bank account for operating activity
    hint

    • Assistance in opening a corporate account for operating activity (B2B) and for the Client Funds (C2B)

    • Ability to operate in SEPA and SWIFT zones

    • USD/EUR currencies supported

    • Ability to connect acquiring services

    *Service includes the result of opening an account and if the first Financial Institution rejects the application for specific reasons, Gofaizen & Sherle takes the obligation to proceed with another until the account will be approved (multiple attempts included in the price)

  • Conducting communication on the course of the company operating activity with the Financial Crime Investigation Service (FCIS)
    hint

    During the course of actions as VASP and conducting an operating activity by the company Lithuanian supervisory bodies might ask several questions; send queries; request filling out questionnaires; contact MLRO etc, as per our practice.

    • Gofaizen & Sherle support the Client's company in the frames of the legal maintenance subscription plan (up to 1 hour per month) answering the questions in the way to reduce the next round of questions and be fully compliant and in the line with requirements

    • By appointing a competent MLRO working in the following field for 5 years and above, the Client also deducts the number of the questions arisen by the regulatory bodies (please see MLRO subscription services below)

  • Money Laundering Reporting Officer (MLRO)
    hint

    • Lithuanian MLRO will be attracted to the Client's company with actual involvement and have the following experience and skills:

    - Master's or Bachelor's degree in Law; Finance or Business

    - Experience of minimum 3-5 years in Lithuanian Bank; Electronic Money Institution; Financial or Credit Institution as AML officer or MLRO


    • Actual involvement up to 5 hours per month (submitting reports to FCIS; reverting back with further instructions)

    - According to our practice, as per 1000 transactions made by the company 5-10 are revealed as suspicious and have to be reported to FCIS


    • The Clients company will have a direct employment agreement with MLRO and Gofaizen & Sherle acting as an agent will be settling net salary on behalf of the Client's company to MLRO and taxes to SODRA.

    - MLRO operating capacity includes submission of up to 5-10 reports per one hour meaning that 25-50 reports could be submitted per 5 hours, respectively serving 5000 transactions that the company made.


    *Such solution resolves issues with

    - seeking a proper candidate with relevant experience and skills for low costs;

    - supervising candidate on the course of action (as it will be done by Gofaizen & Sherle)

    *In case higher-level MLRO involvement is required, it could be agreed upon individually

  • Supervising MLRO on the course of actions
    hint

    -During the course of company operating activity, Gofaizen & Sherle takes the obligation to resolve raised issues with MLRO, replacement (if needed), etc.

  • Full accounting services for the legal entity registered in Lithuania
    hint

    • Monthly reports up to 50 transactions through B2B corporate account

    • Up to 3 payroll reports on a monthly basis and agent services of settling the payments to employees (net salary and taxes to SODRA)

    • Statistical reports

    • Annual reports

    * In case of the higher company operating activity, price agreed upon individually

Order now

EXTENDED

Corporate account for operating activity and set of corp. documents
€ 5500
Set-up fee
€ 95 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Developed of AML/KYC Policy
    hint

    • Individually developed AML procedural rules adopted under the company specs and AML legislation of Lithuania (up to 20 hours of lawyer work included)

    • AML procedural rules will be in line with new legislative requirements applicable to VASP in Lithuania and be enforced by the end of November 2022.

    • Individual procedural rules


    (a) allow assigning of proper Lithuanian MLRO with relevant experience and education with further convenient integration of MLRO into the company structure

    (b) increase company sustainability in the long run

    (c) decrease multiple questions to the company during the course of operating activity arising by the Lithuanian Financial Crime Investigation Service (FCIS)

  • Registration of the activities within FCIS
  • Virtual address
  • Corporate documents
  • Segregated (C2B/B2B) Bank account for operating activity
    hint

    • Assistance in opening a corporate account for operating activity (B2B) and for the Client Funds (C2B)

    • Ability to operate in SEPA and SWIFT zones

    • USD/EUR currencies supported

    • Ability to connect acquiring services

    *Service includes the result of opening an account and if the first Financial Institution rejects the application for specific reasons, Gofaizen & Sherle takes the obligation to proceed with another until the account will be approved (multiple attempts included in the price)

  • Conducting communication on the course of the company operating activity with the Financial Crime Investigation Service (FCIS)
    hint

    During the course of actions as VASP and conducting an operating activity by the company Lithuanian supervisory bodies might ask several questions; send queries; request filling out questionnaires; contact MLRO etc, as per our practice.

    • Gofaizen & Sherle support the Client's company in the frames of the legal maintenance subscription plan (up to 1 hour per month) answering the questions in the way to reduce the next round of questions and be fully compliant and in the line with requirements

    • By appointing a competent MLRO working in the following field for 5 years and above, the Client also deducts the number of the questions arisen by the regulatory bodies (please see MLRO subscription services below)

  • Money Laundering Reporting Officer (MLRO)
    hint

    • Lithuanian MLRO will be attracted to the Client's company with actual involvement and have the following experience and skills:

    - Master's or Bachelor's degree in Law; Finance or Business

    - Experience of minimum 3-5 years in Lithuanian Bank; Electronic Money Institution; Financial or Credit Institution as AML officer or MLRO


    • Actual involvement up to 5 hours per month (submitting reports to FCIS; reverting back with further instructions)

    - According to our practice, as per 1000 transactions made by the company 5-10 are revealed as suspicious and have to be reported to FCIS


    • The Clients company will have a direct employment agreement with MLRO and Gofaizen & Sherle acting as an agent will be settling net salary on behalf of the Client's company to MLRO and taxes to SODRA.

    - MLRO operating capacity includes submission of up to 5-10 reports per one hour meaning that 25-50 reports could be submitted per 5 hours, respectively serving 5000 transactions that the company made.


    *Such solution resolves issues with

    - seeking a proper candidate with relevant experience and skills for low costs;

    - supervising candidate on the course of action (as it will be done by Gofaizen & Sherle)

    *In case higher-level MLRO involvement is required, it could be agreed upon individually

  • Supervising MLRO on the course of actions
    hint

    -During the course of company operating activity, Gofaizen & Sherle takes the obligation to resolve raised issues with MLRO, replacement (if needed), etc.

  • Full accounting services for the legal entity registered in Lithuania
    hint

    • Monthly reports up to 50 transactions through B2B corporate account

    • Up to 3 payroll reports on a monthly basis and agent services of settling the payments to employees (net salary and taxes to SODRA)

    • Statistical reports

    • Annual reports

    * In case of the higher company operating activity, price agreed upon individually

Order now

FULL

Employed MLRO with local residence and entire maintenance
€ 6500
Set-up fee
€ 995 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Developed of AML/KYC Policy
    hint

    • Individually developed AML procedural rules adopted under the company specs and AML legislation of Lithuania (up to 20 hours of lawyer work included)

    • AML procedural rules will be in line with new legislative requirements applicable to VASP in Lithuania and be enforced by the end of November 2022.

    • Individual procedural rules


    (a) allow assigning of proper Lithuanian MLRO with relevant experience and education with further convenient integration of MLRO into the company structure

    (b) increase company sustainability in the long run

    (c) decrease multiple questions to the company during the course of operating activity arising by the Lithuanian Financial Crime Investigation Service (FCIS)

  • Registration of the activities within FCIS
  • Virtual address
  • Corporate documents
  • Segregated (C2B/B2B) Bank account for operating activity
    hint

    • Assistance in opening a corporate account for operating activity (B2B) and for the Client Funds (C2B)

    • Ability to operate in SEPA and SWIFT zones

    • USD/EUR currencies supported

    • Ability to connect acquiring services

    *Service includes the result of opening an account and if the first Financial Institution rejects the application for specific reasons, Gofaizen & Sherle takes the obligation to proceed with another until the account will be approved (multiple attempts included in the price)

  • Conducting communication on the course of the company operating activity with the Financial Crime Investigation Service (FCIS)
    hint

    During the course of actions as VASP and conducting an operating activity by the company Lithuanian supervisory bodies might ask several questions; send queries; request filling out questionnaires; contact MLRO etc, as per our practice.

    • Gofaizen & Sherle support the Client's company in the frames of the legal maintenance subscription plan (up to 1 hour per month) answering the questions in the way to reduce the next round of questions and be fully compliant and in the line with requirements

    • By appointing a competent MLRO working in the following field for 5 years and above, the Client also deducts the number of the questions arisen by the regulatory bodies (please see MLRO subscription services below)

  • Money Laundering Reporting Officer (MLRO)
    hint

    • Lithuanian MLRO will be attracted to the Client's company with actual involvement and have the following experience and skills:

    - Master's or Bachelor's degree in Law; Finance or Business

    - Experience of minimum 3-5 years in Lithuanian Bank; Electronic Money Institution; Financial or Credit Institution as AML officer or MLRO


    • Actual involvement up to 5 hours per month (submitting reports to FCIS; reverting back with further instructions)

    - According to our practice, as per 1000 transactions made by the company 5-10 are revealed as suspicious and have to be reported to FCIS


    • The Clients company will have a direct employment agreement with MLRO and Gofaizen & Sherle acting as an agent will be settling net salary on behalf of the Client's company to MLRO and taxes to SODRA.

    - MLRO operating capacity includes submission of up to 5-10 reports per one hour meaning that 25-50 reports could be submitted per 5 hours, respectively serving 5000 transactions that the company made.


    *Such solution resolves issues with

    - seeking a proper candidate with relevant experience and skills for low costs;

    - supervising candidate on the course of action (as it will be done by Gofaizen & Sherle)

    *In case higher-level MLRO involvement is required, it could be agreed upon individually

  • Supervising MLRO on the course of actions
    hint

    -During the course of company operating activity, Gofaizen & Sherle takes the obligation to resolve raised issues with MLRO, replacement (if needed), etc.

  • Full accounting services for the legal entity registered in Lithuania
    hint

    • Monthly reports up to 50 transactions through B2B corporate account

    • Up to 3 payroll reports on a monthly basis and agent services of settling the payments to employees (net salary and taxes to SODRA)

    • Statistical reports

    • Annual reports

    * In case of the higher company operating activity, price agreed upon individually

Order now

COMPREHENSIVE

Employed MLRO with local residence and entire maintenance
€ 6500
Set-up fee
€ 1250 /month
Maintenance fee
  • Dedicated consultant with the fully provided individual approach
  • Full turnkey company formation assistance
  • Company name of your choice
  • Developed of AML/KYC Policy
    hint

    • Individually developed AML procedural rules adopted under the company specs and AML legislation of Lithuania (up to 20 hours of lawyer work included)

    • AML procedural rules will be in line with new legislative requirements applicable to VASP in Lithuania and be enforced by the end of November 2022.

    • Individual procedural rules


    (a) allow assigning of proper Lithuanian MLRO with relevant experience and education with further convenient integration of MLRO into the company structure

    (b) increase company sustainability in the long run

    (c) decrease multiple questions to the company during the course of operating activity arising by the Lithuanian Financial Crime Investigation Service (FCIS)

  • Registration of the activities within FCIS
  • Virtual address
  • Corporate documents
  • Segregated (C2B/B2B) Bank account for operating activity
    hint

    • Assistance in opening a corporate account for operating activity (B2B) and for the Client Funds (C2B)

    • Ability to operate in SEPA and SWIFT zones

    • USD/EUR currencies supported

    • Ability to connect acquiring services

    *Service includes the result of opening an account and if the first Financial Institution rejects the application for specific reasons, Gofaizen & Sherle takes the obligation to proceed with another until the account will be approved (multiple attempts included in the price)

  • Conducting communication on the course of the company operating activity with the Financial Crime Investigation Service (FCIS)
    hint

    During the course of actions as VASP and conducting an operating activity by the company Lithuanian supervisory bodies might ask several questions; send queries; request filling out questionnaires; contact MLRO etc, as per our practice.

    • Gofaizen & Sherle support the Client's company in the frames of the legal maintenance subscription plan (up to 1 hour per month) answering the questions in the way to reduce the next round of questions and be fully compliant and in the line with requirements

    • By appointing a competent MLRO working in the following field for 5 years and above, the Client also deducts the number of the questions arisen by the regulatory bodies (please see MLRO subscription services below)

  • Money Laundering Reporting Officer (MLRO)
    hint

    • Lithuanian MLRO will be attracted to the Client's company with actual involvement and have the following experience and skills:

    - Master's or Bachelor's degree in Law; Finance or Business

    - Experience of minimum 3-5 years in Lithuanian Bank; Electronic Money Institution; Financial or Credit Institution as AML officer or MLRO


    • Actual involvement up to 5 hours per month (submitting reports to FCIS; reverting back with further instructions)

    - According to our practice, as per 1000 transactions made by the company 5-10 are revealed as suspicious and have to be reported to FCIS


    • The Clients company will have a direct employment agreement with MLRO and Gofaizen & Sherle acting as an agent will be settling net salary on behalf of the Client's company to MLRO and taxes to SODRA.

    - MLRO operating capacity includes submission of up to 5-10 reports per one hour meaning that 25-50 reports could be submitted per 5 hours, respectively serving 5000 transactions that the company made.


    *Such solution resolves issues with

    - seeking a proper candidate with relevant experience and skills for low costs;

    - supervising candidate on the course of action (as it will be done by Gofaizen & Sherle)

    *In case higher-level MLRO involvement is required, it could be agreed upon individually

  • Supervising MLRO on the course of actions
    hint

    -During the course of company operating activity, Gofaizen & Sherle takes the obligation to resolve raised issues with MLRO, replacement (if needed), etc.

  • Full accounting services for the legal entity registered in Lithuania
    hint

    • Monthly reports up to 50 transactions through B2B corporate account

    • Up to 3 payroll reports on a monthly basis and agent services of settling the payments to employees (net salary and taxes to SODRA)

    • Statistical reports

    • Annual reports

    * In case of the higher company operating activity, price agreed upon individually

Order now
info
It should be noted that AML Officer we are providing is a full-fledged specialist who will participate operating activities in your company for up to 5 working hours per month. Moreover, such employee shall increase sustainability of your business activity in Lithuania within a long-term perspective.
Alternative solution
Ready-made company with crypto exchange and deposit operator authorizations in Lithuania
Upon Request
Price
2-3 weeks
Duration
Order now

Process and Timeline

After 6-8 weeks company will be fully registered as a Virtual Asset Service Provider and 2-3 weeks will be required extra to become fully operative and open a Bank account
Stage 1

PRELIMINARY PROJECT ASSESSMENT

clock1-2 days
Result
Process
Basic information was collected from the Client; Has been provided preliminary documents set for further Power of Attorney (PoA) drafting; the scope of the project and budgets are clear.
Collecting preliminary set of the documents from the Client side:
  • 1.An up-to-date copy of the passport of the country of residence (scan)
  • 2.A business model of the company (brief description 1-2 A4 pages)
  • 3.Preferred company name is provided
  • 4.Filled customer profile(s) from all the participants of the project are collected
  • 5.Address of residence for each participant is provided
  • 1.Budgets and scope of the project are approved according to the initial workshop
  • 2.Gofaizen & Sherle operational department has drafted PoA and shared it with the Client along with further steps
Stage 2

REGISTRATION PROCESS

clock3-4 weeks
Result
Process
Company is registered with the preferred name; Registry card with the specification of activities "virtual currency exchange operator and virtual currency storage operator" is provided in Lithuanian language.
  • 1.Upon the documents (hard copies) receipt on hands by Lithuanian office, the sworn translation to Lithuanian language is conducted
  • 2.Authorized person initiates the process of starter account opening for share capital contribution
  • 3.Client has transferred share capital in the amount of 2500 EUR and we have collected printout from the Bank
  • 1.The notary deal is arranged and conducted; company entry appears in the commercial register after one week
  • 2.JAR form along with the list of beneficiaries is submitted to the commercial register
  • 3.After 1-week registry card is issued in Lithuanian language with the specification of activities "virtual currency exchange operator and virtual currency storage operator"
Stage 3

LICENSING PROCESS

clock2-3 weeks
Result
Process
All the necessary arrangements for the project are completed; license holder fully operative.
  • 1.Questionnaire in regards to the company operating activities specs (VASP) is shared with Gofaizen & Sherle (e.g.; geography of the users; risk appetites; list of services; etc.)
  • 2.Individual AML/KYC/CFT documentation has been developed by Gofaizen & Sherle legal department and meets project specs (according to the collected questionnaire) and AML law of Lithuania
  • 3.Search, employment, training and adaptation of MLRO into the company structure under drafted AML policy and company IT specs
  • 1.Employment agreement is drafted and signed between MLRO and Company
  • 2.Preliminary negotiations with Regulator are conducted and submitted the application in regards to the planned crypto oriented activity
Stage 4

BANK ACCOUNT AND MAINTANANCE

clock2-4 weeks
Result
Process
The company is fully operative; the Corporate account is opened and the entity is in compliance with tax authority requirements (accountant integrated) and supervisory regulator as the virtual asset service provider.
Corporate account
  • 1.Initial data for corporate account opening was collected
  • 2.Conducted preliminary assessment and match for suitable Financial Institution for further corporate account opening
  • 3.Application submitted and corporate account opened (C2B & B2B segregated); Upon request acquiring is connected
Maintenance
  • 1.Accounting and bookkeeping services (payroll reports; reports on transactions; annual and statistical reports, etc.)
  • 2.Tax advisory, upon request
  • 3.MLRO - minimum 5 hours per month; further engagement as per request
  • 4.Gofaizen & Sherle assistance in communication with regulatory authorities in case of any uprising issues on the course of conducting operating activity
  • 5.Local professional Director - seeking for the candidate and integration into the company structure
  • 6.Address of registration
Requirments
Advantages
Additional services
Passport copies of all related persons from all countries of citizenship
CVs (resumes) of all related persons
Share capital minimum 2 500 EUR (could be deposited on the latter step)
Local address for government correspondence
Senior management must have a good business reputation
Money Laundering Reporting Officer (MLRO) must prove impeccable business reputation, i.e. provide supporting documents regarding education, skills and relevant trainings
MLRO should be officially employed by the company and have ability to correspond with Financial Crime Investigation Unit in Lithuanian language
Adapted under business model individual AML/CFT guidelines and internal control policies
Company must identify and verify customer before establishing business relationship or when the operation exceeds certain amount
Company must Report to FCIS
Company must keep records and customer data
Lithuania is recognised as a European Fintech center
Loyal conditions and a favorable financial environment
Relatively simple procedural requirements to obtain a license
Relatively short time frame for setting up a crypto company
One of the lowest corporate taxes in the EU - 15%
Possibility to register a company remotely
No residency requirements for owners and shareholders, no requirements to hire Lithuanian staff
Accounting services. As per governmental regulations, each entity registered in Lithuania, as well as Virtual Asset Service Providers, has reporting obligations.
Seeking for the premises for operating activities
Tax advisory on the business model
Local address for government correspondence
White label solutions
Requirments
Opportunities
Additional services
Passport copies of all related persons from all countries of citizenship
CVs (resumes) of all related persons
Share capital minimum 2 500 EUR (could be deposited on the latter step)
Local address for government correspondence
Senior management must have a good business reputation
Money Laundering Reporting Officer (MLRO) must prove impeccable business reputation, i.e. provide supporting documents regarding education, skills and relevant trainings
MLRO should be officially employed by the company and have ability to correspond with Financial Crime Investigation Unit in Lithuanian language
Adapted under business model individual AML/CFT guidelines and internal control policies
Company must identify and verify customer before establishing business relationship or when the operation exceeds certain amount
Company must Report to FCIS
Company must keep records and customer data
Lithuania is recognised as a European Fintech center
Loyal conditions and a favorable financial environment
Relatively simple procedural requirements to obtain a license
Relatively short time frame for setting up a crypto company
One of the lowest corporate taxes in the EU - 15%
Possibility to register a company remotely
No residency requirements for owners and shareholders, no requirements to hire Lithuanian staff
Accounting services. As per governmental regulations, each entity registered in Lithuania, as well as Virtual Asset Service Providers, has reporting obligations.
Seeking for the premises for operating activities
Tax advisory on the business model
Local address for government correspondence
White label solutions

AML/KYC

Every company that uses cryptocurrencies should have an AML/KYC Compliance Officer. A director or a member of the company's board must choose a person for this position. FCIS puts forward the basic rules for the selection of personnel:
  • 1.The person applying for this position must have the appropriate education, work experience, and skills necessary for risk assessment. In addition, the personal qualities of a person and reputation are of great importance here.
  • 2.The company must provide training to all employees involved in financial transfers. Employees in the state should be regularly briefed on how to identify illegal financial transactions, prevent assets laundering, and act in different situations.
An AML officer must control all financial transactions and cooperate with clients, financial institutions, and regulatory authorities. It would be best if you gave the person you have chosen more power so that he or she can do their job well. An excellent solution would be to hold a high position, for example, a director or a member of the board. In this case, the employee will know all the features of the company's work better than any other employee.
The AML officer has a relatively large list of responsibilities, which includes:
  • 1.Development and maintenance of an AML program;
  • 2.Information collection and analysis on suspicious transactions;
  • 3.Submission of statements of compliance with the relevant authorities;
  • 4.Supervision of high-risk clients and reporting of suspicious activity;
  • 5.Communication with FCIS in case of suspected money laundering;
  • 6.Development and maintenance of a risk assessment system for products and services;
  • 7.Monitor and implement an ongoing AML training program for other company employees;
  • 8.Reporting to senior management on matters related to internal AML policies and procedures, and more.
It is also the responsibility of the AML specialist to carefully screen new customers and, if necessary, communicate with them. In addition, the specialist must supervise financial transfers for more than 15 thousand Euros (or equivalent in another currency).
The specialist must intervene in the company's work if he notices false documents provided by the client or notices suspicion of money laundering.
If you decide to obtain crypto license in Lithuania, then you can turn to our company for help. Professionals who know their work well work here, they are ready to take on both a small company and the creation of a large international cryptocurrency exchange. If you want to open an electronic crypto wallet, then you will also need a license for this. Our experts will tell you how to do it as quickly and easily as possible.

FinTech lawyers in Lithuania

Laura Puidokienė
Laura Puidokienė
Position:
Associate, Lawyer
Vladimiras Kokorevas
Vladimiras Kokorevas
Position:
Senior Associate, Lawyer

TESTIMONIALS

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Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
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Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
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Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
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quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
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Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
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quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
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quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
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Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
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quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain
logo
quotes
Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
logo
quotes
Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
logo
quotes
Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
logo
quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
logo
quotes
Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
logo
quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
logo
quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
logo
quotes
Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
logo
quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain
logo
quotes
Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
Vladimir Nosov
CEO
Whitebit
logo
quotes
Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
Liubov S
CEO
Payeer OÜ
logo
quotes
Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
Edward Kost
CEO
VULTURE OÜ
logo
quotes
We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
Bar El
CEO
UAB GetCoins
logo
quotes
Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
Nikita Tepikin
Managing Partner
Legal Kornet
logo
quotes
The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
Ganna Voievodina
CEO
Manimama OÜ
logo
quotes
At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO
UAB Pilsenga
logo
quotes
Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
Roman Potemkin
Founder & CEO
TRASTRA
logo
quotes
Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
Ben Richter
CEO
Ventures X
logo
quotes
Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
Thomas Zelias
CEO
UAB TalentChain
FAQ about Lithuanian crypto license
Are cryptocurrency transactions legal in Lithuania?
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Yes, the use of cryptocurrency in Lithuania is legal. Cryptocurrency companies are regulated by the Money Laundering and Terrorist Financing Prevention Act, specifically Order No. V-5 of January 2020.
Who can establish a crypto company in Lithuania?
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Anyone (regardless of whether he is a resident or a foreigner) who has no criminal record can establish a cryptocurrency company.
Which authority issues a cryptocurrency license in Lithuania?
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The firm submits an application for consideration to the Bank of Lithuania. FCIS makes a decision on granting a license.
What is the validity period of a cryptocurrency license in Lithuania?
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The license to conduct cryptocurrency activities in Lithuania is issued for an indefinite period.
How much capital do I need to deposit to open a cryptocurrency company in Lithuania?
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Only companies with an authorized capital of at least 2,500 euros can obtain a work license.

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