Crypto license in Lithuania
A comprehensive and tailored approach
Versatile experience
Long-term partnerships
A comprehensive and tailored approach
Versatile experience
Long-term partnerships
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
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
Cryptocurrency custodian wallet operator
Legal framework
Service packages for registration of Lithuania crypto license
BASIC
- 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
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
• 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)
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)
• 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
-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
• 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
CUSTOMIZED
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- Developed of AML/KYC Policy
• 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
• 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)
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)
• 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
-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
• 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
EXTENDED
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- Developed of AML/KYC Policy
• 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
• 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)
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)
• 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
-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
• 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
FULL
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- Developed of AML/KYC Policy
• 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
• 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)
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)
• 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
-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
• 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
COMPREHENSIVE
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- Developed of AML/KYC Policy
• 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
• 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)
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)
• 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
-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
• 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
Process and Timeline
PRELIMINARY PROJECT ASSESSMENT
1-2 days- 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
REGISTRATION PROCESS
3-4 weeks- 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"
LICENSING PROCESS
2-3 weeks- 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
BANK ACCOUNT AND MAINTANANCE
2-4 weeks- 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
- 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
AML/KYC
- 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.
- 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.
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