FCIS Lithuania Crypto: Revolutionizing the Cryptocurrency Landscape in Lithuania
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Lithuania VASP License Registration:
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Company registration
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Application for Cryptocurrency License
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Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) Documentation
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Support with Share Capital Account Management
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Staff Recruitment
Our Clients
FCIS Lithuania Crypto Licensing and Role: An Overview
The Financial Crime Investigation Service (FCIS) of Lithuania plays a pivotal role in the regulation and oversight of cryptocurrency activities within the country, particularly in the issuance and management of VASP (Virtual Asset Service Provider) licenses. Established with a mission to combat financial crimes, the FCIS ensures that entities involved in the crypto market operate within the legal and regulatory framework set by Lithuanian authorities.
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As the primary regulator for the VASP license in Lithuania, the FCIS sets stringent criteria for licensing, focusing on anti-money laundering (AML) and counter-terrorist financing (CFT) measures. The FCIS’s oversight extends to ensuring that all VASP license holders in Lithuania adhere to international standards of financial compliance, thereby maintaining the integrity and stability of the Lithuanian financial market. This diligent approach by the FCIS not only facilitates a secure environment for crypto transactions but also positions Lithuania as a reputable hub for digital financial activities.
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An Overview of VASP Services
Crypto to Crypto
Businesses granted recognition as VASPs are empowered to facilitate a wide range of crypto-to-crypto transactions. This includes dealing with premier cryptocurrencies such as Bitcoin, Ethereum, BNB, among other prominent digital assets.
Crypto to Fiat, Fiat to Crypto
Allows your clients to execute transactions using utility tokens, including but not limited to Bitcoin, Ethereum, BNB, and exchange them for traditional currencies like USD and Euro.
Your Branded Debit Card
Lithuania's licensing framework offers your business a distinctive advantage - the opportunity to launch your very own branded debit card. With this, your customers can easily perform transactions using well-known cryptocurrencies such as Bitcoin, Ethereum, BNB, and more.
Custodial Service
As a VASP license holder, you gain the authority to safely store client's digital currencies in custodial wallets. Essentially, you can establish a digital wallet on behalf of a client, retaining management over the wallet's private keys all throughout.
ICO/IDO/IEO
A VASP registered in Lithuania is granted the privilege to orchestrate Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Initial DEX Offerings (IDOs). These channels enable the VASP to debut its unique cryptocurrency. It should be noted, though, that these offerings are exclusively reserved for the launch of utility tokens.
Mint & Trade NFTs
A Lithuania-based VASP possesses the capability to build a platform dedicated to the transaction of Non-Fungible Tokens (NFTs) or even partake in the creation of NFTs. This significantly aids in establishing a distinctive marketplace for digital assets
Staking as Service
VASPs are authorized to utilize staking as a means to generate passive income from cryptocurrencies. This technique involves securing cryptocurrencies within a network to bolster its functions. Often, participants in staking are rewarded with additional tokens, presenting a route to potentially amplify their wealth while maintaining their digital assets.
OTC
Under Lithuania's licensing guidelines, you gain the ability to provide Over-the-Counter (OTC) trading options to your clientele. This service facilitates confidential and direct trading of substantial volumes, allowing your clients to trade renowned cryptocurrencies like Bitcoin, Ethereum, BNB, among others.
To tap into this expertise and embark on a seamless crypto licensing journey, especially in areas impacted by regulation on crypto, explore our platform for a wealth of resources. Dive deeper into the specifics of crypto regulations and understand how they can shape your venture's success by visiting here.
Lithuania VASP License Overview: Crypto Exchange and Custodial License
FCIS in Lithuania operates within a regulatory framework that embraces digital currency services. If you're considering operating in this realm, there are two essential licenses you would primarily need:
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Cryptocurrency Exchange License - This license empowers a business to supervise operations that involve converting virtual currencies into FIAT currencies, and vice versa. It also allows the entity to facilitate exchanges of digital currencies among users, driving revenue through service fees.
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Cryptocurrency Custodial License - This specific license permits a company to securely store clients' digital currencies in its own wallets. It also grants the company control over the private keys associated with these wallets, ensuring safe management of digital assets.
VASP License Lithuania: Essential Requirements and Process
Obtaining a VASP license in Lithuania involves a well-defined and systematic process, essential for setting up a compliant and legally sound crypto business. Below are the crucial steps in this journey:
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Company Registration and Financial Preparation:
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Open a share capital account with SEB Bank.
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Deposit an initial €2,500 as part of the share capital.
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Complete Company Registration:
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Formally establish your company in Lithuania as a UAB (limited liability company).
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Opening a Company Bank Account:
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Set up a company bank account.
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Deposit the remaining €28,750, totaling €31,250 in share capital. Registration of Share Capital​
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AML and KYC Policy Development, recruitment of AML Officer:
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Appoint a qualified AML officer based in Lithuania, fulfilling local regulatory demands.
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Create and implement comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
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Crypto License Application:
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File an application for the VASP license, ensuring full compliance with all necessary legal requirements.
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Required documents for VASP License Application in Lithuania:
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Submission of Passport Copies: Clients are required to provide copies of their passports, which will undergo verification through a secure link.
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Providing Contact Details: Applicants must furnish their address, phone numbers, and email addresses for communication and record purposes.
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Power of Attorney (POA) Provision: We will issue a Power of Attorney to facilitate the registration of the company on the client’s behalf, streamlining the process.
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Our Team
Mardo Soo
CEO
"As the CEO of Consulting24, I focus on helping entrepreneurs establish their businesses and obtain cryptocurrency licenses in Lithuania efficiently and affordably. Our team expertly navigates the FCIS regulatory framework, ensuring a streamlined and cost-effective licensing process for accessing Lithuania's thriving crypto market.
Lena Elvbakken
Co-founder
"My expertise lies in aiding businesses to acquire a Lithuania VASP license in the digital currency sector. We offer customized services to navigate the intricate regulatory landscape, ensuring clients successfully obtain the licenses needed for their crypto ventures. Rely on our proficiency to ensure complete compliance and a smooth licensing process for your cryptocurrency activities in Lithuania."
