How to Get Your Cryptocurrency License in Lithuania
As an expert opinion, we’ve requested comments from the law firm specializing in corporate law Adam Smith.
Cryptocurrencies are becoming increasingly common as a means of payment. In fact, Lithuania has become one of the world’s most crypto-friendly countries. If you want to get your license to trade or invest in cryptocurrencies in Lithuania, you should read this article. This article discusses the different ways to get a crypto license in Lithuania, including the pros and cons of each option.
What is a Crypto License?
A crypto license is a type of regulatory approval granted by a government to individuals or businesses that want to offer cryptocurrency services. A crypto license is similar to a traditional financial license. It allows an individual or business to offer cryptocurrency services, such as exchange trading, virtual payment services, payment services, and wallet services.
Crypto licenses enable a business to legally operate a cryptocurrency business. They also allow you to expand your business by opening additional cryptocurrency-related locations, such as a store or physical location that accepts cryptocurrency as a form of payment.
Crypto license providers are like traditional financial institutions in that they are responsible for conducting a comprehensive background check on each applicant. These providers will look at your personal history, including any criminal or court records.
Crypto license providers will also check your financial history to ensure you have the finances and assets to back up your business. They’ll also review your business plan to ensure you have a legitimate plan to operate your business.
How to Get a Crypto License in Lithuania
There are two main ways to get a crypto license in Lithuania. These include obtaining a license through a national regulator and obtaining a license through an individual or collective crypto-legal body.
To obtain a license through a national regulator, you must submit an application and meet certain requirements, including paying certain fees. To obtain a license through an individual or collective crypto-legal body, you can register as a legal entity and apply for a license as a group.
How much does it cost to get a crypto license in Lithuania?
The cost of obtaining a crypto license in Lithuania depends on a number of factors, including the type of license you apply for. The cost of obtaining a license from a national regulator is expected to be higher than the cost of obtaining a license from an individual or collective crypto-legal body.
Presently the company Adam Smith is offering cryptocurrency license obtainment as well as company formation in Lithuania for the price of 2500 EUR. The price consists of the governmental fee, the legal address service fee, composition and pre-approval of the Articles of Association, conveying the deal distantly via Power of Attorney and cryptocurrency license acquiring. You may also require AML specialist services who must be a professional lawyer with Lithuanian citizenship. Services of a lawyer’s fee may start from 500 EUR monthly. The company Adam Smith is also willing to accommodate such requirements in the face of the above-mentioned employee.
Conclusion
A crypto license is a type of regulatory approval granted by a government to individuals or businesses that want to offer cryptocurrency services. A crypto license is similar to a traditional financial license. It allows an individual or business to offer cryptocurrency services, such as exchange trading, virtual payment services, payment services, and wallet services.
Crypto licenses enable a business to legally operate a cryptocurrency business. They also allow you to expand your business by opening additional cryptocurrency-related locations, such as a store or physical location that accepts cryptocurrency as a form of payment.
The Article is written
by the lawyer of the company Adam Smith +370 52078525
