Bank Account for crypto company in Lithuania
Due to the nature and unfamiliarity of the crypto business, banks refer to such activities as high-risk and are unwilling to establish a cooperation with such banks due to the risks of money-laundering activities. However, a successful business requires an operating bank account in order to function correctly.
It is also worth noting, that opening and maintaining a business bank account for such activities is more expensive and more complicate compared to most of the other business areas. The most important part is to go through the onboarding process, go through all the verification stages and collect all the required documents.
Nowadays, more and more jurisdictions provide a legal framework for a cryptocurrency business, and one of such jurisdictions is Lithuania. It is rated 4th in the Global Fintech ranking as is one of the leading countries providing clear structure for fintech business.
Up to March 2021 Lithuania has issued 39 Payment Institutions and 74 E-Money Institutions operating licenses. Financial institutions assess crypto-related businesses individually under applicable AML, sanctions and regulatory requirements. Acceptance depends on the institution’s risk appetite, the services provided, the company’s authorisation status and the results of customer due diligence. Regulatory changes do not guarantee access to an account.
Company in Lithuania UAB has analysed the leading financial institutions in Lithuania and have chosen 10 most reliable payment service providers to proceed with the cooperation. The Company in Lithuania UAB can help to find the most convenient and cost-effective solution for your business. Available providers may include banks, payment institutions and electronic money institutions. SEPA and SWIFT availability, dedicated IBANs, remote onboarding and fees depend on the provider and its acceptance of the company’s activities. Account opening is subject to approval following compliance checks, and the onboarding period cannot be guaranteed.
Company in Lithuania UAB can assist with preparing a MiCA crypto-asset service provider authorisation application and an account-opening application, where required for the proposed activities. Lithuania’s former VASP transitional regime ended on 31 December 2025. Opening an account does not authorise the provision of regulated crypto-asset services, and authorisation does not guarantee account approval.
