Bank Account for crypto company in Lithuania

In recent years, a cryptocurrency related activities have grown in their popularity. Starting from individual entrepreneurs to big enterprises, companies and persons vary in their activities and services provided. However, one thing unites the participants of the crypto-related world regardless of their jurisdiction – is a bank account.

Bank Account for Cryptocurrency Activities in LithuaniaDue 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. Because of the new regulations making the framework of addressing the risks of high-risk of providing financial services more flexible, there are more and more Lithuanian financial institutions to work with cryptocurrency companies and offer them solid terms of cooperation.

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. The chosen banks offer both SEPA and SWIFT payments, dedicated IBANS and remote account options. The onboarding time varies from 7 to 14 days, and the onboarding fees start from 0 EUR.

The consultants of Company in Lithuania UAB will be glad to assist you in a cryptocurrency license application and bank account opening in Lithuania.