Company in Lithuania UAB – Practice areas – Financial Licenses in Lithuania – Cryptocurrency Licence in Lithuania

Cryptocurrency Licence in Lithuania

Cryptocurrency Licence in Lithuania

There is official authorization from the state to conduct and regulate cryptocurrency business in Lithuania, one of the few member states of the European Union that allow legal financial transactions with cryptocurrency (FCIS). The Lithuanian government offers transparent and cost-effective authorizations for the use of virtual currencies, which compete with those offered by countries widely recognized in the traditional financial sectors (FIAT).

In force since 2020, Lithuania offers businesses offering cryptocurrency exchange services and cryptocurrency wallet services a friendly and regulated regulatory environment.


  • Time to obtain a licence is one month
  • No need to have physical office in Lithuania
  • Possibility to form company capital without any capital contribution
  • Completely remote purchasing and obtaining a licence

Crypto license in Lithuania

A Lithuanian virtual currency license can be obtained in two forms:

An exchange license for cryptocurrencies (A license for cryptocurrency exchanges). These licenses enable companies to exchange digital currencies for FIAT, or cryptocurrencies for another cryptocurrency, and receive commissions from the exchange.

A license for the provision of crypto wallets and custodian services (a license for the provision of crypto wallets and custodian services). An organization that has such a license can provide customers with cryptocurrency wallets, as well as generate and store encrypted client keys.


Both licenses granted are controlled by the Lithuanian Financial Crime Investigation Service (FCIS)



9,900 EUR
  • Buying or setting up a ready-made company
  • Assistance in contribution of the share capital (EUR 1,000)
  • Legal documentation for the formation of a company
  • Providing assistance to the State Social Insurance Fund director in the area of employment, KYC, and AML
  • For the duration of one year, the Vilnius Business Centre will be the legal address
  • An analysis of the cryptocurrency company’s business model and structure
  • Providing assistance to cryptocurrency companies in opening bank accounts
  • The KYC/AML procedures for companies and their procedural rules
  • Submission of notifications, forms, and supporting documents to FCIS and Lithuania’s Business Registry
  • Registration fees paid to the government by companies
  • Fees associated with government crypto licenses

*It is possible to establish a company and receive the cryptocurrency license without travelling to Lithuania.

Cryptocurrency exchanges registered in Lithuania


Lithuania crypto license requirements 2022/2023

Based on amendments to the Law on the Prevention of Money Laundering and Terrorism Financing of June 30, 2022, the regulation of virtual currency exchanges and the depository of virtual currency money operators will be changed in Lithuania.

Substantial change

  • Registration of activities related to cryptocurrency will remain mandatory in Lithuania, and the supervisory authority will be the Business Register (RegistrĹł Centras) to meet the requirements (presence of authorized capital, local AML exceptional employee, etc.)
  • Authorized capital of VASP companies will be increased to 125,000 euros
  • VASP will be required to have an exclusive (employment/cooperation with only one company) local anti-money laundering officer
  • The amended legislation will introduce increased requirements to the reputation of the company and UBO.

Amendments to Articles of the Law on Prevention of Money Laundering and Financing of Terrorism

Since November 1, 2022, new requirements for virtual currency exchanges and the depository of virtual currency operators regarding the size of the authorized capital, senior manager of the company (restrictions if there is a criminal record). In Lithuania, a local anti-money laundering officer will be required. For companies that have already registered and started their activities, the changes will take effect later – January 1, 2023.

Article 25 – Lists of operators of virtual currency exchanges and operators of virtual currency purses

  1. The administrator of the Register of Legal Entities (RegistrĹł Centras) will compile a list of virtual currency exchanges and virtual currency operators established in the Republic of Lithuania and publish them on its website.
  2. The list of operators of virtual currency exchanges and virtual currency depository purses will include the following:
Name of the legal entity
Code of legal persons
Location address
Start date
Email address
Site address

Article 25 – Supplement 5

The legal entity that has started to operate as a virtual currency exchange operator and/or a virtual currency depository must have an anti-money laundering officer who is a permanent resident of Lithuania, as defined in the Law on Income Tax of the Population of the Republic of Lithuania.

Article 25 – Supplement 6

A legal entity established in the Republic of Lithuania, the organizational-legal form of which is a joint-stock company or a closed joint-stock company intending to carry out the activities of the operator of the virtual currency exchange and/or the operator of the virtual currency depository, The authorized capital must be at least 125,000 euros.

Article 25 – Supplement 7

In accordance with paragraph 1 of Article 22 of this Law, management personnel of the operator of the virtual currency exchange and/or the operator of the virtual currency deposit-The wallet may not represent more than one virtual currency exchange operator and/or virtual currency deposit-purse operator at the same time, unless these operators are part of the same group of companies.

Article 25 – Supplement 8

The operator of the virtual currency exchange and/or the operator of the virtual currency depository shall not carry out activities and services in other countries to such an extent that only fictitious functions or services, Which are not significant in nature and volume in all Company’s activities remain in Lithuania.

Legal entities established in the Republic of Lithuania that have started to operate as operators of virtual currency exchanges and/or virtual currency deposit purses prior to the date of entry into force of this Law, must comply with all requirements of this Law not later than 31 December 2022.

Legal entities established in the Republic of Lithuania which do not provide the information specified in paragraph 7 of this Article by 31 December 2022, From 1 January 2023 loses the right to continue working as operators of virtual currency exchanges and/or operators of virtual currency depositories in the Republic of Lithuania. No later than 31 January 2023, the administrator of the Register of Legal Entities will remove from the Register of Legal Entities information on the activities of the legal entity as a virtual currency exchange operator and (or) virtual operator of the monetary depository.

Requirements for the applicant company

Cryptocurrency companies are constantly monitored by the relevant legal institutions to prevent the legalization of criminal proceeds. Company owners and board members must have impeccable reputations, as well as no criminal records.

The following requirements apply to companies that provide services in the cryptocurrency sector:

  • A legal or natural person who owns at least one of the properties
  • It is possible for the owner to also serve as a board member
  • Board member who is in charge of AML compliance (possibly the same person)
  • Lithuanian company virtual address
  • Background checks and identification procedures must be conducted on all clients
  • In order to stay in compliance with the law, customer data must be kept with the possibility of submitting it to the government
  • Risk assessment and internal controls are essential for the company
  • Compliance with regulations (Financial Crimes Investigation Service)

For foreigners/non-residents of Lithuania to engage in crypto related activities legally while in their country, there is no requirement for the owners or board members of a cryptocurrency company to be physically present.


All the way from consulting to licensing – we guarantee the results we promised!

We provide support at every stage of the licensing process. We have selected a candidate who is an anti-money laundering specialist.

The price is reasonable, and the payment terms are flexible. The most competitive prices can be found with us because we are a direct service provider.

General provisions

An organization’s proposed activity can be described in detail in a white paper during the licensing process. Only after all necessary information has been reviewed and all licensing conditions have been met can a licence be issued.

In the event of a change to the structure of the cryptocurrency company after the license has been received (address, owner, board member, beneficiary, AML officer), the registry can be amended with the provision of all required documentation.

Cryptocurrency licence applications are reviewed by the Bank of Lithuania and regulated by the Financial Conduct Authority of Lithuania. The Lithuanian Police and Border Police Department has an independent unit called FCIS.

In particular, Order No V-5 of January 2020 regulates cryptocurrency companies under the Law on the Prevention of Money Laundering and Financing of Terrorism.

Tax authorities do not require cryptocurrency companies to file special reports. As with any Lithuanian company, accounting must be provided. An FCIS agent can always request information about a cryptocurrency company’s activities. FCIS requirements include compliance with AML/KYC requirements, such as collecting client data from crypto projects and making them available to the regulator upon request.


Cryptocurrency exchanges or storage services require a limited liability company (UAB) to apply for a cryptocurrency license in Lithuania. It is necessary for the company’s authorized capital to be at least 1,000 euros. Cryptocurrency companies can be established remotely by proxy, without a visit to Lithuania, or upon a visit to Vilnius.

As a form of business activity in Lithuania, UABs are very frequently used.

UĹľdaroji akcinÄ— bendrovÄ— (UAB) in translation from the Lithuanian language means Closed Joint-Stock Company. UAB’s statutory capital consists of shares that are available for sale in whole or in part, donation or inheritance. A company must have a minimum of one owner (natural or legal person) and a minimum of one director (natural person).

The steps involved in obtaining a cryptocurrency licence in Lithuania are as follows:

  1. Company in Lithuania UAB signs cooperation agreement
  2. Purchase/registration of the company: preparation of necessary documents
  3. Purchasing/registering the company (takes approximately five business days)
  4. An application for the license will be prepared for the company (up to 7 business days).
  5. Upon registration and provision of all required information and documentation, a cryptocurrency license can be obtained.
  6. From the date of submission of the application, the FCIS processes the application for a license for activity.


Documents required for the application

For the review and preparation of a cryptocurrency licence application, the following documentation will be required:


Passport from the country of origin with a valid signature.

In the case of a remote company opening or license application, a power of attorney is required.

Description of the business model and detailed activities of the company.

All participants in the crypto project should submit CVs and a summary of their experience and education.

Address of website that will offer cryptocurrency services.

An owner, board member, final beneficiary (UBO) and AML officer should submit a criminal record check (not older than 3 months).

It is mandatory for FCIS to request the data of all beneficial owners (UBOs).

AML officers must also be employed by cryptocurrency companies. It is not necessary to be a Lithuanian resident to become an AML officer for the prevention of money laundering and terrorist financing.

AML/KYC regulations require licensed companies to keep detailed and up-to-date records of all customers and transactions. AML/KYC compliance requests can be made by the FCIS Control Authority.

Risk Assessment, KYC/AML documents and procedural rules

As part of the anti-money laundering (AML) and Know Your Client (KYC) requirements established by FCIS, documentation on internal procedures of the company must be prepared before applying for a cryptocurrency license in Lithuania. The following are some examples:

Internal security measures and risk assessments

  • Assessment and risk management of money-laundering and terrorist financing:
  1. Determination of risk level
  2. Risk classification
  3. Nationality
  4. Transaction control procedures
  5. Origin of funds
  6. Compliance monitoring and internal audit
  7. Due diligence measures
  8. Notification obligations
  • Collection and storage of information on company transactions and clients
  • Fulfilling the obligation to notify the regulator
  • Internal control rules of the company

Procedural rules, AML/KYC procedures

  • Setting up requirements and procedures for dealing with lower-risk transactions
  • Describe transactions involving higher levels of risk, including communication and location risks. Conducting and monitoring operations according to other parameters and establishing appropriate requirements and procedures.
  • Do your due diligence according to these rules
  • Document requirements for customer identification
  • Proof of address of residence and source of welfare
  • A description of the company’s requirements and procedures for storing transactional and client data
  • Regulations pertaining to regulatory notifications

AML/KYC officer

The duties of an AML employee include:

  • Provide assistance in developing, implementing, and maintaining an institution’s anti-money laundering program.
  • An organization for collecting and analyzing information on suspicious transactions or transactions that might be associated with money laundering or terrorist financing.
  • Statements regarding compliance with the requirements of this Law must be provided to the top management of any Lithuanian company registered in the Commercial Register of Virtual Currency Exchanges or Virtual Currency Wallets.
  • Identifying and reporting suspicious activities among high risk customers.
  • If you suspect money laundering or terrorist financing, you should inform the Federal Bureau of Investigation (FCIS).
  • Ensure that a risk assessment system is developed for all products and services, as well as for clients and clients.
  • AML learning programs for other employees should be monitored and implemented.
  • The central purpose of this position is to provide guidance and report on AML’s internal policies and procedures to senior management.
  • Organisation and performance of regulatory compliance inspections and audits of external organizations.

Due diligence measures are applied by KYC/AML officers:

  • A new client’s business relationship should be established in an appropriate manner
  • The amount paid in cash exceeds 15,000 EUR or the equivalent in another currency
  • If you believe that the information you are receiving is not reliable, verify the documents or data you are provided with
  • Whenever money laundering or terrorism financing is suspected

Compliance officers must meet the following FCIS requirements:

  • In order for an employee of AML to be appointed, he or she must have the education, expertise, abilities, personal qualities, experience, and impeccable reputation necessary for performing the duties of the position.
  • Employees, especially those responsible for customer relations and transaction control, should receive specialized training on preventing money laundering and terrorism financing.

Along with tracking and processing confidential financial data, the Compliance Specialist also interacts regularly with the board of directors and financial authorities. KYC/AML is not the only area where an officer of your company needs sufficient authority to perform his duties effectively. For an AML specialist to achieve success, he or she should be at the director level with extensive industry experience.


  • VAT is not applicable to virtual currency exchange services.
  • It is subject to normal VAT rules to provide services and pay accounts in virtual currencies.
  • It is taxed at 15% on cryptocurrency profits. It is possible to pay a reduced corporate tax rate of 0-5% for micro companies with less than ten employees and less than 300,000 euros of gross annual income.
  • Approximately 15% of all profits distributed to shareholders (dividends paid) are subject to income tax (WHT).


Transactions in virtual currencies are taxed according to their nature. In the same way that a security, investment, or other currency can be sold or purchased, there is no direct tax.

The sale of goods and services is considered normal/regular, even when the payment is made in virtual currencies. Transactions have to be valued in euros for accounting purposes, and VAT rules apply as per normal business practices. VAT is not exempt from payment in virtual currency. It should also apply to virtual currency payments if VAT is applied to physical currency payments. It is necessary to submit VAT declarations in euros, and VAT will be paid or refunded in euros.


The mission of the Financial Crime Investigation Service (FISIM) is to protect the public financial system by detecting criminal acts and other violations of the law.

The mission of the Financial Crime Investigation Service is to develop methods to combat criminal activities against the State financial system. To this end, FCIS is actively involved in the implementation of the National Crime Prevention and Control Programme, the National Anti-Corruption Programme and the preparation of a public relations strategy; It seeks to involve society in the prevention of financial crime. The Service fulfils its mission by taking prompt action, identifying and conducting pre-trial investigations and preventing criminal acts, implementing measures to combat monetary crimes, as well as means to guarantee the legality of the receipt and use of financial support from the European Union and other countries by assessing their commercial and financial performance and providing an expert opinion on the matter, as well as measures to recover hidden taxes in order to maximize their impact on actual revenues payable to the State budget.

Currently, the Service gives priority to the detection, investigation and prevention of criminal acts related to money laundering, theft of VAT, illegal receipt and use of financial support from the European Union and foreign states. These criminal acts are particularly damaging to the State budget and create a negative image of the State.

Company in Lithuania UAB cooperates with each of our clients individually, and we will prepare the documents based on your information. Please contact our team, and we will offer you the best possible solution for your needs.

Frequently asked questions

Milana Scherbakova

Licensing Services Manager

+370 661 75988
[email protected]