VASP Lithuania:  Pioneering Digital Finance in the European Market

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Lithuania is a prime location for launching a successful fintech business.

 

The country's Bank of Lithuania actively supports financial technology and non-bank payment services, making it a desirable location for companies looking to operate in the virtual currency market.

 

This environment is particularly conducive for VASP Lithuania operations. 

 

Lithuania is one of the few European Union states that offers a licensing and authorization procedure for virtual currency companies. Although a fully integrated legal framework for cryptocurrencies is still developing. 

 

Lithuania is proactive in providing operational frameworks for VASP Lithuania entities:

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• Crypto Exchange License: A company or branch of a company gets the opportunity to exchange digital currency and receive a commission;

• Crypto Wallet Exchange: A company or branch of a company can manage customer wallets for the storage of crypto-currency.

 

Benefits of Obtaining a Crypto License in Lithuania:

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• Opportunity to exchange and store digital currencies with a crypto license in Lithuania;

• Access to a favorable environment for fintech startups in Lithuania;

• Simplified licensing procedure for obtaining necessary permits in Lithuania;

• Separate activities of traditional financial institutions and companies dealing with cryptocurrencies in Lithuania;

• Compliance with AML-CTF in Lithuania;

• Opportunity for traditional market players to still participate in the turnover of virtual assets.

 

Our services include:

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• Obtaining authorizations of the cryptocurrency exchange operator or the operator of the depository crypto wallets;

• Assistance in accounting services;

• Memorandum for self-check on applicable Lithuania regulations;

• Notice to FCIS;

• Management training on internal governance, compliance & responsibilities;

• AML-CTF audit preparation;

• Compliance audit preparation;

• Compliance and DPO outsourcing;

• Enterprise-wide AML-CTF risk management assessment;

• Preparation of full AML-CTF documents package.

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