Crypto license in Lithuania
Lithuania is a very friendly jurisdiction offering almost ideal conditions for the development of business in the field of financial technologies and virtual values. Lithuania has established the basis for obtaining crypto license in Lithuania for the exchange of virtual values and work with cryptocurrencies. Unlike other European jurisdictions, obtaining a license in Lithuania has the lowest cost and the easiest procedure. The Lithuanian Central Bank is pursuing a policy that allows cryptocurrency companies and fintech to grow. The favorable infrastructure for the development of financial projects and start-ups is supported by the possibility of obtaining appropriate licenses and permits for activities directly from the Lithuanian regulator. Lithuania has long been known for being the jurisdiction where it is easiest to get a payment system license. Recently, Lithuania has become a jurisdiction where an enabling environment for the development of the cryptocurrency business has been created.
Requirements for obtaining crypto license in Lithuania
Lithuanian companies or branches of foreign companies registered in Lithuania may obtain a license. Owners and directors of the company can be 100% non-residents of Lithuania. The main requirement for directors and owners of a company to be able to obtain a license is a certificate of no criminal record. There are also requirements that apply directly to companies operating under licenses. The main requirements are as follows:
- Customer identification. Clients must undergo appropriate verification and verification of identity;
- AML Specialist. It is necessary that the company has a specialist in combating money laundering and terrorist financing. Our company, provides services to provide specially trained personnel to these positions.
- Transaction accounting. The Lithuanian Regulator (Financial Crime Investigation Service), as a measure to counter money laundering and the financing of terrorism, provides that the company, which is a licensee, will keep records of all transactions related to operational activities.
Advantages of choosing Lithuania as your cryptocurrency harbor
Lithuania is an excellent place to do business. The country has become one of the fastest growing economies in Europe. It has also achieved one of the highest rates of economic growth. The economy of Lithuania grew steadily as it became increasingly the centre of various industries. The country is known for its excellent logistics and IT infrastructure. This made the country an ideal place for e-commerce business, as well as jurisdiction for fintech and blockchain companies. In addition, Lithuania is a very attractive destination for global investors. At the same time, a strong economy and an enabling environment made it easier for the Government to introduce favourable rules for start-ups and enterprises in the field of financial technology and blockchain.
LITH - native cryptocurrency of Lithuania
LITH is Lithuania’s own cryptocurrency. The government aims to promote the blockchain industry in the country. One way to do this is to run the LITH token. LITH is the ERC-20 token designed to simplify the operation of e-government systems and online services. The token will be used by the government to provide its citizens with blockchain-based electronic services. Lithuanian e-government services now include online voting, electronic medical cards and electronic taxes. The Government intends to add more e-services that can be easily accessed through the LITH token. The adoption of blockchain technology by the Lithuanian government created a unique ecosystem. This is because the adoption of blockchain technology by the government has also encouraged private business to use this technology. As a result, Lithuania became a place for blockchain companies and projects. Token LITH also becomes a valuable asset and a coin-traded in the cryptocurrency market.
Access to a large pool of developers and professionals blockchain
In Lithuania there is a great demand for developers and blockchain specialists. In recent years, a large number of blockchain specialists have come to the country. There are several reasons for this trend. First, the government has made it clear that it supports blockchain and cryptocurrency. It has also adopted favourable legislation in this niche to attract business and investors. Second, Lithuanian universities produce first-class computer science engineers with high qualifications in blockchain technology. Graduates of these universities have become popular candidates in various blockchain companies. As a result, many technology companies choose Lithuania as the base for their activities. In fact, Lithuania has become the main source of blockchain talent in Europe.