Blogs Why Lithuania is the Go-To Spot for Your Crypto License

  • January 31, 2024
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In the ever-evolving world of cryptocurrencies, Lithuania has emerged as the go-to destination for individuals and companies seeking crypto licenses. Let's dive into the reasons behind Lithuania's surging popularity in the crypto licensing realm, shedding light on the unique services provided by Consulting24 and the streamlined process of obtaining these licenses.

Lithuania's Proactive Regulatory Environment
Lithuania stands out with its proactive approach to cryptocurrency regulation, setting it apart from other jurisdictions. Recognizing the transformative potential of blockchain technology, Lithuania introduced a comprehensive legal framework for virtual currencies and initial coin offerings (ICOs) back in 2018. This framework offers clear guidelines for businesses in the crypto space, providing a foundation of legal certainty and stability.

Consulting24: Experience is Our Leverage
In the intricate landscape of cryptocurrency licensing in Lithuania, having a trusted partner is invaluable. Consulting24 specializes in assisting businesses with setting up and obtaining cryptocurrency licenses. Our expertise and experience act as a guiding force, streamlining the process for a smooth journey toward compliance. Having successfully completed over 500 licenses in Estonia and Lithuania, Consulting24 stands as a reliable choice for businesses navigating the crypto licensing landscape.

The Licensing Process in Lithuania
Obtaining a cryptocurrency license in Lithuania is a swift process, typically taking between 30 to 60 days, making it one of the quickest setups in the industry. Consulting24 can be your trusted guide throughout every step, from the initial application to the final approval.

Overview of Available Licenses
Lithuania offers two main types of licenses:

Cryptocurrency Exchange License
Crypto Wallet and Custodian Services License
These licenses unlock a spectrum of privileges, including but not limited to:

Exchange services for various cryptocurrencies.
Over-the-counter (OTC) trading.
Conducting Initial Exchange Offerings (IEOs).
Selling Bitcoin via bank transfer and debit/credit card.
Trading utility tokens.
Facilitating crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto transactions.
Operating a utility token exchange.
Opening a EUR bank account for selling Bitcoin and other cryptocurrencies.
Issuing your branded debit card.
Engaging in crypto fund activities.
Offering custodial services.
Trading futures and shorts.
Minting and trading non-fungible tokens (NFTs).
Participating in staking activities.
Facilitating Euro deposits and withdrawals.
Licensing Requirements
To secure a cryptocurrency license in Lithuania, you need to meet specific requirements, including:

Share capital of €125,000, with 25% (€31,250) to be increased immediately and the remaining 75% (€93,750) within one year.
A bank account in Lithuania.
Appointing a local director (who can be any resident) and an AML officer.
A virtual office for your business operations.
Real-World Use Cases
The flexibility and scope of licenses in Lithuania offer numerous use cases for businesses and entrepreneurs, such as launching a cryptocurrency exchange platform, providing secure custodial services, conducting IEOs, facilitating convenient Bitcoin sales, trading various utility tokens, offering diverse crypto-to-fiat and fiat-to-crypto trading services, creating and managing utility token exchanges, establishing EUR bank accounts for cryptocurrency sales, issuing branded debit cards, managing cryptocurrency funds, offering custodial services, engaging in futures and shorts trading, minting and trading NFTs, participating in staking activities, and enabling Euro deposits and withdrawals.

Lithuania Vs. Dubai Crypto Licenses
A detailed comparison of crypto licenses in Lithuania and Dubai showcases the distinct approaches these jurisdictions take in regulating the burgeoning crypto sector.

Conclusion
Lithuania's crypto licensing landscape, coupled with Consulting24's expert guidance, presents a promising pathway for businesses and individuals venturing into the cryptocurrency space. With a favorable regulatory environment, efficient processes, and a diverse range of use cases, Lithuania solidifies its position as a top choice for crypto entrepreneurs and investors.

Source: https://www.consulting24.co

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