Lithuania is the Baltic's largest state with a strong economy and stable government. This country encourages foreign investors to open a Lithuanian company. You need to know how to get a license for cryptocurrency businesses in Lithuania if you plan to open one and get a Lithuania cryptocurrency license.

There are two types of crypto licences available in Lithuania

In Lithuania, there are two types for cryptocurrency licenses:

• Crypto Exchange Licence is a license to exchange cryptocurrency. This license allows the company to exchange digital currency and receive a commission.
• Crypto Wallet Exchange – license for cryptocurrency storage wallets The company is authorized to manage client's cryptocurrency storage wallets.
• FCIS issues cryptolicensing lithuania - a service that investigates and prosecutes financial crimes in Lithuania. Any company can request both licenses at the same time. The processing time takes approximately 1-2 months.

Documents and requirements to get a cryptocurrency license

Investors need to submit the following documents in order to obtain a crypto license:

• Each co-founder's passport
• Power of attorney (PoA);
• Details about the company's business model, licensed activities and other information;
• A certificate stating that there is no criminal record.

Let's now move on to the conditions that a license for cryptocurrency in Lithuania imposes upon the applicant.

• Access to a legal address in Lithuania. A web service is available as well as a corporate account.
• There must be at most one shareholder and one director.
• Conclusion of an agreement with AML specialist
• Legalized capital is equal to EUR 2,500
• Maintaining a log of all customer transactions and other information about the customer.
• All clients must undergo vetting and identification procedures
• Pass the evaluation of investors in special organizations.

You should be aware that there are two main reasons you may not be able work with a license. You are not adhering to KYC and AML requirements. The second reason is that your financial operations are not in the required area.