Crypto license in Lithuania
What is a Crypto License and How to Obtain One in Lithuania
Cryptocurrencies are becoming increasingly popular. As a result, many producers of digital assets seek to monetise their activities by selling licenses for the production and exchange of their digital assets.
In Lithuania, crypto licenses are called Crypto Licenses (Cryptolisešiai). These licenses enable businesses and individuals to sell cryptocurrencies, exchange crypto tokens or custody crypto assets (i.e., custodial wallet services). In other words, they allow certain persons to act as cryptocurrency financial service providers.
Why Is a Crypto License Needed in Lithuania?
Crypto license is a legal document that allows a person or business to offer cryptocurrency related services, such as trading, exchange, custody, and investment. In other words, it is a document that allows the holder to operate as a financial service provider in the sphere of cryptocurrencies. Lithuania is one of the first countries that have introduced the concept of crypto license. This is due to the fact that the country is one of the most technologically advanced and crypto is becoming more popular.
How to Obtain a Crypto License in Lithuania?
The Lithuanian government agency responsible for issuing crypto licenses is the Financial Supervision Authority (FSA). To obtain a crypto license, an applicant needs to submit an application to the FSA. In their application, applicants must provide basic information about their business and the type of crypto license they’re applying for. The application process is a regular application process, similar to a bank license application. In order to obtain a crypto license in Lithuania, you need a valid business license and a banking license. You also need to submit an application to the Lithuanian authority.