Crypto Currency

Why is it better to get a crypto license in Lithuania?

The crypto of technology is developing today at great speed. It leads to the fact that more and more people are beginning to work in this industry today, as this is a promising direction. So that such companies work legally to get Lithuanian crypto license. It will allow you to work legally in the EU and actively develop and receive new investments.

Why is it worth choosing Lithuania to get a work permit?

Among all countries, Lithuania offers the most favorable conditions for obtaining a license and a different vision of the business. As a result, today, there are a considerable number of crypto companies that have chosen this particular jurisdiction.

Among the main advantages of obtaining a license in this jurisdiction, one can distinguish:

  • High speed of work permit;
  • Low requirements for the applicant;
  • Low cost of duties;
  • Low taxes;
  • The ability to work legally on the territory of the entire European Union.

Statistics show that Lithuania often gives out a crypto license among all EU countries, so many companies become adherents of this jurisdiction.

How long does it take to get a license?

In Lithuania, you can get a license in the shortest possible time. So, if it takes about six months in the UK, you can get a permit in this jurisdiction in just a month if all the documents are prepared in advance.

First of all, you need to register a company in Lithuania. It can be done remotely. Typically, it takes about 5 days to receive a legal address.

Next is the preparatory stage, where you must open an account with a bank, pay duties, and prepare the necessary documents. If you do some work in advance, you will only have a week to go to this stage.

After you apply for a license, state bodies have 14 days to check all the documents. You will receive a work permit immediately if your company meets all the requirements and documents. If state bodies find any problems, they will return your company for revision. You have one chance to fix mistakes.

Basic requirements for the applicant

Lithuania does not set challenging requirements for companies that want to get a license. The main thing here is the necessary level of trust. So, all team members should have an excellent reputation and a lack of criminal records in the past.

Among other requirements, one can highlight:

  • authorized capital from 2500 euros;
  • at least one owner and shareholder;
  • a security specialist should work in the staff (he may be a shareholder);
  • compliance with KYC policy;
  • thoughtful business plan;
  • improved security system and some others.

A security specialist must work with your company staff. The choice of this employee must be approached very carefully since this person should have an excellent reputation, specialized education, and experience in a similar position. The responsibilities of this specialist will include control over your employees’ work, and preventing fraud from their moaning. Also, he or she must ensure that the company does not serve customers previously involved in fraud or money laundering.

The company’s owner should have experience in a similar position or management of an equal company. You must provide a business plan and prove that you have enough strength, funds, money, and knowledge to realize it.

All registered customers on your platform must pass the verification process and provide certain documents confirming their identity. It allows you to ensure that your company provides services only to benevolent customers. At the same time, you must ensure that all the documents are safe. Since the company’s crypto is often subject to attacks by state bodies, you must ensure that all the information about the clients has passed the encryption process and that all transactions have excellent protection.

How to simplify the process of obtaining a license?

If you want the process of obtaining a license to go as quickly as possible and without any problems, you should seek help from lawyers specializing in this issue. Gofaizen-Sherle specialists will hold a full consultation, answer all questions, and tell you what points you need to pay attention to first. They will also check how your company meets the requirements of regulatory authorities and the availability of all necessary documents. So, you can be sure that obtaining a license will pass as successfully as possible.

Richard Maxwell

For any queries, email us at:- [email protected]

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