Lithuania jurisdiction

In the European Union, financial institutions seeking to issue and manage electronic money must obtain an EMI license under directive 2015/2366. Lithuania stands out as a top FinTech hub, consistently ranking among the top five countries for EMI permit issuance. As of March 2021, Lithuania has 74 E-Money Institutions with a structured licensing process managed by the Bank of Lithuania. The process involves an initial pre-application meeting, formal application submission and review, comprehensive document analysis, and a final decision on license issuance. Standard licensing timelines range from 2-3 months for different institutional categories. If documentation is incomplete, processing times can be extended by 2-6 months depending on the institution type. Interested in acquiring a Lithuania EMI license? We are ready to help you navigate the process.

In Lithuania, a Payment Service Provider (PSP) license is mandatory for remittance businesses, issued by the Bank of Lithuania. Key licensing requirements include: €20,000 minimum capital, meeting fit and proper criteria for key personnel, implementing robust anti-money laundering procedures, and submitting a comprehensive business plan. The license covers payment services like remittance processing, initiation, and money transmissions. Applicants must demonstrate financial stability, professional competence, and a clear strategic vision for their payment services. Obtaining a PSP license is a critical step for businesses in Lithuania, and we can help you navigate this process.

Lithuania is emerging as a preferred EU jurisdiction for legal cryptocurrency transactions, offering clear government regulation for businesses. Entrepreneurs must establish an LLC with €125,000 in share capital to provide cryptocurrency services, a significant increase from the previous €2,500 threshold. The crypto licensing framework encompasses six license types: cryptocurrency exchange, wallet, crypto exchange, cryptobroker, crypto trading, and VASP (Virtual Asset Service Provider License). These licenses enable various services including virtual and FIAT currency exchanges, client currency storage, and encrypted key management. We are ready to assist you in navigating the process of getting a crypto license.