Remotely establish your own cryptocurrency wallet company in Lithuania
How to receive a wallet or cryptocurrency wallet license and cryptoasset custody services in Lithuania
Lithuania is one of the countries that offers the most advantages for those who want to do business with cryptocurrencies. The country offers the possibility to legally register a company and apply for a license to offer cryptocurrency wallet and cryptocurrency custody services. This license allows customers to open a wallet within the company to store cryptocurrencies.
Any person, regardless of nationality, can incorporate a limited liability company in Lithuania or purchase an already registered one. The physical presence of the investor in the country is not required, as the entire incorporation or acquisition process can be completed online, through the services of a proxy.
How to obtain a wallet license in Lithuania
After registering the company, it is time to apply for a license. There are two types of cryptocurrency licenses in Lithuania: one for companies offering cryptocurrency exchange services and one for those providing a cryptocurrency wallet or purse, with custody services.
In both cases, the owner of the company must open an account in a Lithuanian bank. This account must have the minimum authorized capital, which is 2,500 euros. The Lithuanian authorities require all clients of such a company to undergo a KYC (background check) process. In addition, the company must retain customer data for a period of not less than five years. The regulator may request the company to share customer data.
The Bank of Lithuania analyzes each license application. It is then passed to the Financial Crimes Investigation Service and, finally, the Registrar of Companies issues the license. The application file must contain the procedure that the company will follow to comply with anti-money laundering.
Companies offering cryptocurrency wallet or cryptocurrency custody services in Lithuania pay a 15% tax on profits. However, those companies with less than ten employees and generating less than €300,000 per year may pay a reduced corporate income tax rate of up to 5%.