The world of blockchain and digital currency is growing by the day. New businesses based on these technologies are popping up all over the place, giving old institutions a run for their money. If you’re looking to join this dynamic industry, why not get started in Lithuania? You see, Lithuania has recently announced its intentions to become a blockchain capital of Europe by introducing new regulatory measures for fintech and blockchain businesses. As part of these efforts, the country has also introduced a brand-new framework that will make it much easier for those who want to enter the world of crypto and blockchain technology to do so. This new framework is known as “Crypto Licensing Lithuania”. This article will provide you with all the information you need to know about Crypto Licensing Lithuania – how it works, what advantages it offers, and how you can get one yourself.
What is Crypto Licensing Lithuania?
Crypto license in Lithuania is a new framework that lets you practice your crypto business without having to apply for a full financial institution license. Specifically, you’ll get a special crypto license that allows you to engage in crypto activities without having to go through all the red tape that’s normally associated with becoming a licensed financial institution. This will save you plenty of time, effort, and money. Crypto licensing is only available in Lithuania for now, but the government has hinted that it will roll out this scheme in other countries as well. The scheme lets you engage in crypto activities such as buying and selling cryptocurrencies, tokenizing assets, converting cryptocurrencies into fiat money, and so on. It’s important to note that you’re not allowed to engage in crypto activities that are related to investment advice, managing financial assets, or providing payment services. In other words, you won’t be able to compete with big-name crypto exchanges such as Coinbase, Binance, and so on.
How Does Crypto Licensing Work?
If you decide to get a crypto license in Lithuania, you’ll have to fill out the application form and submit it to the country’s central bank. If your application is approved, you’ll have to pay a license fee of €5,000 and comply with a few other requirements, including:
– Having proficient knowledge of the Lithuanian language
– Having a registered address in Lithuania
– Having sufficient financial resources to conduct your business
– Having employees who have the necessary skill set and expertise to conduct
their business
– Having an IT infrastructure that can handle the expected volume of customers – Having risk management and Know Your Customer (KYC) procedures in place
– Having a contingency plan in case something goes wrong with your business – Storing customer information in a secure manner and being GDPR compliant from the get-go
Why Has Lithuania Decided to Introduce This Framework?
The Lithuanian government has decided to introduce this Crypto Licensing scheme for a few reasons. First, it wants to make it easier for non-financial institutions to engage in crypto activities. It also wants to encourage more people to enter the crypto space, thereby creating a more vibrant and robust industry that’s fit to take on the challenges of the future. Lastly, the government wants to ensure that customers are protected at all times. With a robust regulatory framework in place, there should be less instances of fraud, scams, and other malicious activities. If you’re looking to get into the crypto industry, you should definitely consider getting a crypto license in Lithuania. This will save you plenty of time, effort, and money. You’ll also get to enjoy all the benefits that come with this scheme.
Benefits of the New Framework
As we’ve already discussed, getting a crypto license in Lithuania will save you plenty of time, effort, and money. But that’s not all you should expect from this framework. There are plenty of other benefits that you’ll be able to enjoy if you get a crypto license in Lithuania, including: – A chance to make your mark on the world: As we already know, crypto and blockchain technology is a growing industry. That means there’s plenty of room for newcomers to make their mark on the world. If you get a crypto license in Lithuania, you’ll be able to start your business without having to go through the usual red tape. You’ll also have a golden opportunity to make your mark on the world.
– More opportunities: With a crypto license, you’ll be able to engage in more crypto activities, such as buying and selling cryptocurrencies, tokenizing
assets, and so on. This will give you more opportunities to grow your business.
– Better customer protection: Nobody wants to end up on the wrong side of a scam. With a robust regulatory framework in place, you’ll be able to sleep easy knowing that you’re doing your part to protect your customers from fraud.
– A chance to make your mark on the world: As we already know, crypto and blockchain technology is a growing industry. That means there’s plenty of room for newcomers to make their mark on the world. If you get a crypto license in Lithuania, you’ll be able to start your business without having to go through the usual red tape. You’ll also have a golden opportunity to make your mark on the world.
Final Words: Should You Apply for the Crypto License in
Lithuania?
If you want to enter the crypto industry but don’t know how to go about it, you should definitely consider getting a crypto license in Lithuania. This scheme makes it much easier for you to get started in the crypto space. Not only will it save you plenty of time, effort, and money, but you’ll also get better customer protection and more opportunities to grow your business.