To initiate a cryptocurrency business in Lithuania, you're required to establish a Limited Liability Company (UAB).
As of November 1, 2022, there has been a substantial shift in the legislation governing the sector. Entrepreneurs are now mandated to allocate a share capital of 125,000 EUR, a substantial hike from the previous requirement of 2,500 EUR.
This development is in line with the formation of Lithuania's specialized crypto license register, which meticulously documents all the crypto enterprises operating within its jurisdiction.
An integral part of the evolving corporate structure is the appointment of an exclusive Anti-Money Laundering (AML) officer.
This role is not just an optional addition but a mandatory requirement, highlighting Lithuania's commitment to upholding rigorous compliance measures and risk management protocols. Interestingly, while the share capital requirement may appear daunting, Lithuanian legislation provides an unparalleled leeway to entrepreneurs.
Companies can be registered for a crypto license without an immediate contribution to the capital, thereby bestowing upon them a remarkable degree of financial adaptability.