The Lithuanian government has just announced that it is planning a comprehensive law to regulate the use of digital currencies in business transactions. The news set the stage for a new phase in the local fintech industry and attracted many foreign companies to the country.
To facilitate the passage of the new law, the country has also announced that it will accept applications from digital coin operators who want to do business in the country. Here is everything you need to know about the KYC/AML procedure for cryptocurrency companies operating in Lithuania.
Lithuanian government considers using digital currency for business transactions
The Lithuanian government has set its sights on becoming one of the most cryptocurrency-friendly countries in the world. It announced in January that it was drafting a comprehensive law to regulate the use of digital currencies in business transactions.
To facilitate the passage of the new law, the government has announced that it will accept applications from operators of digital coins who want to do business in the country.
The move will follow the KYC/AML procedure and is expected to attract some foreign companies with existing operations in the country.
Lithuanian Government Launches KYC/AML Procedure for Cryptocurrency Companies
The Lithuanian government has launched a KYC/AML procedure for cryptocurrency companies to facilitate the process for foreign companies operating in the country. These companies must follow a set of guidelines in order to do business in the country.
These companies must prove their identity and business operations. They must also register with FinCom, the country's financial services regulator. Under the new laws of the Baltic States, these companies must also follow Know Your Customer ("KYC") and Anti-Money Laundering ("AML") procedures.
Exchanges and brokers will have to KYC/AML for new accounts
In order to open a new account with a cryptocurrency exchange or broker, the user must go through a KYC/AML procedure. The company needs to verify the identity of the customer, as well as the source of the funds entering the account. The account must remain open for at least three months.
Conclusion
The Lithuanian government is considering legalizing the use of digital currencies for commercial transactions. With this in mind, the government has introduced a comprehensive law to regulate the use of digital currencies in business transactions.
To facilitate the passage of the new law, the country announced that it will accept applications from digital coin operators who want to do business in the country.
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The Slovak Republic is an emerging developing jurisdiction due to its simple regulation and clear process for obtaining a cryptocurrency license. We will guide you through the necessary steps and provide you with a successful outcome.
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Located in southern Europe, Bosnia and Herzegovina (B & H) is a country with a developed economy, promising prospects and excellent business conditions. The country is open to international economic cooperation, trade and foreign investment, as evidenced by successful projects in various sectors. Of particular interest are the information technology and crypto industries, which have numerous advantages due to the favorable investment climate.
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Today, Poland is a modern European economic powerhouse, eager to develop in all areas of life, including the opportunity to implement cryptocurrency projects for individuals and legal entities around the world.
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Estonia was one of the first jurisdictions in the EU to popularize cryptocurrency licenses.
One of our offices is located in the city of Tallinn, and we actively help clients to obtain and adjust cryptocurrency licenses issued by Estonian regulators, including ensuring full compliance with MiCA regulations.
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We offer a unique and highly advantageous opportunity in the market, which includes the registration of a new VASP licensed crypto company and a CASP licensed company in the Czech Republic. Upon completion of the program, both registered VASP/CASP companies can begin operations immediately. It is also possible to acquire existing companies and obtain the necessary operating licenses.
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Under the updated regulatory framework from 29 April 2025, existing VASP licensees are allowed to continue operating until 1 January 2026. We strongly recommend starting the CASP registration application process as soon as possible.
After registering a company in Lithuania and obtaining a cryptocurrency license, you can legally provide cryptocurrency exchanges and asset custody services in the EU and globally, ensuring full compliance with European regulations.
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Get a MiCA encryption license to ensure your encryption business is legally compliant in Europe.
Crypto licenses under MiCA are essential for Crypto Asset Service Providers (CASP) to operate legally in the EU. It ensures full compliance with ESMA regulations, allows access to the European market and increases credibility.
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With a package of documents fully compliant with the Markets in Crypto-Assets Regulation (MiCA), you are guaranteed a place in the regulated crypto market in Europe. The European Union has pioneered the introduction of a unified cryptocurrency licensing framework, offering Crypto Asset Service Providers (CASP) the opportunity to operate seamlessly on a global scale. With advantages such as passport rights, legal clarity and enhanced access to institutional partners, the EU is now the leading jurisdiction for regulated digital asset businesses worldwide.
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AdamSmith Law Firm is your professional partner in the process of obtaining a cryptocurrency license in Georgia. Georgia has an advanced regulatory environment and is an ideal place to establish a cryptocurrency business. Our experienced legal team provides end-to-end support to ensure a smooth and efficient licensing process.
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El Salvador was the first country to recognize Bitcoin as legal tender, creating an enabling environment for cryptocurrency businesses.
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Costa Rica is rapidly emerging as a major destination for startup crypto companies, offering a highly flexible legal framework, attractive tax incentives, and a streamlined company formation process that ensures easy entry for entrepreneurs.
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Start your cryptocurrency business with confidence in one of the world's leading financial centers
The UK is the jurisdiction of choice for registering cryptocurrency businesses, offering fast approval timelines, a competitive tax structure and a cryptocurrency-friendly regulatory environment. Although the UK is no longer part of the EU, it still has strong international recognition and direct access to global financial markets. Its streamlined licensing process and clear compliance standards make it an attractive destination for entrepreneurs seeking legal certainty and business growth.
However, without local expertise, navigating the regulatory environment can be complicated. Rengang Yongsheng provides end-to-end assistance with the UK cryptocurrency licensing process, guiding you through legal requirements, documentation and communication with the Financial Conduct Authority (FCA). With the support of professionals, you can get a license in 2 to 8 weeks, depending on your business model and readiness.
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In Canada, businesses that provide financial services such as currency exchange, money transfer, virtual currency transactions and similar activities must register as a Money Service Business (MSB) or a Foreign Money Service Business (FMSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) prior to commencing operations.
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After registering a company and obtaining a cryptocurrency license in Seychelles, you can legally provide digital asset exchanges, cryptocurrency storage and other virtual asset activities in one of the most flexible and recognized offshore jurisdictions.
With our help, more than 500 customers have successfully obtained VASP licenses in other countries and are operating with confidence in the international crypto environment.
The VASP license issued by the FSA regulatory authority in Seychelles is a reliable legal tool to help you grow your business, build confidence among investors and partners, and demonstrate your compliance with AML/CFT requirements.
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Saint Vincent and the Grenadines (SVG) is fast becoming the destination of choice for crypto entrepreneurs around the world. Saint Vincent and the Grenadines has a flexible regulatory environment, streamlined company formation processes and attractive tax incentives, providing you with an ideal platform to launch and manage your crypto business with a minimum of bureaucracy.
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With its friendly regulatory framework and favorable business environment, Panama has become the preferred offshore jurisdiction to establish crypto companies.
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