The Bank of Lithuania said it would make it easier for users to provide customer identification data to financial institutions.
The Bank of Lithuania is studying the implications of providing financial institutions with information related to the prevention of money laundering. In response to these comments, the central bank has taken steps to meet consumer demand and improve service delivery.
The consultation provided valuable insight into exactly where the views of payment service providers and customers differ, leading to the most misunderstandings. Taking into account the comments and suggestions received, we have formulated some measures to make the requirements of financial institutions for customer identity information clearer, more personalized, tailor-made for users, and make it easier and more convenient to provide
Gediminas Simkus, Chairman of the Board of the Bank of Lithuania
All participants in the Lithuanian financial market are required to comply with laws and other legislative acts on money laundering and prevention of terrorist financing. The KYC program is based on the continuous collection, monitoring and updating of information about customers and the nature of their payments.
The main reason why users are dissatisfied with payment services is that they cannot communicate effectively with customers. Consumers are dissatisfied with the excessive information and documentation required by financial industry participants because they do not understand the legal language in which the requirements are formulated.
According to the Bank of Lithuania, payment service providers must inform their customers why they request certain information, certain documents and where they can obtain this information. It is a good practice to provide contact information for specific employees so that users can contact them directly if they have questions. Users who do not understand the requirements, have no one to ask and thus avoid providing information to financial market participants will often do so. This may result in the limitation of payment services and may even lead to the termination of the business relationship.
Customers, especially residents who are rarely financial professionals, should understand the legal requirements in simpler language. The Bank of Lithuania will help improve communication between users and service providers by providing additional information tools.
The use of individual questionnaires to collect and maintain customer personal data for certain user groups (e. g. students, pensioners, businesses, NGOs, etc.) is one of the proposals of the Bank of Lithuania. These questionnaires can be modified on the basis of the previous one, and consumers can also make corrections (if necessary).
Central banks should consider whether there is a need to amend legislation so that financial market participants can receive documents, data or information from government information systems or registries (e. g., without the need for a customer's signature to verify such information and data).
The Bank of Lithuania plans to collect information from financial market participants on the termination or refusal to establish business relationships due to risk aversion in order to limit the possibility of risk aversion (I. e. the decision not to establish or terminate business relationships, thereby depriving customers of access to payment services, risk reduction, etc.). Currently, this is only required for banks that terminate or refuse to conduct business with e-money institutions and payment institutions.
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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.
With our assistance, you can easily conduct cryptocurrency activities within the EU under stable Polish law.
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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.
We stand ready to provide comprehensive consultation and prepare all necessary documents to ensure that your company meets the requirements of MiCA when registering and operating CASP (Crypto Asset Service Provider) in Estonia.
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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.
The Czech Republic's cryptocurrency license is an effective tool for both newly established cryptocurrency companies and existing projects. We provide a guarantee and indicate in the contract!
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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.
With our assistance, more than 500 clients have obtained licenses, many of whom are successfully expanding their cryptocurrency business in the EU and international markets.
Lithuanian cryptocurrency licenses are an important asset for any company in the digital asset space, providing credibility, regulatory clarity, and access to European and global markets.
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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.
We assist in obtaining MiCA licenses in various jurisdictions across Europe, providing regulatory advice, policy drafting, license application support and ongoing compliance assistance. Our expertise ensures that companies successfully pass MiCA requirements, reduce risk and simplify the EU approval process. Ensure compliance and expand your encryption business with our comprehensive CASP licensing services.
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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.
At Rengang Yongsheng, we provide end-to-end assistance to help you prepare and submit key documents to apply for a CASP license under MiCA regulations. Whether you are applying from scratch or adjusting your existing license, our experts can provide you with tailored CASP adjustment documents and strategic guidance.
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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.
Whether you are an entrepreneur looking to start a cryptocurrency business or an established company looking to expand, obtaining a cryptocurrency license in El Salvador can give you a significant advantage.
Rengang Yongsheng's experienced team will help you complete this process efficiently and confidently.
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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.
Registering a cryptocurrency company in Panama costs only € 4,500 for a maximum of 2 weeks.
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