About the service

There are two sorts of licenses available for working with cryptocurrencies:

• Cryptocurrency Exchange License.
  A business that holds such a license is permitted to exchange cryptocurrencies for FIAT or vice versa, as well as one cryptocurrency for another, in exchange for a fee.

• Crypto Wallet and Custodian Services License.
  A business that holds such a license is allowed to operate a crypto customer wallet, which includes creating and keeping encrypted client keys.

  
  

Lithuanian VASP license covers both of these activities mentioned above.

Requirements:

• KYC (know your customer):
  Company cryptocurrency organization must have clear procedures in place for identifying and validating the identification of its clients.

• Logging all cryptocurrency transactions and accounting:
  As a safeguard against money laundering and terrorist funding, a licensed crypto firm is required to record, filter, and monitor all transactions and activities of clients, as mandated by the Lithuanian regulator (FCIS).

• Money Laundering Reporting Officer.
  Every company that exchanges cryptocurrencies and other virtual assets must have a local anti-money laundering and counter-terrorism financing specialist on staff.