Crypto Company Registration in Lithuania: How to Set Up a Crypto Business in Europe?

As an expert opinion, we’ve requested comments from the law firm specializing in corporate law AdamSmith.

Cryptocurrencies are becoming more popular every day. Their growing popularity is attributed to the growing demand for digital currency as a means of payment and store of value. Cryptocurrency is a digital coin or medium used to buy goods and services anonymously. The most popular ones are Bitcoin, Ethereum, Litecoin, Ripple, and Cardano (ADA). These digital assets are called cryptocurrencies because they rely on cryptography for security. The increasing popularity of cryptocurrencies has given rise to new ventures seeking to capitalize on the market. In light of the recent boom in crypto-related activities, several countries have been warming up to cryptocurrencies as a legitimate way of conducting business.

How to Register a Crypto Company in Lithuania

Lithuania is one of the most crypto-friendly countries in Europe. The country has a favorable regulatory environment for businesses involving blockchain technology. A business that registers a cryptocurrency in Lithuania can operate without any kind of interference from the government. This makes Lithuania a favorable place to launch a cryptocurrency venture. There are multiple ways to register a company in Lithuania

  • You can register the company on a virtual marketplace, like the one provided by ICObench. 
  • You can register a company name on the country’s official database, called the Register of Companies or ROC. 
  • You can also apply for a special license from the Financial Crimes Prevention Authority (FCPA) to operate as a crypto business.

Benefits of registering a crypto business in Lithuania

Lithuania is one of the most crypto-friendly countries in Europe. The country has a favorable regulatory environment for businesses involving blockchain technology. This makes Lithuania a favorable place to launch a cryptocurrency venture. Anyone can register a crypto business in Lithuania without paying any money. The only requirement is an email address and a name for your company. This makes Lithuania a favorable place to launch a cryptocurrency venture. The company name can be registered on the country’s official database, called the Register of Companies or ROC. This gives your business a registered name and, therefore, legitimacy. You can also obtain a license from the Financial Crimes Prevention Authority (FCPA) to operate as a crypto business. This gives your business a regulated status and, therefore, greater legitimacy.

Types of Crypto Companies in Lithuania

  • ‍Limited Liability Company (LLC) 
  • A legal structure that allows for limited liability of the owners involved in the business. It also gives them the right to operate a business in other countries. This is the most common type of business entity in Lithuania. 
  • Co-Operative Society – This is a non-profit organization that allows for the ownership of multiple businesses by one person. You can register a co-operative society in Lithuania as a limited company. 
  • Trust – This is a legal entity that acts as a custodian of assets. The entities whose owners are represented by a trust can register a company and use the company’s assets as collateral.

Requirements for Registering a Business in Lithuania

An email address – This is mandatory for all business entities in Lithuania. 

A name for your company – This can be a company name or a trade name. It must be unique and not similar to any other names in Lithuania.

A business address – The address must be a physical address where the business operates. 

A business license – Every entity registered in Lithuania must have a business license. This can be a long-term license issued by the Ministry of Economy or the short-term license issued by the Ministry of Finance. 

A valid corporate seal – Every entity registered in Lithuania must have a corporate seal. This can be a stamp made from hard rubber, soft rubber, or a polymer clay seal. A corporate seal is not required for LLC or co-operative societies. 

A valid company seal – All companies registered in Lithuania must have a company seal. This can be a stamp made from hard rubber, soft rubber, or a polymer clay seal. A company seal is not required for LLC or co-operative societies.

Conclusion

Lithuania is one of the most crypto-friendly countries in Europe. The country has a favorable regulatory environment for businesses involving blockchain technology. This makes Lithuania a favorable place to launch a cryptocurrency venture. 

The Article is written

by the lawyer of the company AdamSmith

+370 52078525

Company registration and crypto licensing in Lithuania and the EU

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