We successfully assisted the client to obtain Virtual Currency Exchange Operators and Depository Virtual Currency Wallet Operator authorization in Lithuania.
Requirements:
- Operators must designate senior employees/member of the board for organising the implementation of money laundering and/or terrorist financing prevention (MLRO) measures specified in the Law and for liaising with the Financial Crime Investigation Service (FCIS);
- A natural person who has been found guilty of committing a serious crime against property, property rights and property interests, the economy and business order, the financial system, the civil service and the public interest, and has an unexpired or unexpunged conviction may not be a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator, or the beneficial owner of such persons;
- Operators must establish internal policies and internal control procedures related to Know Your Client (KYC);
- Minimum EUR 125 000 shared capital requirement for closed limited liability and limited liability companies. Other legal entities must have a guarantee issued by an insurance company or a financial institution for an amount of at least EUR 100 000 per customer claim for damages and EUR 500 000 for all customer claims for damages per year.
Process:
1. No later than within 5 working days from the start or termination of Virtual Currency Exchange Operators and Depository Virtual Currency Wallet Operator activities the manager of the Register of Legal Entities must be informed about such activities.
2. No later than within 7 working days from the date of their designation or replacement, the FCIS must be notified in writing of the designation as well as the replacement of senior employees/member of the board who organises the implementation of MLRO measures.
If you are looking for assistance to obtain Virtual Currency Exchange Operators and Depository Virtual Currency Wallet Operator authorization in Lithuania, please do not hesitate to contact us.