Authorisation
Need to get authorised as an emoney or payments institution in Lithuania? Contact us to learn more
Fintech & Banking: The Bank of Lithuania/Lietuvos Bankas is one of the premier competent authorities in the European Union and is consider globally as an assertive but fair regulator of financial services. The approach of the Bank of Lithuania to the authorisation process for fintech (such as electronic money and payment services firms), banks and other institutions is an open one and normally begins well before an application for an authorisation is submitted.
Crypto: The Financial Crime Investigation Service (FCIS) is the registrar for both virtual currency exchange operator and depository virtual currency wallet operators.
Contact us if you need assistance meeting the authorisation process, interpreting regulatory requirements and in addition understanding the unwritten expectations of the Bank of Lithuania and the FCIS.
Fintech Lithuania has a great network of professional services firms and banking partners that can assist prospective fintech, banking and crypto applicants planning their process and critique their proposed operating plans.
Crypto: The Financial Crime Investigation Service (FCIS) is the registrar for both virtual currency exchange operator and depository virtual currency wallet operators.
Contact us if you need assistance meeting the authorisation process, interpreting regulatory requirements and in addition understanding the unwritten expectations of the Bank of Lithuania and the FCIS.
Fintech Lithuania has a great network of professional services firms and banking partners that can assist prospective fintech, banking and crypto applicants planning their process and critique their proposed operating plans.
Did you know that as at Friday 2 June 2023 that there are:
Did you know that since 10 January 2020 the Virtual Currency Exchange Operators and Depository Virtual Currency Wallet Operators are subject to the prevention of money laundering and/or terrorist financing regime administered by the FCIS?
- 70 Lithuanian licensed electronic money firms (excludes the 4 restricted activity emoney firms)
- 32 Lithuanian licensed payment institutions (excludes the 10 restricted activity payment firms)
- 3 Lithuanian licensed standalone account information service providers
- 6 Lithuanian licensed banks
- 7 Lithuanian specialised banks
Did you know that since 10 January 2020 the Virtual Currency Exchange Operators and Depository Virtual Currency Wallet Operators are subject to the prevention of money laundering and/or terrorist financing regime administered by the FCIS?
- Virtual currency exchange operator shall mean a legal person who is established in the Republic of Lithuania or who is a branch, established in the Republic of Lithuania, of a legal person of a Member State of the European Union or a foreign state and who provides services of virtual currency exchange, purchase and/or sale for remuneration.
- Depository virtual currency wallet operator shall mean a legal person who is established in the Republic of Lithuania or a branch, established in the Republic of Lithuania, of a legal person of a Member State of the European Union or a foreign state and who provides services of management of custodian virtual currency wallets on behalf of the customers.
Partners
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CompliReg is a leading provider of regulatory services including authorisation. Its founder advised on Lithuania's second specialised bank authorisation and has assisted companies applying in Lithuania on various parts of the application in partnership with local Lithuanian professional firms. This partnership has assisted many applicants through the business and technical expertise of CompliReg and legal prowess of Lithuanian based lawyers.
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How to Partner/Support on Authorisations
Applicants need a multi-disciplinary team for an effective authorisation application.
Are you a law firm, consulting firm or service provider (such as a bank, SAAS, regtech, full stack white label) providing regulatory and / or business services to authorisation applicants and wish to appear on our list of vetted Partners and Supporters? Then please contact us to start discussions about working together to assist fintechs get regulated in Lithuania.
Are you a law firm, consulting firm or service provider (such as a bank, SAAS, regtech, full stack white label) providing regulatory and / or business services to authorisation applicants and wish to appear on our list of vetted Partners and Supporters? Then please contact us to start discussions about working together to assist fintechs get regulated in Lithuania.