The Electronic Money Institution License in Lithuania is a type of license issued by the Bank of Lithuania. This license grants the holder the ability to provide various electronic money services as an electronic money institution, including issuing electronic currency, managing electronic wallets, and processing electronic payments.
Advantages:
Compliance and trust: Holding an electronic money institution license can enhance the compliance and trustworthiness of an exchange in the market. The license is a recognition from regulatory authorities, conveying a reliable and regulated image to users and investors.
Expanded market and customer base: Obtaining a license allows a virtual currency exchange to provide services within Lithuania. As a member of the European Economic Area, Lithuania has a broad European market, which provides greater business development opportunities for exchanges and attracts more customers.
Access to the European market: As part of the European Economic Area, exchanges holding a license can gain broader market access through the common guidelines and standards of the European financial market.
Financial regulation and protection: Obtaining an electronic money institution license means that exchanges must comply with the regulatory requirements of the Bank of Lithuania. This helps ensure that the operation of the exchange aligns with best practices in the financial industry and provides a higher level of customer fund protection and security.
Credit card and bank cooperation: Exchanges holding a license can more easily establish partnerships with banks and credit card institutions, providing convenient deposit and withdrawal services and increasing user experience and convenience.
The registration process we are responsible for:
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Prepare application materials: Collect and prepare the required application documents and information.
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Company documents: Including articles of association, registration certificates, company registered address, etc.
Director and senior management profiles: Including personal information, resumes, background check reports of directors and senior management.
Business plan: Provide a detailed business plan, including the company's operating model, market analysis, financial forecasts, etc.
Submit the application: Submit the prepared application documents to the Bank of Lithuania. Ensure that the application documents are complete, accurate, and comply with the specified application submission method and timeline.
Review and due diligence: The Bank of Lithuania will review and conduct due diligence on the application materials, including evaluating the background, financial condition, and compliance procedures of the company and relevant individuals.
License issuance: If the application is approved, the Bank of Lithuania will issue the electronic money institution license. The issuance of the license may come with certain conditions and restrictions that the applicant must comply with and meet the requirements of the license.
Scope:
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Provide payment accounts to customers and accept customer storage services.
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Provide withdrawal services to customers.
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Execute payment transfers: Provide transfer services to customers with open payment accounts, remitting customer funds to other customer accounts within the same payment system, or remitting customer funds to other financial institutions or payment institutions. This includes single or multiple transfers from cash accounts, payments through debit cards or similar means, as well as transfers of credit limits and regular payments.
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Execute payment transactions, including transferring funds from a payment account to a payment service user or to another payment service provider: by direct debit, including one-off direct debits, executing payment transactions through payment cards or similar devices, and/or executing credit transfers, including standing orders.
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Execute payment transactions where the payer agrees to pay the payment platform through any telecommunication terminal device, digital or device and telecommunication network or IT system operator, or acts as an intermediary and intermediary between a goods or services provider and a customer using payment services.
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Services allowing cash to be placed on a payment account.
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Services enabling cash withdrawals from a payment account.
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Execution of payment transactions where the payment transaction is covered by a credit line for a payment service user: execution of direct debits (including one-off direct debits), execution of payment transactions through a payment card or similar device, and/or execution of credit transfers (including standing orders).
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Issuing and/or acquiring payment instruments.
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Transfers.
The electronic money institution license in Lithuania is an important milestone for virtual currency exchanges. It not only demonstrates the compliance and reliability of the exchange but also provides opportunities for expanding business and attracting more users in the European market. At the same time, being regulated by the Bank of Lithuania allows exchanges to comply with industry standards, protect the security of user funds, and establish partnerships with banks and credit card institutions to provide more convenient services. By obtaining such a license, virtual currency exchanges can stand out in a competitive market and create a secure and trustworthy trading environment for users.