The Electronic Money Institution License in Lithuania is a license issued by the Lithuanian Financial Market Supervision Authority (Bank of Lithuania). This license authorizes the holder to provide various electronic money services as an electronic money institution, including issuing electronic money, managing electronic wallets, processing electronic payments, etc.
Advantage:
Compliance and Trust: Holding an Electronic Money Institution License can enhance the compliance and trust of the exchange in the market. The license is a recognition of the exchange by the regulator, conveying a reliable and regulated image to users and investors.
Expanding the market and customer base: Obtaining a license enables virtual currency exchanges to provide services within Lithuania. As a member of the European Economic Area, Lithuania has a vast European market, which will provide exchanges with greater room for business development and attract more customers.
European Market Access: As part of the European Economic Area, Lithuania’s licensed exchanges can gain broader market access through common guidelines and standards for European financial markets.
Financial Regulation and Protection: Obtaining an Electronic Money Institution License means that the exchange must comply with the regulatory provisions and requirements of the Lithuanian Financial Market Supervision Authority. This helps ensure that the exchange operates in accordance with the best practices of the financial industry and provides a higher level of customer funds protection and security.
Credit card and bank cooperation: Exchanges holding licenses can more easily establish partnerships with banks and credit card institutions to provide convenient top-up and withdrawal services, increasing user experience and convenience.
The registration steps we are responsible for:
1. Prepare application materials: Collect and prepare the required application documents and information.
2. Company documents: including company articles of association, registration certificate, company registered address, etc.
Directors and senior management information: including personal information, resumes, background check reports, etc. of directors and senior management.
Business Plan: Provide a detailed business plan, including the company's operating model, market analysis, financial forecasts, etc.
Submit application: Submit the prepared application documents to the Lithuanian Financial Market Supervision Authority (Bank of Lithuania). Ensure that the application documents are complete and accurate, and comply with the prescribed application submission method and time.
Review and due diligence: The Lithuanian Financial Market Supervision Authority will review the application materials and conduct due diligence, including an assessment of the background, financial status, and compliance procedures of the company and relevant personnel.
Issuance of license: If the application is approved, the Lithuanian Financial Market Supervisory Authority will issue an Electronic Money Institution License. The issuance of the license may be subject to certain conditions and restrictions, which the applicant needs to comply with and meet.
Meet the requirements of the license.
scope:
1. Provide payment accounts to customers and accept customer storage services;
2. Provide withdrawal services to customers;
3. Execute payment transfers: provide transfer services to customers who have opened payment accounts, transfer customer funds to other customer accounts in the same payment system, or transfer customer funds to accounts of other financial institutions or other payment institutions. This includes single or multiple transfers from cash accounts; payments through debit cards or similar methods; and also transfers of credit lines and regular payments;
4. Perform payment transactions, including transferring funds from an account of a payment service provider to a payment service user or with another payment service provider: to make direct debits, including one-off direct debits, to perform payment transactions with a payment card or similar device and/or to perform credit transfers, including stand orders.
5. To execute a payment transaction, the payer agrees that the payment platform will make the payment through any telecommunications terminal equipment, digital or device and telecommunications network or IT system operator, or act as an intermediary and intermediary between a goods or service provider and a customer using the payment service.
6. Services that allow cash to be deposited into payment accounts.
7. Services for withdrawing cash from payment accounts.
8. To perform payment transactions where the funds are covered by the credit line of the Payment Service User: to perform direct debits (including one-off direct debits), to perform payment transactions by means of payment cards or similar devices and/or to perform credit transfers (including standing orders).
9. Issue and/or obtain payment instruments.
10. Transfer money.
The Lithuanian Electronic Money Institution License is an important milestone for virtual currency exchanges. It not only proves the compliance and reliability of the exchange, but also provides it with the opportunity to expand its business and attract more users in the European market. At the same time, under the supervision of the Lithuanian Financial Market Supervision Authority, the exchange can comply with financial industry standards, protect the security of users' 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 the fiercely competitive market and create a safe and trustworthy trading environment for users.
