Strategies for Navigating Crypto License Acquisition and Regulations in the EU

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The acquisition of cryptocurrency licenses and understanding the regulatory landscape in the European Union (EU) are critical for businesses operating in the digital asset space. Consulting24, a rapidly growing consultancy firm based in Estonia, Lithuania, and Dubai, has carved a niche in this sector. With over 500 crypto licenses obtained for clients, Consulting24 has established itself as a leader in providing strategic, legal, and technical advice to blockchain projects.

One country that particularly stands out in the EU for its crypto-friendly environment is Lithuania. The country offers a swift and straightforward process for setting up cryptocurrency businesses. A key advantage is that everything can be set up remotely, a member of the company’s team can act as the director, with the only additional requirement being the hiring of Anti-Money Laundering (AML) personnel. 

Lithuania has become the most preferred destination in the EU for acquiring a crypto license, with over 500 licenses already granted. Prominent entities like Lbank,Huobi, Coingate, Genesisexchange, and Nexo have obtained their crypto licenses in Lithuania. This popularity is attributed to the comprehensive nature of the licenses available in Lithuania, which cover a wide range of services including:

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• Cryptocurrency exchange services.
• Initial Exchange Offerings (IEO).
• Bitcoin and other utility tokens sales through bank transfers and debit/credit cards.
• Crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto transactions.
• Issuance of branded debit cards.
• Custodial services.
• Futures and short selling.
• NFT minting and trading.
• Crypto staking.

To start a crypto business in Lithuania, a total share capital of €125,000 is required, with an initial payment of €31,250 needed to start operations. This financial requirement, coupled with the regulatory framework, ensures that only serious and financially capable players enter the market, thereby enhancing the integrity and stability of the crypto ecosystem in Lithuania.

Consulting24’s CEO, Mardo Soo 

“Lithuania remains the leader in the EU for crypto licensing due to its efficient setup process, which can be completed in 30-60 days. Moreover, over 70 banks and payment institutions are willing to work with Lithuania-licensed companies.”

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Looking ahead, the upcoming Mica regulations in December 2024 are set to revolutionize the EU’s crypto landscape. These regulations will make the Lithuanian license passportable to any EU country, significantly expanding the operational scope for businesses holding a Lithuanian crypto license. This development is expected to further solidify Lithuania’s position as a hub for crypto businesses within the EU.

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