Regulation
How to get a crypto license in Lithuania and Bulgaria, even if it’s hard to understand
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Some countries have legalized digital assets and blockchain technology so they can control how they are created and used. Companies wanting a controlled environment have set up shop in Lithuania and Bulgaria, which are becoming popular in this sector. Companies considering setting up shop in these countries can benefit from a comparison of crypto licensing requirements and procedures in Bulgaria and Lithuania, as well as advice on how to obtain these licenses with the help of legal specialists like InteliumLaw.
Crypto Licensing Framework in Lithuania
Cryptocurrency exchanges and wallet services thrive in Lithuania due to its clear laws. The Bank of Lithuania ensures that cryptocurrency is legal domestically and in the EU. Lithuanian cryptocurrency exchange and custodial wallet providers must have a Lithuanian Crypto License.
A business plan, anti-money laundering and anti-terrorist financing tactics, as well as proof of the legitimacy of the company’s owners and managers are required. Due to its compliance with European standards in the fight against money laundering and terrorist financing, Lithuania can attract EU companies.
The landscape of cryptocurrency licenses in Bulgaria
Bulgaria is cautious but advanced when it comes to cryptocurrency regulation. Currently, the country does not regulate cryptocurrencies. Under current financial rules, the Financial Supervision Commission and the Bulgarian National Bank monitor cryptocurrency businesses. Companies that sell wallets or exchange coins for cash may need a Bulgarian Crypto License.
To do business in Bulgaria, you must comply with anti-money laundering and counter-terrorist financing laws and have sufficient liquidity to register. With the Crypto Markets Regulation and the EU’s Fifth Anti-Money Laundering Directive, Bulgaria’s rules may change.
Obtaining a Crypto License with the Help of a Lawyer
Companies that are new to the Bitcoin industry may find it particularly challenging to navigate the regulatory environment in Bulgaria and Lithuania. In such a situation, law firms such as InteliumLaw come in handy. For companies looking to obtain a crypto license in these countries, here are some tips:
- Seek advice from lawyers who specialize in cryptocurrency regulation and are familiar with the specifics of working in the legal frameworks of Lithuania and Bulgaria. InteliumLaw provides personalized advice to ensure regional and European compliance.
- Develop an effective program to prevent individuals from transferring money and funds. Professional legal advice can help you implement know-your-customer (KYC) procedures and other program components to comply with local requirements.
- Lawyers can develop and modify corporate rules, financial estimates and business strategies to satisfy regulators.
- Cryptocurrency regulations are changing at a rapid pace. Legal help is needed to comply with legislative changes.
- Lawyers can resolve licensing disputes between your organization and government agencies. They improve communication and speed up the process.
To summarize
Cryptocurrency businesses have prospects in Lithuania and Bulgaria, but the legal landscape and criteria are very different. To simplify the licensing procedure and ensure compliance with the complex regulatory environment of each country, companies seeking a cryptocurrency license should consider working with professional legal services like InteliumLaw.
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