VASP (virtual assets platform)/crypto licensing in Lithuania 2023</strong><br/><br/><br/>Part 1 <br/><br/>Crypto related businessactivity such as as “operator of depository virtual currency wallets” and“operator of a virtual currency exchange is subject to license. <br/><br/>The followingitems shall be observed: <br/><br/>Depositand keep min. required nominal capital of 125.000 EUR in company bank account;<br/><br/>Adopt byDirector’s Order operational policies;<br/><br/>Hireofficer, which has to report himself to FNTT withing 5 days of employment (thisperson should be able to communicate in Lithuanian language);<br/><br/>Hiresenior manage, present in Lithuania (Director, Deputy Director or other withsuch role, or CEO-MLRO, etc.);<br/><br/>Hire oracquire services of an accountant, which well versed in management of cryptoassets and reporting;<br/><br/>For other requirements, please follow currentlegislation and any changes that will come with EU MICA regulation (<a href="https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica">https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica</a>).<br/><br/>Please,  note that if the above mentionedessential requirement are not met, a license may be forfeited and\or finesimposed by state authorities. The latter are prone to make inspections.  If the company does not engage in active cryptorelated business or halt activities, it is an obligation to register the factat Company Register (VĮ “Registrų centras”) in a few days. <br/><br/>