FAQ

The activity of Virtual currency exchange operators and (or) Depository virtual currency wallet operators is not licensed in Lithuania; however, there are mandatory requirements foreseen in the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania. 

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Virtual currency exchange operators and (or) Depository virtual currency wallet operators:

- must inform the manager of the Register of Legal Entities no later than within 5 working days from the start or termination of such activity. By providing this information, the Virtual currency exchange operators and (or) Depository virtual currency wallet operators shall certify that they, or the members of their management or supervisory bodies and beneficiaries, are familiar with and comply with the legislation on the prevention of money laundering and terrorist financing (request and notification form are available here).  

- (as of 1 November 2022) A legal person who has commenced the activity of a Virtual currency exchange operator and (or) Depository virtual currency wallet operator must have a senior manager who is a permanent resident of Lithuania as foreseen in the Law on Personal Income Tax of the Republic of Lithuania.

- (as of 1 November 2022) A legal person established in the Republic of Lithuania whose legal form is a public limited liability company or a private limited liability company intending to carry out the activities of the Virtual currency exchange operator and (or) Depository virtual currency wallet operator must hold a registered authorised capital of at least EUR 125 000. A legal person established in the Republic of Lithuania of another legal form or a branch of a legal person of a Member State of the European Union or of a foreign state intending to carry out the activity of a Virtual currency exchange operator and (or) Depository virtual currency wallet operator must hold a guarantee or guarantee document issued by an insurance undertaking for a sum of at least EUR 100 000 per customer claim for indemnity and EUR 500 000 for all customers’ claims for indemnity.

- Virtual currency exchange operators and (or) Depository virtual currency wallet operators must designate senior employees for organising the implementation of money laundering and/or terrorist financing prevention measures specified in the Law and for liaising with the Financial Crime Investigation Service (further on referred to as: the FCIS). Where the Virtual currency exchange operators and (or) Depository virtual currency wallet operators are led by the board, the financial institutions and other obliged entities must designate a member of the board for organising the implementation of money laundering and/or terrorist financing prevention measures specified in the Law and senior employees for liaising with the FCIS. The FCIS must be notified in writing of the designation as well as replacement of such employees and board members not later than within 7 working days from the date of their designation or replacement.

- (as of 1 November 2022) The managing staff of the Virtual currency exchange operators and (or) Depository virtual currency wallet operators must not represent more than one Virtual currency exchange operator and (or) Depository virtual currency wallet operator at the same time, except where those operators belong to a single group of undertakings.

- (as of 1 November 2022) The operator of a Virtual currency exchange operator and (or) Depository virtual currency wallet operator must not operate or provide services in another State to the extent that only non-essential functions or services would remain in the Republic of Lithuania in accordance with the nature of their activities and would be performed or provided exclusively to customers of another State or, in principle, they would no longer carry out activities in the Republic of Lithuania.

- (as of 1 November 2022) A natural person must not be a member of the management and supervisory bodies as well as beneficiary of the Virtual currency exchange operator and (or) Depository virtual currency wallet operator if such person:

1) has been found guilty of a serious or very serious crime as provided for in the Criminal Code of the Republic of Lithuania or an offence corresponding to any of these offences in accordance with the criminal laws of other States, irrespective of whether the person’s previous conviction has expired or expunged;

2) has been found guilty of a minor or less serious crime against property, property rights and property interests, the economy and business order, the financial system, the public service and public interests, public security, as provided for in the Criminal Code of the Republic of Lithuania, or an offence corresponding to any of these offences in accordance with the criminal laws of other States and 5 years have not passed after the person’s previous conviction has expired or expunged;

3) has been found guilty of an offence other than that referred to in above mentioned paragraphs 1 and 2, in the Criminal Code of the Republic of Lithuania or in the criminal laws of other States, and has not elapsed since the date on which the sentence was served, suspended or released from the sentence.

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Virtual currency exchange operators and Depository virtual currency wallet operators must report to the FCIS about suspicious monetary operations or transactions:
-Immediatelyupon receipt of the information that the customer intends or will attempt to carry out a suspicious monetary operation or transaction.
-Upon establishing that their customer is carrying out a suspicious monetary operation or transaction must suspend the operation or transaction disregarding the amount of the monetary operation or transaction and, not later than within 3 working hoursfrom the suspension of the monetary operation or transaction, report this operation or transaction to the FCIS.
-Immediately, not later than within 1 working dayfrom the emergence of such knowledge or suspicions, report to the FCIS if they know or suspect that property of any value is, directly or indirectly, derived from a criminal act or from involvement in such an act, also if they know or suspect that such property is used to support one or several terrorists or a terrorist organisation.

In order to submit information to FCIS regarding virtual currency exchange operations or transactions in virtual currency, if the value of the performed monetary operation or transaction amounts to EUR 15 000 or more (Paragraph 3¹ of the Article 20 of the Law) or to report suspicious monetary operations or transactions (Article 16 of the Law), it is necessary to log in to the FCIS Information system and fill in a relevant noticication form. 

Access to the FCIS Information System shall be provided by authorised employees of the FCIS Anti-Money Laundering Board, upon receipt of a notification from the obliged entity of the appointed employees and members of the Board, who would organise the implementation of the anti-money laundering and/or terrorist financing measures laid down in the Law and cooperate with the FCIS, or upon individual request in writing or by e-mail: [email protected] and [email protected].

Questions related to the submission of information or reports to the FCIS, as well as the failure of the FCIS information system, can be submitted by e-mail: [email protected] and [email protected].

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FCIS discloses and investigates criminal activities, detrimental to the State budget, as well as irregularities related to the receiving and use of financial support funds from EU and other countries. Criminal activities resulting in financial damage for a person are investigated by other law enforcement institutions.

Answer:

Persons can contact FCIS in writing, via Email, Reliance, telephone or personally. Contact officials - Ruta Andriuškaitė (tel. +370 5 271 7434, Email [email protected]