Some countries have made digital assets and blockchain technology legal so that they can control how they are made and used. Companies wanting a controlled environment have moved to Lithuania and Bulgaria, which are becoming popular in this industry. Businesses considering these countries may benefit from a comparison of the crypto licensing requirements and procedures in Bulgaria and Lithuania, as well as guidance on how to secure these licenses with the help of legal specialists like InteliumLaw.
The Crypto Licensing Framework in Lithuania
Cryptocurrency exchanges and wallet services thrive in Lithuania due to its clear laws. The Bank of Lithuania ensures cryptocurrency is legal domestically and in the EU. Lithuanian cryptocurrency exchange and custodial wallet providers must have a Lithuania crypto license.
A business plan, AML and CFT tactics, and proof of the company’s owners’ and executives’ legitimacy are involved. Due to its EU-compliant AML and CFT compliance, Lithuania may appeal to EU businesses.
The Crypto Licensing Landscape in Bulgaria
Bulgaria is cautious yet advanced in cryptocurrency regulation. Currently, the nation doesn’t regulate cryptocurrencies. Under current financial rules, the Financial Supervision Commission and the Bulgarian National Bank keep an eye on crypto companies. Businesses that sell wallets or trade coins for cash might need a Bulgaria crypto license.
To do business in Bulgaria, you need to follow the laws against money laundering and funding terrorists and have enough cash on hand to register. With the Markets in Crypto-Assets Regulation and the EU’s Fifth Anti-Money Laundering Directive, Bulgaria’s rules may change.
Acquiring a Crypto License with the Help of an Attorney
Companies unfamiliar with the bitcoin industry may find it particularly challenging to navigate the regulatory environment in Bulgaria and Lithuania. In such a situation, law companies such as InteliumLaw become useful. For companies looking to get a crypto license in these nations, here are a few pointers:
- Seek the advice of attorneys who focus on cryptocurrency regulation and are well-versed in the peculiarities of working within the legal frameworks of both Lithuania and Bulgaria. InteliumLaw provide individualized counsel to ensure regional and EU compliance.
- Make a strong program to stop people from moving money and funding. Professional legal advice may help build Know Your Customer (KYC) procedures and other program components to comply with local requirements.
- Lawyers may develop and amend corporation rules, financial estimates, and business strategies to satisfy regulators.
- Crypto regulations are changing at a quick rate. Legal aid is needed to comply with legislative changes.
- Attorneys may resolve licensing conflicts between your organization and government bodies. They are improving communication and speeding up the process.
Sum up
Crypto firms have prospects in both Lithuania and Bulgaria, but the legal landscape and criteria are quite different. To simplify the licensing procedure and ensure compliance with each country’s complicated regulatory environment, businesses seeking a crypto license should think about working with professional legal services like InteliumLaw.
