Why Open a Legal Crypto Project Registration in Lithuania?

Many experts seem to agree with the predictions that cryptos like BTC are the future of financial transfers, money, and economies. Early Bitcoin investors have since become billionaires and those who started using it as early as in 2017 would probably be in the millionaire group. It’s never too late to start investing in crypto and it’s never too late to create a cryptocurrency project. Not everyone gets an opportunity to build a brand in the crypto market, but those that choose company registration in Lithuania can do so.

Lithuania offers exciting opportunities for creating cryptocurrency companies. For instance, if you want to go with the cliched comparison of mass crypto project registration to the Gold Rush, then why not become the person that sells picks and shovels? Why not start a cryptocurrency exchange? After all, there are many people/legal entities that want to be involved with blockchain but don’t want to bet on BTC or altcoins specifically.

How Long Will It Take to Register A Crypto Project in Lithuania?

There’s no easy answer to that question, but if you’re wondering how to register a cryptocurrency project, then you should probably consult a lawyer that specializes in cryptos, local trademarks, business registration, and taxation. Usually, there’s at least one on the staff of most firms that specialize in crypto project registration help. However, if you don’t need any help with licensing and registration, you can simply search online to dig up enough information. You may also want to get in touch with Lithuanian authorities for some help too. The process usually involves lots of setbacks and language barriers, as well as bureaucracy and red tape. 

All in all, if you ARE willing to hire a lawyer/consulting firm, then you can probably expect to get your business up and running in less than a month. If not, you may be looking at 2-3 months.

What Organizational / Legal Things to Consider Before Even Starting A Crypto Project in Lithuania?

There are two main things that you need to think about when forming a cryptocurrency project: organizational structure and investments.

In order to launch a crypto-related project in Lithuania, be it a crypto exchange or something entirely different, you need to first register an LLC (it’s called UAB, which stands for Uždaroji Akcinė Bendrovė). The minimal share capital should be 2.500 EUR. Requirements related to the corporate structure are also not particularly harsh: a single person can act as the stockholder, CEO, and anti-money laundering compliance officer.

As far as the investments go, you need to have someone on your team who has skills related to marketing and PR. Whether it’s a multi-talented developer, PR expert, marketing specialist, community manager, or any other type of employee, you need a core team member who can help you raise funds.

Why Is It So Easy to Do Crypto Projects in Lithuania?

First of all, let’s establish that everybody can agree that with the much easier access to the EU market and a sophisticated legal system, Lithuania quickly became one of the most attractive options for a company to set up a blockchain operation in. The local regulators are very progressive and will not give you any headaches when setting up your business. In fact, there’s competition between Lithuania and Estonia that has resulted in a very significant influx of companies setting up in either country. Both offer a very low cost of doing business and are constantly seeking new ways to become more efficient in the eyes of crypto companies. To put it bluntly, it’s very easy to do business in Lithuania because the local authorities are very supportive. Also, there exists fairly stiff competition with a similarly progressive Estonia.

Why Do People Choose Lithuania for Starting a Crypto Project?

Besides the fact that it’s really easy to do business here, there are other reasons why people elect to set up a cryptocurrency project in Lithuania:

• Political stability – Lithuania’s current authorities are known to be very well-liked and reasonable.
• A high degree of crypto expertise – There are a lot of experts in the industry, due to the history of crypto being around since its very inception. Lithuania is one of the most crypto-friendly countries in the world and is home to hundreds of talented people.
• Skilled workforce – The quality of the local workforce is extremely high. Lithuanians tend to be very good at their work, which offers them a very unique competitive advantage.
• Reliable legal framework – It’s very easy to start a business in Lithuania, as it was mentioned above. The chances are, you won’t be dealing with any legal obstacles whatsoever.
• Business opportunities – Unlike in many other countries, the market is already saturated with options, but Lithuania still offers a lot of options for those who are looking to get started in crypto.