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posted 7 years ago
Today, Lithuania gives the highest rates
among fintech start-ups in the EU. These indicators appeared due to loyal
regulator and control, flexible banking infrastructure and access to the
European market.
Another distinguishing feature of Lithuania from other
potential investment directions within the EU is the terms and legislation.
It only takes a few days to register a company
in Lithuania, however, it usually takes 6 to 10
months to receive the status of a payment institution or receive a license for
electronic money.
Other benefits include the Know Your Customer (KYC)
methods, low income tax, visa support options and sandbox mode for Fintech
startups in the first year.
Financial institutions registered in Lithuania benefit
from the Single Market of the EU and the Single Euro Pay (SEPA).
If your company already has a financial license in
Europe, then moving such a license to Lithuania will not be a problem, that is,
in just one or two weeks you will have a new start license with a passport in
the EU.
FinTech operations are regulated by the Bank of
Lithuania.
CENTROlink – the payment system of the Bank – aligns
the field for non-banking institutions, offering them the same conditions for
payments as banks and credit unions. CENTROlink allows other companies, for
example, such as Revolut, Paysera, Contis Group and InstaReM, not only to
easily cover 34 SEPA countries, but also to issue IBAN accounts without the
participation of third parties.
By the way, some of their listed companies have
redeployed.
About a year later, Lithuania will be able to offer
the first of its kind sandbox platform. The service, codenamed LBChain, will
become one of the factors that increase the number of blockchain startups in
the country.
Read an interesting article on this topic:
Regulatory sandboxes are a kind of the reaction of
states to changing the financial market. Within the framework of such a
sandbox, an organization will be able to test its innovative development,
observing certain rules (for example, restrictions on the number of clients or
the volume of transactions), but they are exempt from all or some of the
regulatory requirements (for example, on obtaining a license, minimum capital
or other .).
Lithuania managed to organize both IT infrastructure
and banks, plus, an important fact for attracting start-ups, is the cost of
living – it is much lower.
Earlier in our articles we already wrote about the negative attitude
of Lithuania to the crypto currency.
Therefore, Lithuania is an
excellent choice for creating a payment system that works with a currency and does not work with crypto currency.
For over 5 years our team is specialized in the
FinTech sector, receiving payment licenses and licenses for electronic
payments, as well as licenses for working with crypto currency.
We will find the right version of the license and
jurisdiction for you.
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