Multipass is a financial services provider offering global business accounts, multi-currency payments, and cross-border transaction solutions.
Read case study
Crypto Banking
Request demo
Lithuania · CASP
Crypto banking for crypto-asset service providers licensed by the Bank of Lithuania
Lithuania once had hundreds of crypto firms on a light national register. That era ended on 31 December 2025, and only a handful of MiCA licences had been granted by January 2026. The Bank of Lithuania keeps rejecting weak IT and operational risk set-ups, so build yours on a working platform.
- Crypto and euro holdings per client on one ledger
- Liquidity via Kraken
- IT, operational risk and DORA input for your file
- Exports for the reconciliations supervisors test
Case Studies
Paysend & Crassula - a banking solution for international companies
Read case study
LuxPay is at the forefront of providing advanced financial services, designed to meet the needs of modern businesses and consumers alike.
Read case study
Wickie offers secure and scalable fiat and cryptocurrency payment solutions, providing users with digital wallets and seamless financial services across multiple platforms.
Read case study
What a Bank of Lithuania CASP licence lets you offer
Custody and administration of crypto
Crypto accounts with their own deposit addresses and QR codes. The keys run on custody infrastructure you contract, and your company is the custodian under MiCA.
Exchange against euro and between coins
Clients convert crypto to euro or to other crypto with liquidity from a connected provider, with the rate and fee on screen before they confirm.
Euro accounts and transfers
IBAN accounts through your banking partner with SEPA, SEPA Instant and SWIFT, on the same ledger as the crypto positions.
Transfers with Travel Rule data
Internal transfers and on-chain withdrawals. Originator and beneficiary details go through a connected Travel Rule provider.
Clients in other EEA countries
A Lithuanian licence comes with the MiCA passport, so after notification you serve clients across the EEA from the same apps.
What this licence does not cover
- Carrying on as a registered VASP. The transition ended on 31 December 2025, and unlicensed crypto services are now illegal financial activity under the Criminal Code.
- Issuing e-money tokens. That needs a credit institution or e-money institution licence.
- Lending or deposit taking.
What the regulator asks about your IT
Each requirement, what the platform gives you for it and who owns it after launch.
Architecture, hosting, access roles, 2FA, audit trail, backups and incident handling documented on a platform the reviewers can see working.
Crassula drafts, you adoptThe details on our service, locations and sub-providers that your register of ICT third-party arrangements needs.
You, with our inputCrypto per client on ledger accounts kept apart from your own, with exports to reconcile against your wallets.
Your operations team, on platform dataApproval flows and access roles set up in the back office and described as they run.
You, with input from us and the custody providerEuro balances owed to each client on the ledger, ready to reconcile with your client funds account.
Your finance team, on platform dataOnboarding questionnaires per client type, identity checks and screening through connected providers, client limits.
Your AML officerOriginator and beneficiary data captured at onboarding and on each transfer, exchanged through a connected provider.
Your AML officerService description, contract terms, audit and access rights, exit support.
You, with our input
Payment rails and providers
Rails your customers can use
SEPASEPA InstantSWIFTOn-chain transfersInternal transfers
Kraken
Holds a MiCA authorisation from the Central Bank of Ireland that covers the EEA. Liquidity for your exchange service. Ask Kraken whether Kraken Embed is available for Lithuanian clients.
24/7
real-time processing, no batch window
60+
payment and provider integrations connected
150+
companies run on Crassula
15+
languages the platform speaks
Dates to plan around
Rules that change what you have to build, in the order they apply.
11 Jul 2024
The Seimas adopts the Law on Markets in Crypto-Assets, making the Bank of Lithuania the licensing authority. The transition was first planned to run until June 2025.
30 Dec 2024
MiCA applies to CASPs, together with the crypto Travel Rule under Regulation (EU) 2023/1113.
17 Jan 2025
DORA applies to crypto-asset service providers.
Jun 2025
Robinhood Europe UAB is reported as the first firm to hold a Bank of Lithuania CASP licence and starts passporting its crypto services.
31 Dec 2025
The extended transition ends. VASPs without a MiCA licence lose the right to operate in Lithuania.
Applying to the Bank of Lithuania as a CASP? Name us in your application.
In 2025 the Bank of Lithuania received 102 applications and pointed to the same gaps again and again, including weak IT and operational risk management and companies with no real substance. We give you a working platform and the technical part of the file, while your legal advisers handle the rest.
01
A platform you can demonstrate
A configured environment to show the regulator, not slides.
02
The technical part of your application, prepared
IT and operational risk, DORA, outsourcing and business continuity sections of your Bank of Lithuania file.
03
Providers lined up
Liquidity through Kraken, plus banking, custody and KYC providers from our network, matched to your licence.
Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application.
How a launch usually runs
Imagine a Vilnius company that ran a crypto exchange app on the old register and wound down its Lithuanian service at the end of 2025 while its MiCA file was still under review. Its shareholders want to come back with a licence, a local management team and a cleaner product. The Bank of Lithuania's feedback was blunt: unclear sources of funds, thin governance, and IT documentation that did not match what the company actually ran.
For the new file, we set up the environment in its brand with Kraken liquidity and the custody infrastructure it contracts, and write the IT, operational risk and DORA sections around the system it will really use. Its operations team rehearses the per-client reconciliation on test data. Once licensed, it reopens to former clients and, with a passport notification, to clients in other EEA countries.
For the regulatory background, read our guide to the Lithuanian CASP licence and the MiCA CASP licence guide.
Read the licence guides
FAQ
The register was an anti-money laundering registration, with the Financial Crime Investigation Service as supervisor. MiCA replaced it. After 31 December 2025, firms without a Bank of Lithuania licence or a passport from another member state lost the right to operate.
The Bank of Lithuania listed recurring problems: shareholders and sources of funds not clearly shown, weak management and governance, poor AML/CTF documents, weak IT and operational risk management, and empty shell companies without real substance.
MiCA sets 25 working days to check completeness and 40 working days to decide, with up to 20 working days of suspension for further questions. Files with gaps take far longer, because the clock only runs on a complete application.
EUR 125,000 for custody and exchange (class 2), EUR 150,000 for a trading platform (class 3), or a quarter of last year's fixed overheads if that is higher.
Its public launch with bunq covered the Netherlands, France, Spain, Ireland, Italy and Belgium, not Lithuania. Check with Kraken before you plan on it, and with your lawyers whether your own role then needs a licence.
No. Crassula is the software for accounts, exchange, apps and back office. Keys sit with the custody infrastructure you contract, and your company answers for custody to clients and the Bank of Lithuania.
