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EXperience.

creativity.

results.

VK LEGAL - a team of qualified lawyers with extensive legal experience in drafting agreements, dealing with various legal issues related to the protection of personal data, labour law, debt recovery and other areas of law. We always strive to satisfy our clients’ expectations and raise high standards for ourselves.

6

Years of Experience
76
Successful Projects

3

international partners

More regulatory clarity for VASPs

5/7/23
Amendments to current Lithuanian regulation, one part of which entered into force in November 2022 and the other - in early 2023, brought more regulatory clarity for crypto businesses, also introduced some additional requirements. The main changes include: - the requirement for carrying out part of the activities in Lithuania, however, the law does not specify what specific part of the activities must be carried out in Lithuania; - higher share capital requirements, i.e. the share capital of privated limited liability company has to be at least 125,000 EUR, however, it is possible to make only a part of the initial contribution to the share capital at the beginning; - stricter requirements for the reputation of the members of management and supervisory bodies as well as the beneficiaries of the crypto company; - prohibition for AML officers to represent more than one crypto company at the same time (exception applies when the crypto company belong to the same group of companies); - obligations to have at least one senior manager permanently residing in Lithuania to ensure proper implementation of the AML/CTF requirements and efficient communication with the Lithuanian Financial Crime Investigation Unit; - prohibition to open anonymous accounts or accounts with fictitious names; - all authorised crypto companies in Lithuania will be included in the public list maintained by the Register of Legal Entities which shall be published on its website. Having the necessary experience we are ready to help clients meet these requirements and provide advice on how to implement them better and easier.
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Comparison of EMI and PI

4/13/21
Services Electronic money institution (EMI) Payment institution (PI) Issuance and redemption of electronic money + - Receiving and holding clients' funds without instructions for payment initiation + - Payment services + + Currency exchange + + Lending services Necessary additional registration Necessary additional registration Receipt of deposits - -
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Main requirements for obtaining the license of EMI and PI

4/13/21
Main requirements Electronic money institution (EMI) Payment institution (PI) Minimum capital requirement Not less than 350 000 Eur From EUR 20,000 to EUR 125,000, depending on the services to be provided Managers and mandatory positions CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties. CEO and management board  (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties. Evaluation of the shareholders holding qualifying holdings in the applicant’s undertaking The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires. The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires. Fee of the license 1 463 Eur 868 Eur Duration of assessment of an application and attached documents 3 month-term which can be extended 3 month-term which can be extended  
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Agreements

2/27/18
It should be noted that a properly prepared agreement: Helps to maintain stable and productive relationships; Helps to avoid litigation; Prevents the occurrence of losses; And helps to avoid other negative consequences. We are preparing all types of agreements that meet your individual needs and situation: shareholder agreements; employment agreements; joint venture agreements; confidentiality agreements; non-competition agreements; lease agreements; sublease agreements; purchase-sale agreements; provision of services agreements; loan agreements; security of performance of obligations (pledge, hypothec, suretyship, guarantee); other agreements. In addition, we are performing the legal analysis of agreements provided by the client.
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Protection of personal data

2/27/18
The European Union's General Data Protection Regulation (Regulation) is applicable as of May 25th, 2018 in all member states, including Lithuania. This Regulation establishes rules for collecting, processing, storing personal data of employees, customers or other individuals and imposes penalties for breaches of these rules. We will help you to implement the requirements of the Regulation and avoid penalties! We are preparing and reviewing in accordance with the provisions of the Regulation: forms of consent for companies processing the personal data of employees, customers or others individuals; rules for the processing the personal data; rules of usage of video surveillance cameras; data processing agreements; terms of use of web sites, forms of consent for processing the personal data; and other procedures and rules that ensure that you meet all the requirements of the Regulation.
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Labor law

3/2/18
We are helping our clients to meet all the requirement of the new Labor Code and we are preparing and reviewing such documents: labor agreements; non-competition agreements; procedure of usage of information and communication technologies; procedure of the employee monitoring and controlling; personal data protection policy and its implementing measures; rules of work procedure; remuneration system rules; equal opportunities policies; package of the documents for the election of the Working Council and work regulations of the Working Council; and other new mandatory provisions and policies.
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