Consulting24 - Panama, Lithuania and Canada crypto license

The single biggest cause of delay in a Panama crypto setup is incomplete paperwork. This is the exact documentation checklist we work through with clients before incorporation and banking. Corporate Documents You will need passport copies and proof of address for every director and beneficial owner, a chosen company name (we check availability), and the intended business activity description. A Panama S.A. needs three directors; nominees are permitted where you prefer privacy. The full intake list is on our requirements page . AML/KYC Compliance Program Banks and payment processors will not onboard a crypto business without a documented compliance program. This covers your KYC onboarding flow, transaction-monitoring rules, sanctions screening, a designated compliance officer, and record-keeping policies aligned with UAF Panama expectations. This is not a box-ticking PDF. It is the document that determines whether your banking application succeeds, so it is worth doing properly th...

Crypto setup quotes vary wildly because providers bundle different things. Here is an honest, line-item view of what a Panama crypto company actually costs in 2026 — first year and ongoing. First-Year Total: $15,000–$45,000 The range is wide because it depends on how much you need. A lean Sociedad Anónima with a registered agent and basic structure sits near the bottom. A full build — S.A. plus a documented AML/KYC program, banking introductions, nominee directors and a foundation for the treasury — sits near the top. Our cost page breaks these into fixed packages so there are no surprises. Where the Money Goes Incorporation of the Sociedad Anónima: government fees, registered agent, and corporate documents. AML/KYC compliance program: from roughly $8,000 — this is the documented program banks and payment processors require before onboarding. Banking and payment-processor introductions: direct introductions to Panamanian banks and cry...

The single most common question we get: should I license in Panama or Lithuania? The honest answer depends entirely on who your customers are. Here is the decision framework we use with clients. The Headline Trade-off Lithuania gives you an EU MiCA passport — the ability to serve EU retail customers under a recognised European regulator. That credibility costs money and time: roughly $50,000–$120,000 to set up and 4–8 months to authorise. Panama gives you speed, low cost and territorial-tax efficiency, but no EU passport. Setup is $15,000–$45,000 and 6–12 weeks. It is built for offshore-first operations that do not need to touch EU retail. Choose Lithuania If... You are launching a public-facing exchange targeting EU retail customers and need the MiCA passport to operate legally across the bloc. You want the reputational lift of an EU regulator badge for institutional partners, banking and fundraising. For many CEX projects this badge alone justifies ...

Panama has quietly become one of the most practical bases for crypto businesses that serve Latin America, Asia and high-net-worth clients rather than EU retail. Here is exactly how a crypto company is set up in Panama in 2026, what it costs, and when it is the right choice. Does Panama Have a Crypto License? Panama does not have a single dedicated crypto or VASP license as of 2026. Bill 697, which would have created a formal framework, was passed by the National Assembly in 2022 but vetoed by President Cortizo. Reform discussions continue, but no standalone regime has been enacted. Instead, crypto activities operate under Panama's existing financial-services frameworks. Money-services activities fall under the Superintendency of Banks of Panama (SBP), and AML/CFT supervision sits with UAF Panama (Unidad de Análisis Financiero), the local equivalent of FinCEN in the US or FINTRAC in Canada. In practice, most crypto operators incorporate a Panama Sociedad Anónima and run...