Summary
Kraken is pursuing a Lithuanian Specialised Bank license, which requires 1 million EUR minimum initial capital (though realistic launch CET1 is 5-25 million EUR), a 12-24 month authorisation process through the Bank of Lithuania and ECB, and a scope restriction excluding investment advisory, securities brokerage, and fund management. Kraken currently holds only a passported EMI registration in Lithuania (from Ireland), covering payment execution and e-money issuance but not deposit-taking or lending. The specialised bank license would allow deposit-taking (DGS-covered up to 100,000 EUR), lending, and full CRD passport across the EEA. Revolut obtained the same license in 2018 and upgraded to a full bank in 2021.
Key Points
- License type: Lithuanian Specialised Bank (CRD-compatible credit institution)
- Minimum capital: 1 million EUR (realistic: 5-25 million EUR CET1)
- Timeline: 12-24 months for well-prepared application
- Process: Bank of Lithuania leads review, ECB takes final decision
- State fee: 50,683 EUR
- Scope: deposits (DGS-covered), lending, payments, e-money, FX, SWIFT, SEPA
- Excluded: investment advisory, securities brokerage, fund management, custody
- Kraken current status: passported EMI from Ireland (no deposit-taking)
- Revolut path: specialised bank 2018, full bank upgrade 2021
- Other Lithuania specialised banks: Mano Bank, PayRay, EMBank, Fjord Bank, Saldo Bank