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Gofaizen & Sherle launched a unique accounting solution in Lithuania. This is a further demonstration of the leading legal and business advisory firm’s continued quest for digital asset-focused businesses, investment funds and financial organizations to help businesses in Europe and beyond. parts of the world to stir up the daunting waters of the financial industry.
Crypto businesses face accounting issues: high prices, lack of market knowledge and different national regulations. Many of these problems can be solved quickly and inexpensively with online bookkeeping. With their existing expertise in Lithuania, Gofaizen & Sherle can ease the accounting process with this new product development.
Gofaizen & Sherle understands Lithuania’s financial landscape
Due to its decentralized nature and high volatility, cryptocurrency’s transformation from a speculative investment into a new asset class has prompted governments around the world to seek ways to regulate it.
According to a recent statement from the Lithuanian Ministry of Finance, the national government has approved changes to the Anti-Money Laundering (AML) and Terrorist Financing regulations that affect the cryptocurrency sector. Recently passed legislation aimed to strengthen user identification guidelines and ban anonymous accounts.
Exchange operators are also subject to stricter requirements under the new regulations. From January 1, 2023, cryptocurrency exchange operators, for example, will be required to register as a legal entity with a minimum capital of 125,000 euros.
Also, despite the differing opinions of the Bank of Lithuania, cryptocurrencies are treated the same as legal tender for VAT purposes. As long as counterparties accept cryptocurrencies as a means of payment, this payment method should be treated as a means of contractual settlement. These transactions should be treated as financial transactions for VAT purposes. This means that cryptocurrencies are not considered short-term assets for purposes of VAT claims.
Lithuanian Finance Minister Skaiste said the country decided to update its regulations in response to recent regional events, particularly the ongoing military conflict in Ukraine. This should have a significant impact on the country’s tax system and economy.
These regulations can be very difficult to navigate, especially for new businesses. Reporting and accounting are important, time-consuming aspects of the business that entrepreneurs naturally lack.
Gofaizen & Sherle’s online accounting is an out-of-the-box solution for crypto businesses and traditional businesses that want to make this process quick and easy.
The service handles the paperwork, allowing you to focus on strategic tasks.
Additionally, traditional businesses can use the service, which will provide full accounting support. It simplifies and speeds up the generation of annual, quarterly, tax and payroll reports for any business.
The service verifies the accuracy of returns and helps with tax calculations and navigation of key dates in the tax calendar.
Gofaizen & Sherle have had a stellar career and accomplishments
Every day, the rapidly changing world of digital financial services faces a difficult and slow traditional approach to setting up businesses and managing the nuances of licensing in new markets such as Germany, Estonia, Lithuania and many more. Gofaizen & Sherle’s mission is to help financial firms cover the legal nuances and drive dynamic growth into new markets.
Since its inception in September 2021, the company has built a portfolio of over 500 projects for over 400 clients worldwide.
Additionally, the Gofaizen & Sherle team has more than doubled over the past year with the addition of highly qualified experts to cover all the difficult aspects of starting a new business – legal and financial advice, business analysis and product development.
Gofaizen & Sherle’s clients have obtained more than 200 financial licenses in European, American and Asian jurisdictions and count on its help to expand their businesses into new markets.
About Gofaizen & Sherle
Gofaizen & Sherle is a leading legal and business advisory firm for corporates, investment funds and financial organizations focused on digital assets, focused on EU markets and global expansion. Tallinn is its headquarters and has representative offices in Lithuania, the Czech Republic and Poland. The scope of services provided by the company includes company registration, business strategy development, and financial licensing, which includes crypto businesses, EMI, and other types of licensing.