In the EEA countries, Cryptocurrency services are supported by Lama EU. Lama EU is a trading name of LamaTechnology FS UAB, a company registered in Lithuania. Registered address M?sini? str. 5, LT-01133 Vilnius, Lithuania. Company No. 305833209. Lama is registered by the Register of Legal Entities of Lithuania for the provision of cryptocurrency services. Lama’s cryptocurrency services are controlled by the Lithuanian Financial Crime Investigation Service (FCIS).
If you have any questions or concerns about our regulatory status please contact us.
The table below explains which of our services are and are not regulated. It also explains some of the consequences for the protections which do and do not apply as a result.
| PRODUCT | Fiat | Crypto |
| REGULATOR | Bank of Lithuania | Not Regulated by the Bank of Lithuania |
| DISTRIBUTOR | LamaTechnology FS, UAB | N/A |
| PROVIDER OF CRYPTOCURRENCY SERVICES | N/A | LamaTechnology FS, UAB |
| FEATURES | • Loading fiat currency • Withdrawing fiat currency • Holding fiat currency • Sending / Receiving fiat currency to / from another Lama customer | • Exchanging fiat currency for cryptocurrency and vice versa • Exchanging one cryptocurrency for another cryptocurrency • Holding cryptocurrency • Sending / Receiving cryptocurrency to / from another Lama customer |
| PROTECTION | Where Lama receives funds for the purpose of issuing Electronic Money (Fiat Wallets), the funds will be held in one or more Safeguarding Bank Accounts, which are bank accounts separate from the bank accounts upon which Lama’s own funds are held, in accordance with the provisions of the Republic of Lithuania Law on Electronic Money and Electronic Money Institutions. | Your cryptocurrency is held on your behalf by Lama through its own secure custodial wallet or at a reputable custodian |
| FINANCIAL SERVICES COMPENSATION SCHEME | Electronic Money (Fiat Wallets) are not covered by the Deposit Guarantee Scheme. Instead, your fiat wallets are safeguarded. | Crypto wallets are not covered by any Financial Services Compensation Scheme. |
| COMPLAINTS | Lama will deal with your complaints in accordance with our Complaints Handling process. For matters related to FIAT currency services, if you are not satisfied with our handling of your complaints you may be able to refer it to the Bank of Lithuania | Lama will deal with your complaints in accordance with our Complaints Handling process. For matters related to cryptocurrency services, you will NOT be able to refer your complaint to the Bank of Lithuania. |
When you exchange Fiat currencies (e.g. GBP or EUR) for cryptocurrency (e.g. BTC or ETH), your fiat currency will be transferred from the Safeguarded account of the E-money issuer, to the unsafeguarded/unregulated wallets. If you are exchanging cryptocurrency for fiat currency, the cryptocurrency will be transferred from the unregulated/unsafeguarded environment to the regulated, safeguarded environment of the E-money issuer. If you are exchanging one cryptocurrency for another cryptocurrency, all cryptocurrency will remain in an unregulated and unsafeguarded environment. Likewise, if you transfer cryptocurrency to another Lama user, or receive a transfer of cryptocurrency from another Lama user, all cryptocurrency will remain in an unregulated and unsafeguarded environment.
