In EEA countries, cryptocurrency services are provided by Lama EU. Lama EU is a trading name of LamaTechnology FS UAB, a company registered in Lithuania:
· Company Name: LamaTechnology FS UAB
· Company Registration Number: 305833209
· Registered Address: M?sini? g. 5, LT-01133 Vilnius, Lithuania
LamaTechnology FS UAB is registered as a Virtual Asset Service Provider (VASP) with the Lithuanian Register of Legal Entities for the provision of cryptocurrency services. Lama’s cryptocurrency services are supervised by the Lithuanian Financial Crime Investigation Service (FCIS) under anti-money laundering and counter-terrorist financing (AML/CTF) regulations. These services are not regulated by the Bank of Lithuania or any other EEA financial authority.
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 (Provided by Lama EU) |
| REGULATOR | Malta Financial Services Authority (MFSA) | Not Regulated by the Bank of Lithuania |
| DISTRIBUTOR | OpenPayd (via Lama) | LamaTechnology FS UAB |
| 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). Funds are safeguarded by OpenPayd in regulated accounts under MFSA oversight | Cryptocurrency balances are held in wallets managed by Lama or a reputable third-party custodian. These are not safeguarded under e-money or banking laws. |
| FINANCIAL SERVICES COMPENSATION SCHEME | Electronic Money (Fiat Wallets) are not covered by deposit guarantee schemes. Fiat funds are safeguarded. | Crypto is held in Lama custodial wallets or with reputable third-party custodians. Crypto is not safeguarded under e-money laws. |
| COMPLAINTS | Complaints handled per Lama procedure. Fiat-related issues may be escalated to OpenPayd or MFSA. | 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. 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.
