Lithuania Readying Cryptocurrency Regs

 

 

 

 

Lithuania’s government is moving closer to initiating regulation of its cryptocurrency space after approving new rules this week, Lithuanian media outlet Delfi reports. The new regulatory measures are part of the country’s effort to reduce the risk of money laundering and terror financing.

The new rules were passed by the government on Wednesday and include measures that will require business entities to verify customer identities, and report transactions of more than €1,000:

Operators will have to establish and verify the client’s identity prior to the provision of the service, if the amount of transactions exceeds 1 thousand euros, and also provide information to the SRFP, if the amount of operations is not less than 15 thousand euros, and these requirements will apply not only when converting cryptocurrency into back, and when exchanging one cryptocurrency for another.

ICO issuers will apparently be subject to a higher verification threshold and will be required to verify customer identities when transactions reach the three thousand euro level. Those issuers will also need to cooperate with the SRFP and store certain types of information.

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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