Lithuania will introduce mandatory identification of crypto-traders when making transactions over €1000

The Cabinet of Ministers of Lithuania this week approved the amendments to the law on combating money laundering and financing of terrorism prepared by the Ministry of Finance to regulate the activities of crypto-currency companies, the local newspaper Delfi writes. The amendments were drafted in accordance with the European Union Directive on the prevention of the use of the financial system for the purpose of money laundering or the financing of terrorism.

Under the new rules, all transactions over €1,000 will be subject to increased reporting requirements. Cryptocurrency exchanges and other companies using similar commercial models will need to collect identification information about the participants of transactions. Major operations in the amount of €15 000 will also require sending an appropriate notification to the Service for combating financial crimes.

At the same time, only companies registered in a specialized registry center will be able to conduct cryptocurrency exchange transactions. It is noted that the new requirements will apply not only to transactions for the conversion of Fiat to crypto currencies and Vice versa, but the exchange of cryptocurrency between each other.

It is also planned to introduce additional requirements for the organizers of the initial coin offerings – in this case, the minimum threshold will be €3,000.

According to Delfi, currently cryptocurrency exchanges and other persons organizing operations on their exchange, work outside the legal field of the country.

What do you think is it good what all will be taxed and clear? or crypto need more freedom from governments?
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