The Lithuanian Government Tightens the Crypto Regulating Rules 

The Lithuanian government approved amendments to the legislation on the prevention of money laundering and terrorist financing, which introduce stricter rules for regulating the cryptocurrency market.

According to a notice on the website of the Ministry of Finance of Lithuania, the changes concern the establishment of clearer requirements for user identification and the introduction of a complete ban on opening anonymous accounts.

In addition, the size of the authorized capital of service providers must be at least 125,000 euros. And also the requirements for the heads of such companies are increasing, for example, they must be citizens of Lithuania.

From February 1, 2023, all operators of cryptocurrency exchanges must be entered into the register of legal entities.

The Ministry noted that despite the preparation of European rules for regulating the crypto sector, Lithuania does not want to wait several years before the entry into force of new European rules. The country’s government wants to ensure transparency and security of the sector much earlier, as well as to prevent the possibility of Russian sanctions circumvention on the territory of Lithuania.

Earlier, a money transfer service from Ripple was launched between Lithuania and Mexico.

Post a Comment