Lithuania tightens regulation of cryptocurrency industry

[KYCbench]

 

In an effort to crackdown on world money laundering, tax evasion and organised cybercrime, the United States’ Internal Revenue Service (IRS) has spearheaded the advent of a multinational company to handle the issue.

The Lithuanian Cabinet of Ministers approved the amendments prepared earlier by the Ministry of Finance of the country to the law on the prevention of money laundering and terrorism. They provide for the mandatory registration of crypto exchange operators.

In particular, operators of cryptocurrency exchangers and deposit funds must register with the Registrar Center.

In addition, they will be subject to the law on the prevention of money laundering. It follows from this that companies will have to carry out an identity verification procedure if the amount of the operation exceeds one thousand euros, and also report financial transactions of over € 15,000 to the Financial Crime Investigation Service.

Regulatory amendments relate to the scope of the ICO. So, organizers of tokensails will also have to identify the identity of investors if the amount of the transaction exceeds three thousand euros.

Recall that last year the Lithuanian Ministry of Finance published a guide, which listed which tokens during an ICO can be considered securities.

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