Lithuania is taking significant steps to bolster oversight within the cryptocurrency sector. According to a draft law prepared by the government, the country plans to ban anonymous accounts and establish more detailed requirements for customer identification, a move that aims to regulate activities related to trading bots and enhance transparency in the digital currency market. Explore the website https://immediate.net/nl/ for further information.
“The main objective is to ensure greater transparency in the sector and more effective implementation of the prevention of money laundering and terrorist financing,” Finance Minister Gintare Skaiste told the Cabinet.
The amendments to the Law on Prevention of Money Laundering and Terrorist Financing will also increase the authorised capital of service providers from the current limit of 2,500 to 125,000 euros.
Managers and heads of firms providing cryptocurrency services will also have to be permanent residents of Lithuania and represent only one firm or a group of companies, and to ensure that companies do not exclusively provide services or conduct activities in other countries.
Lithuania’s Register of Legal Entities will also publish a list of persons carrying out crypto services, including cryptocurrency wallet operators.
The draft law is expected to reach the parliament in the current session. If approved, it would come into force as early as November. The list of cryptocurrency service providers would be published on February 1, 2023. (LRT/Business World Magazine)