Lithuania intends to regulate the work of cryptocurrency firms, their exchange offices, and operators of Deposit funds, and to ensure in this field the effective prevention of money laundering and financing of terrorism.
June 12 the Cabinet of Ministers of Lithuania approved by the Ministry of Finance prepared amendments to the law on prevention of money laundering and the financing of terrorism. The amendments to the Lithuanian legislation introduced the Fifth Directive of the European Union and the recommendations approved last year by the International organization for combating money laundering.
The amendments provide that operators of exchanges terepthalate and Deposit money can only be registered in the register center of the face, or their affiliates. They will have to comply with the law on prevention of money laundering and financing of terrorism to demand ID and to inform the Service of investigation of financial crimes (FCIS) on large financial transactions.
Operators will have to establish and verify a customer’s identity before providing the service if the transaction amount exceeds € 1,000, and to provide the FCIS with information if the transaction amount is not less than 15 000 euros.
These requirements will act not only when you convert a traditional capabality and back, but the exchange of one cryptocurrency to another.
Taking into account the recommendations FCIS, the identity of the customers will have to install and initiators of primary offerings of cryptocurrencies, but they will also have a higher turn-of-deals – 3 000 euros.
The proponents of the cryptocurrency will also be required to store certain information and to cooperate with the FCIS.
Currently, the activities of operators kryptomere and traders in Lithuania is not regulated.
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