Bitcoin Forum

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.

As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.

Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.

Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.

Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.

https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks

I think this is anticipation so that fraud and money laundering cases can be detected easily. I think it is important to provide security to every user of financial services and protect citizens.
maybe this is also part of the tax strategy, and every country has a different policy.

A very good development because fraudulent people are already taking advantage of this system and are getting away with it without notice

When Bitcoin is under law it will be digital asset just like Silver which regulated by law. Silver was $80/ounce in 1980.

I have noticed that Lithuania has very active cryptocurrency culture, many online shops accept cryptos as payments.
Lithuania at least at the time of ICO hype was very active in doing ICOs also.

But I dont know why they want also check every transaction over 1000 Euros, it seems harsh .

I like that they are thinking of implementing rules for exchanges. My hope is that those rules will different form existing security laws.

it is good to have regulation on the market, it will help to increase security for all participants
if you use crypto because it is transparent and immutable, i do not see why it is problem to be regulated and publicly accepted

Hmm, I wonder if this covers your banking details so as to ensure that you have the means to carry such weight into your account? Local exchanges here (Philippines) imposed that sometime last year for accounts exceeding volumes of $10,000 monthly which, I think is also a bit off. I have received that notification after converting $10,000 worth of bitcoins to local cash and have been summoned to their HQ for some clarifications and questions. Idk why but since then, I never used the exchange, and have since moved on to P2P transactions if I want fast cash or btc.

I'm thinking that the choice to report every transaction over the 1000 Euro threshold isn't one that's been supported by Lithuania. Based on the other statements and related legislation that they have to deal with in the EU, I'm betting that they're being coerced to do this. Likely because they would face financial penalties or sanctions against their domestic financial institutions if they didn't comply. Cryptos seem like they were included as a side thought to this anti-money laundering legislation. Of course, you have to ask yourself how effective this is actually going to end up being. Considering that you can almost make cryptos appear completely stateless during a transaction, this is probably going to hurt legitimate users more than it will hurt criminals. All they have to do is some transaction splitting, through crypto or otherwise, and they'll (probably) fly under the radar.

Being from a country that has the transaction reporting limit closer towards $10,000 rather than $1,000 (and that's cash only), I don't see how they wouldn't get swamped with excessive reports. $1,000 isn't a huge amount of money. Lots of things are starting to cost around that range and beyond (computers, phones, bikes, etc.). Cryptos can easily see a few dozen transactions worth in excess of $10,000 USD within a minute or two. I don't understand how they chose the arbitrary $1,000 limit, but it doesn't seem like a smart choice.

It's normal to impose reporting requirements if the amount seems to be high base on their standards. This happens almost everywhere as we are all using exchanges that imposes KYC if your transaction is higher than a normal user does. Take into consideration with the withdrawal limit without KYC, it isn't that much.

Lithuania is getting ready for this which is really a good news.

      It seems government wants to have full control of their crypto currency to avoid some sort of fraudulent  ,money laundering and maybe to avoid misuse of it like drug syndicate and terrorist activity so this is also a good move for a government to crypto currency .
      

This is obviously in response to the upcoming FATF rules. The rules specify a $1,000 or €1,000 threshold which triggers stringent KYC requirements on both sender and receiver. That's why the Lithuanian regulations set a €1,000 threshold for reporting. The OP is probably correct that most countries will do the same thing in the near future.

If this regulation is applied in every country I think it will not be good, even though its for good but someone who will thinks about the uniqueness of crypto itself from year to year we are always free to exchange without even KYC.
Since there is KYC and the price of BTC rising news about government regulations is always at there and that IMO will not be good for this industry. Money laundering or fraud reasons that I don't think are reasonable cause money laundering and fraud often occur without using crypto as well, regulations that will make crypto equal to other assets I think we will be shackled. "Notify me if I'm wrong"

AML is one framework that every country will have to oblige! No exceptions should be given! While I am not against the crypto circulation among the masses, but we will also have to ensure that such transactions are not helping terrorism or any other illegal activities! Bitcoin has already earned a bad reputation due to its involvement with Silk road, NZ terrorist attack and many other! It's our job to ensure that such things don't happen again! Regulation exactly means that!

All you have to do is stick to crypto, avoid the exchanges. Pay and be paid in crypto directly. Bitcoin cannot help you if you insist in exchanging it for fiat, thats where governments and institutions mess things.

remove cryptocurrency and bitcoin from this news (i placed [blank] in their place) and you can see this is not new for any country. this has been going on for as long as Anti Money Laundry laws existed. the law forces businesses to report any money transfer that is higher than a certain value specially when it is a place of trading like an exchange where money keeps going in and out with large volumes.

It was always the norm to treat money transmission -- like fiat wire transfers to and from exchanges -- that way. It was never the norm to treat trading and cryptocurrency transactions which don't involve fiat that way. The €1,000 threshold is also by far the lowest AML threshold I've ever seen in any law before.

Clearly, KYC and reporting requirements vis-a-vis cryptocurrency are being drastically expanded. These standards are not being equally applied to other forms of payment, so we can't just write it off as "the same old AML laws as always."

The country is like my country, the government still cannot accept the existence of cryptocurrency, because banks will be very difficult to track how many of our assets, and for citizens themselves must regularly report taxes every year.

Statists gonna state  ::)

Those who are excited at the upcoming regulations in other countries following FATF recommendations would do well to acquaint themselves with said recommendations...

Related to the potential of Bitcoin trading and its impact on the economy going forward.
Extreme price volatility, along with routine theft from the exchange, has irritated regulators. In the absence of global rules, countries have taken a contrasting route to tame this sector.Last year, Japan became the first country to regulate digital currency exchange, while China and South Korea pressed them. In Europe, several countries including France, Switzerland and Malta are planning early-stage supervision by arranging initial coin offers. or an initial coin offering (ICO).

But we cannot deny the exchanges that will help us to make more money or profit. So far, many of us still trade in many exchanges, and many of them are making a profit from trading. We cannot use bitcoin in all country, and we need to exchange bitcoins with fiat so we can use fiat to buy something or pay something. But in the future, when bitcoin has already accepted in all countries, then we can use bitcoin only to buy something.

I also think that this legislative practice will begin to spread to the rest of the world. At first it will be developed countries, and then developing countries and countries with economic problems. It is possible that such islands of independence and liberal attitudes toward cryptocurrency will remain like Malta, but large economies will precisely control their citizens. Anarchy no one will allow. Otherwise, tax evasion can increase greatly, and this is very bad for any country.

 :o

$1,127?

this is a great exaggeration, is the same as saying indirectly that they do not want cryptos in their country... The laws are to create a good environment in society and what they are doing is something against bitcoin and against people who want to buy cryptos . They could ask people to make KYC and could set up an office that would monitor the exchanges and would not need to impose those very disadvantageous rules on anyone who wants to buy cryptos.


1 BTC = $9250

everyone who buys more than 2 BTC the exchanges will be obliged to inform Lithuania's Financial Crime Investigation Service

Not necessarily. It may, and probably will, apply to any business at all. Buying a car triggers money laundering shit these days. If it's your mates then it's one thing but even if you find somewhere that's crypto only and buy off them they throw some ridiculous form at you if it's above that threshold.

However it is not a possible way to go through every transaction. Each country comes up with their own laws to restrict the usage of cryptocurrency. Lithuania is no exception, and now they have decided to have their own law being passed in the paarliment. Till date I haven't come across countries perfectly keeping track of the transactions as it isn't possible through different technical sources that make transactions completely anonymous as well doesn't have any connection to the respective country ip through which transactions were made.

I see at this time that it is very easy to find exchanges and quite a lot, even uncountable. almost every country already has bitcoin exchanges, whether it's to exchange fiat currencies or the like, much different in the previous year in 2013/2014 it was very difficult for bitcoin users, to exchange in large exchanges. even then only some countries provide exchanges for exchanging fiat currencies, and fortunately the growth of bitcoin is accepted by many countries which ultimately all users can be easier to trade ..

I believe it is a step in the right direction. This will reduce cyber fraud and other fraudulent activities being done with cryptocurrency. I think it will be instituted in other countries which deal in cryptocurrency. KYC will be tge other of the day now. I believe we should support this move.

this "move" is only good as long as it is implemented and then enforced correction so that it doesn't turn into a restriction on regular users rather than regulations to prevent criminal activities. not to mention that those who plan on launder money or do anything illegal in that category are going to find their way to do it through different channels specially with anon coins so in the end it will end up restricting and bothering the majority which are the regular users.

Exactly, and yawn... I am getting so sick of people who don't know what the hell they talking about having opinions on the law. You cannot trace every single transaction get real. You don't even do this with banks and people get away with having money scammed and stolen from them in a bank which is passed by KYC and they know who took the money. They can't prove anything it doesn't help at all. Just because you know who you paid doesn't mean anything. I was scammed the other day buying $10 worth of gardening supplies. I paid with bank to bank. People complain and report it and nothing gets done. It will be even more difficult with crypto.

Also I wish people would stop with this taxing bs. Crypto is not government issues there is no obligation to pay tax on anything. When you use a filthy government issued fiat then you can pay tax. Crypto has nothing to do with the goverment and they going to have to deal with it another way. Maybe we won't need a government in a truly decentralized world since instead of tax we would support one another by owning tokens for different companies. Also, no one can force you to hand over your crypto, but they can freeze your bank assets.

it should have a positive side. it is useful to be used as a way to anticipate crime and also anticipate fraud. In addition to the current situation in many countries starting to enforce this, they have a minimum transaction limit for making requirements.

Yes, such regulation on the part of the states will occur further wherever the states will legalize cryptocurrency. In principle, the rules are not so tough. Anyone who conducts transactions in excess of one thousand euros must be verified, and if the transactions are in excess of 15,000 euros, information about them will be transferred to the relevant authorities for verification.
For a mass user, cryptocurrency will primarily concern the restriction of anonymous transfer of funds to one thousand euros. This is not such a small amount and if it is not exceeded in a single transaction, the user's anonymity is preserved. In my opinion, this is quite acceptable.

well it acceptable in some exchange in philippines they already implement it before where user can exchange in limited amount base on the level of their verification.

2 BTC is an exchange rule. The government will not let it go that way. What if the sudden price hike happens again like 20k USD per BTC. That will be a mess at their end if people will have a 2 BTC limit before they could be look at the AML.
40k USD is a large number in different countries, specially with poor ones.

Now, this could become the culprit for government employees to get out stolen money and also launder it.
So there will be a local exchange that will make the rule to submit information if you want a higher deposit/withdrawal amount.
The privacy wont be there anymore and also it will be the withdrawal part which will be difficult since crypto just keeps on increasing in value.

This is the right decision. The scammers have already infiltrated every area and there are a lot of them. It really is time to do something. But it seems to me that $ 1000 is too small a sum for KYC.

Seems like it is a KYC thing that already running in the whole world to prevent money laundering?i see no difference about what Lithuania is imposing now?or I am missing something?

But for me this is our contribution to the government helping them to find those using the money illegally,and prove that we in cryptocurrency is following the law and only making profits here

well i hate it, i dont want kyc because then i cant use bitmex, and i dont give a damn, i am an anarchist, they can try bt i dont have to agree, i dont agree with taxation obviously much less identity tracking, and dodd frank law and banning americans from all global derivative exchange is unjust and 1000 is just down right draconian

That would be a regulated exchange if they continue that kind of process. Now most people in cryptosphere doesn't want their identity to be known that's why they should remain anonymous. If they pursue this kind of rules, then people will find ways on how they can not be detected doing exchanges in cryptocurrencies.

They will have to define the policy or intention of this clearly, because it will have to state that the "value transfer" of coins from one owner to the next is applicable and not when you just move coins around between your own wallets.  ::)

Then again, how will they know what coins belongs to what person, because people are still going to bypass exchanges and use methods and wallets to transfer value that are not covered by AML/KYC requirements.  ::)

It is always funny when politicians wants to make laws, but they do not understand the technology.  ::)

This AML regulation is common in a lot of countries and not just in cryptocurrency but also in fiat or local currencies. I happened to send $1000 to other country and I was asked for a passport or a driver’s licensed while when I was sending a lot of times below $1000 it was not asked and same with bank transactions so I think it is just proper for a country to impose this regulation if majority is doing it.

maybe this should be replicated in all countries to prevent money laundering. today there are a lot of crime issues that use bitcoin for transactions and this will lead to bad speculation about crypto, so my suggestion is that right this must be done and Lithuania has implemented good steps to prevent crime by using cypto.

This is a lot more burdensome than you think, and could change the entire landscape we've been operating under for nearly a decade. $1,000 is the equivalent of 0.1 BTC at this moment.

These regulations extend to all businesses, so you could be forced to complete KYC and sender/receiver disclosures just to buy goods and services. If you want to do a little gambling, tumble your coins, swap between cryptocurrencies, the same could apply. The freedoms we currently enjoy could be massively undercut if these guidelines become widely enforced.

is this not a wise country, i keep telling people that the fact that a country is large does not mean they have the sense or the intelligence to handle things like smaller country's, of all the initial gra gra that India and USA is doing, see this small country doing what they ought to have done to regulate concurrency.

This is also to certify that Lithuania is following the AML of Europe in which will lead to good governance,we knew how large the amount of money that is being laundered using cryptocurrency so with this law the chance will be lessened if not being stopped totally
And for me this is a must for the whole world who support cryptocurrency,and also good for he whole crypto community so adoption may happen soon if this will be implemented

These are the recommendations made on June 21 by the International Organization for Financial Action (FATF), which obliged the countries that are members of this organization to make changes to their internal laws by June next year regarding the above-mentioned procedure for regulating the circulation of cryptocurrency.
In my opinion, these rules are pretty good. We will know that only transactions in cryptocurrency worth more than one thousand euros should be accompanied by a KYC check and that it should not be required to go through with transactions for a smaller amount.

Reporting?
Will they even you know if taken you don't do the KYC ?
The only part where they can get to know that the money have been sent from X-Y is from The KYC of anyone of them .
If they use wallets like samourai then there won't be any reporting.
But then again I think there is nothing bad in reporting and paying the taxes as long as they are logically sane.
Cryptocurrencies are been taxed extensively , and that's really not a good thing for us.

It is a move resorted to by most of the countries in the world because of the uncertainty of business entities which indulge in accepting cryptocurrency as a payment processor. These funds can be used by the same entity for many illicit activities such as money laundering, underworld trading and tax evasion.

Yes but it is stated "in and also out" so you are still bounded to some ways to go into the crypto that involves someone who can report you to the government. That would be step back for sure because regular people will not want to do something like that. for example meeting with unknown people to buy BTC from them or having a miner in their garage just to get some BTC.

Problem is that for fiat money that limit when the bank needs to report transaction to authorities is much higher while at the same time for crypto that limit is at least 10x less.

We already have such rules in Croatia last a few years but for amounts above 1 000 euros (7500 kuna).
Just a few weeks ago Croatian post office started pilot project- crypto exchange.
ID will be required for each transaction, buying or selling crypto and fee will be 4 %.

Our exchange here  in my country already implementing that things, were all their client users are oblige to submit KYC to identify
the user to avoid dummy something like that and (AML). Then, yearly they also have a renewal for kyc again.

What Lithuania is doing is good for its country and must be set as an example to other countries. Regulation of Cryptocurrency might be a big step for every country. They are carefully adapting to what is the trend right now. They are exploiting every technology available that can be used for the success of their country.

Yes that's is true every country has own policy about the rules of law how to protect their citizen and the interest of the government specially tax collection.


What Lithuania is doing is good for its country and must be set as an example to other countries. Regulation of Cryptocurrency might be a big step for every country. They are carefully adapting to what is the trend right now. They are exploiting every technology available that can be used for the success of their country.
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Imthink you had a point, I am not pro regulation butbif this step can make good result for crypto currency mass adoption of each country as leagl why not.

Unfortunately every every year is harder to stay anonimous in crypto

I think that's okay with a developed country but there are many oppressive countries in the world that rules over their citizens as slaves and crypto is their only hope to safeguard their earnings from the hands of authorities. That's why we would always need some form of anonymous currency and exchange to make crypto available for all.

Putting these in to consideration is good and the will help curb the money laundring act in the region as many are taking advantage of decentralized do that , but every country will have to put in place the measure which I believe will assist in a long run and others will follow such as crypto can't be stopped but can only be regulate.

Stop being so naive, this has nothing to do with money laundering.

It is all about controlling and spying on the ppl.

Every year banks money laundering Trillions of dollars and nobody is going to jail.


Get real already. Do some simple research on the internet.

None of the officials of the current and past government will ever go to jail, because practically at the legislative level, all their actions cannot be appealed and recognized as criminally punishable.  This practice exists in all countries.  But if we are talking specifically about the cryptocurrency, the cryptocurrency market and cryptocurrency users, then it is mostly ordinary citizens who are interested in government structures, because every government is eager to levy taxes on every citizen of its country.  But an ordinary person can be punished in one way or another for illegal actions, and this the government will do anyway.

I'd never appreciated how the government and the authorities treated like this kind of illegalities. This is absolutely a crime and punishable by the law but things like this aren't proven yet committed by the one who does when there is a lack of supports, still be ignored. A lot of people doing this thing but they are still in the crowd, that is why many will do the same and doing this again and again...

I support Lithuania about applying regulations for transactions over one thousand euros. It is a very good way to decrease the actions of fraudulents in the market. However, this regulation will be a little strict for people that use cryptocurrencies too.

Since illegal activities, fraud and money laundering is rampant in crypto sphere, I think some countries are getting aware that crypto is the safest way for illegal transactions to happen without even getting the authorities attention due to its anonimity. That is why some countries are regulating crypto transactions and security. This is not a new issue and I think we can expect that in the future, crypto currency anonimity will not be the same as how it was before.

Atleast silver is now cheaper than everyone can afford to have not like in past that silver is almost valuable like a gold lol 😂

And why afraid of crypto will be regulated?as if they can do this as simple as that?EU is now losing power to the world as China is starting to take place in the supremacy,and I believe that this is the right time to the Asian country must have voice over this Giant countries that dictates the world since then

As usual, very vague reporting from Coin Telegraph with the finer details missing. At least this time, I hope they published real verified news, unlike the fake BS they publish 99% of the time. Now let's assume that this piece of news is real and accurate. Now a few important questions arise. There is a €1,000 limit mentioned. But nothing has been said about the filtering criteria. Is this €1,000 applicable for a single transaction? Or is it applicable for multiple transactions made on the same day? If I do transactions with a total volume of above €1,000 spread across multiple exchanges, would I come under the ambit of this law?

Also they are saying that transactions above €15,000 needs to be reported to the Financial Crime Investigation Service. The same set of questions here. Also, nothing is mentioned in the article about monthly limits and yearly limits. For example, if I transact €999 every day for 365 days a year, would that mean that my transactions won't be traced? Also why the threshold for the ICO/IEO is higher at €3,000? It should be the same as cryptocurrency trading and pegged at €1,000.

This is shows that some of the government country want to full in control of Crypto currency to their own territory, and for them to make it happen, they must regulate in first, and in some other aspects it can help to avoid scammers or hacker. This is actually, anticipated already, because here in my country one of our government agency here already approved more than 40 exchanges that accept digital or crypto currency including bitcoin. 

Is it legal to require reporting from exchanges? Cryptocurrency users clearly would not like transaction control because it violates their privacy

Agreed totally on your point mate,we all need to have regulation as this is the only way for this community be adopted by the whole world and the governments will also move forward to make this possible.

Governments are the only hindrance why we cannot move fast forward because of this regulatory issue and if the EU move will be implemented worldwide?then progress will continue and go better sooner

This is no longer new to the bitcoin community. Philippines and other country have already implemented kyc/amlc regulations on cryptocurrency exchanges. Crypto exchanges are being treated seriously since it involves a lot amount of money so combat money laundering and other illegal and illicit transactions using cryptocurrency. Well this move is a good move for Lithuania and for cryptocurrency. KYC and AML regulations will make people safe and protected and that will somehow attract people to try and use cryptocurrency because of this regulations.

I believe that in some countries rules will be introduced to provide passport data to those cryptocurrency users whose transactions are in contact with the cryptocurrency market and bank accounts.  If a person trades in cryptocurrency, then perhaps this activity will not be taxed.  But if a person converts cryptocurrency into fiat currencies, then already in this case it will be necessary to pay a tax.  Nevertheless, each source of income must be confirmed.

Not only these countries, we all need some regulations over cryptocurrencies while it place for conversion into a fiat cash. Money launders may use such situation and play with our economical development.
If we monitor the fishy transaction as can find the scammers whoever involved in it. I support regulations which is good for crypto community.

There would be limited dirty works when crypto is being adapted by the country though it really helps people because of benefit of bitcoin where you can earn more when you know how to work with it. Banks are afraid but not really because it is the safe way to save money out of any exchanges.

The most curious thing here is that Money Launderers run anti-money laundering regulations and as always, they blame cryptocurrencies (Do they forget Deutchebank and others?).
Well, at some point yeah, I agree that cryptocurrencies are used for money laundering by a lot of individuals and it really required some actions to stop them. I think Lithuania have to grow base money for reporting because they have to consider that most of cryptocurrency users are investors too and invest decent amount of money which will lead to a higher $ in transactions.

Loopholes always be there for any government it won't be easy to  completely adopt and not to worry for anything  unless they are fully backed up by full knowledge regarding to this moves. There's still conflict of interest as government wanted to have a full control of their economy and not being bypass by sort of system that they can't fully control and can harm things out.

These rules were introduced on June 21 of this year by the Intergovernmental Organization for Financial Actions (FATF) and oblige all members of this organization, which are more than 200 states, to adopt them as national rules in their legislation by June 21 of next year under the threat of heavy penalties. I think they are quite acceptable. We will be required to undergo a KYC audit only if we send transactions worth more than one thousand euros. Now, in many cases, we are required to undergo such a check with much smaller amounts. The introduction of uniform rules in cryptocurrency was nevertheless necessary.

I think we will see similar things applied in many countries. The government doesn't want to see the cryptocurrency will be used as a way for money laundering, and they will prevent someone or institutions who want to do that. I think that regulation can work in that country, but I don't know if all people will agree with the regulation or not. Meanwhile, that will be good news for cryptocurrency if Lithuania can accept cryptocurrency and people will need to obey the regulations.

but my question is , is that really possible ? i mean how come that they can monitor every people on what they are using with thier cryptos  .  instead they can ban sites related to crypto or ban crypto exchanges ,i think thats more effective but i lets hope they dont proceed on that idea because that will cause an impact to other cryto users that fully legalize the use of cryptos .

i believe there will some that hate regulations but nothing they can do than obey it or not use cryptos at all.  regulation is better than not allowing cryptos because at least they can still use crypto even in a not comfortable way .

They make good regulations because they are aware that in the Cryptocurrency industry it has a huge risk. Investors and users become the main thing so it is important to protect them from fraud. KYC is necessary so that the Government can know the true identity of every investor and user.

I agree that if any country can do so. Even in my country until now is still a problem, so the government has not given licensing.

Sometimes KYC is important to protect the customers and users but depends how trusted the exchange is. There are some county that already adapt bitcoin but scam and fraud is also alive which make you aware of everything because people are searching for easy money as well.

I think it's an easy way to prevent fraudulent money laundering behaviors because nowadays people use a lot of cryptocurrencies, some of them use the money for functional purposes
but At the same time, there will be users who have malicious purposes such as money laundering. So the above policies I think are reasonable.

All exchanges around the world require customers to perform identity verification through KYC. This helps exchanges prove their customers' identity with the government when requested. However, they still provide a limit to unverified users. This is suitable for bounty hunters like me when you do not need to pass the required KYC requirements before performing background operations in exchange platform.

KYC is not safe at all when it comes to bounty because a lot of bounty is a scam. I can say that KYC is not recommended at all because it will be against with the no.1 uniqueness of bitcoin the decentralization and the anonymity of it's user. Bitcoin is created so that the Government and banks can't regulate it but if you will add KYC to use the currency it will just defeats it purpose.

Many country have regulation to make bitcoin and altcoin as legal payment transaction for the future, Lithuania have start for making bitcoin become allowed payment at their country.

All that I can understand from this is that the Lithuania government is putting up measures to somehow try to regulate the use of cryptocurrency, which in a million times impossible to do so. Even if the Lithuania government gets all its citizens to provide their identities, the entire blockchain network is made up of people around the world. It is gonna be a lot of time and resources just in attempt to regulate and control the use of cryptocurrency. There will also be someone who will always be against the idea of controlling or regulating cryptocurrency. 

It was completely predictable and we have long been waiting for this. Moreover, in June the FATF adopted such rules and recommended that they be implemented by other states in their national legislation throughout the year. Lithuania simply implements the FATF decision. The rules are generally not bad, now we can expect that for transactions worth up to one thousand euros it will not be necessary to pass a KYC check. We need cryptocurrency rules so that there is certainty in the relationship and so that we feel protected.

Actually this is a good thing if you ask me.This is made for the government to track and see who are taking advantages of bitcoins anonimity feature to get over and rob someones money.This will help bitcoin get more trust from other people who still not invested on bitcoin

you mean every country will require a kyc ? hmmm.  that is true but mainly they require a kyc offline but if its online , chances are not all countries can ask for a kyc or not all site within that country will require it especially if a website is anonymous or decentralize  or simply if its related to blockchain tech and cryptocurrencies because the goal of these technologies/currencies are to offer independency or anonimity to its user  , so why would they kill that experience  ?

Very good implementation in strengthening the security of every bitcoin user. I totally agree and I support if this will be done in every country in the world. There can be loopholes at first but as the time goes by, we can barely see scammers worming around the market.

What the next Europe country want to legal cryptocurrency after Lithuania? I hope England and Germany or Netherlands want to adopt bitcoin or altcoin as legal transaction payment there.

There are ways around these regulations. I know a person who is trading cryptocurrencies and yo can avoid them if you have a company or are a registered trader. You can always report that it wasn't one person that sold 4k EUR but 4 people with 1k each and you did not need to ask for their id. If they ask why you have so many people trading with you for 1k you say that when they have more and I ask for documents they want to avoid KYC and agree to sell only 1000EUR worth of coins. Easy as pie. 

With the increase in the crime rate, I think this is a welcoming step for the security of crypto funds. Fraud exchanges were the number one reason for increase in crypto crime rates. This will also help in bringing more people to crypto sphere which were at the bay because of the security concerns. Security is of prime importance when it comes to money.

I'm new here, and perhaps it's an unpopular opinion and it's a little anarchist of me, but I prefer the early days of Bitcoin, when it was anonymous, and when there was no KYC or any legal thing around. If Bitcoin becomes as regulated as gold or fiat, then what's the purpose of having a cryptocurrency? In my opinion, It was better when all the crypto sphere belonged to some nerds and enthusiasts.

It's okay, as long as the source of the money is legitimate, users need not fear. Nevertheless, this can still be bypass by using some non-custodian wallets, and dealing with sellers using a peer-peer trusted system. This is largely available for bitcoin traders in my country because of the much demand for bitcoin.

I even expect such uniform rules to take effect around the world and there will be much less anarchy in cryptocurrency, as now, where every ICO team that itself does not pass any verification requires participants of the ICO bounty for several dollars in their new tokens to be presented to them our confidential information. In addition, I hope that when these rules come into force, the participants in the ICO bounty campaign will not pass the KYC check at all, since they do not invest their funds.

We should not participate in such actions, which is imposed by the ICO team bounty campaign. The cryptocurrency market should give us freedom of action, and not take it.

So basically crypto users are expected to submit KYC or give their personal information when participating in any business activities or projects with them. It is good, but if this will include being a bounty hunter, its another discussion. This should focus only on investors and developers to regulate their business.

Because of the large amount of funds that go out into the currency cryptocurrency, security is reasonable. So that the flow of illegal funds will not be able to escape. Cases like this are common to avoid criminal acts, such as money laundering and fraud and large cases involving money. But with regulations like this make inconvenience for crypto users, because they have to do KYC and be introspected if they use large funds.

I think this is a good step with this rule so that it can minimize the use of crypto for money laundering or other crimes. I think this is worthy of being followed by other countries. crypto does need a rule so that every crypto user feels protected and safer. This regulation is needed to regulate transaction processes not to regulate cryptocurrency values. the value of crypto remains determined by the market. no one can control or control its value.

During from bitcoin knowing to public from 2008 until today many country have regulation bitcoin as legal transaction and other side many country have banned using bitcoin not only legal transaction payment but they have banned bitcoin as investment assets like India, today Lithuania have prepare how to adopt bitcoin as legal transaction payment and know what the feature using bitcoin as currency.

If you mean that countries will be ready to accept bitcoin, then yes, I hope this is what awaits us