Lithuania will tighten oversight of cryptocurrency companies

[fatnet]

The Lithuanian Cabinet of Ministers approved the amendments to the law on combating money laundering and terrorist financing, prepared by the Ministry of Finance, which regulate the activities of cryptocurrency companies.

The amendments were drafted in accordance with the European Union Directive on the Prevention of the Use of the Financial System for Money Laundering or the Financing of Terrorism.

In accordance with the amendments, cryptocurrency exchanges and companies using a similar commercial model must identify the customer’s identity in the event that he carries out a transaction of more than € 1,000.
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remember, shit happens not only in eastern europe, it may happen anywhere at anytime

[peter0425]

I was under the impression that Lithuania is a crypto haven, but it seems that they, just like any other countries, have been pressured to have a strict regulations as far as crypto currency. I guess they really need to comply, otherwise they can get a bad reputation from EU.