this is what every country will do

[zedicus]

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

[imstillthebest]

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  ?

[Lorna111]

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.

[randegibran]

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.

[darkangel11]

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. 

[djsugar]

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

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.

[merwane]

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.

[Leonardo7]

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.

[Tylev]

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.

[jarhed]

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.

[Zeke_23]

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.

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.

[ufaiz50]

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.

[barabarian1]

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.

[asus09]

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

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.

[oleg681010]

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