this is what every country will do

[bravehearth0319]

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

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. 

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[putukin]

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

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

[btc78]

The regulation of the cryptocurrency sphere indicates the maturity of this industry and the state’s willingness to accept it. In principle, any social processes are somehow regulated by the state, so why cryptocurrencies that directly perform the function of finance should be an exception?

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

[Mandoy]

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.

[whyrqa]

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.

[diazepam666]

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.

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.

[Naughty Princess]

Countries like mine will definitely find it very difficult to accept the use of cryptocurrency because they fear these cryptocurrencies will take over the work of banks which will lead to collapse.

I agree.  A lot of countries are afraid that Bitcoin will bring down their economy.  But for some reason no one thinks that cryptocurrency will help us get rid of corruption.  Although in our country, loopholes will be found here to steal money.

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.

[shield132]

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.

[joshy23]

Countries like mine will definitely find it very difficult to accept the use of cryptocurrency because they fear these cryptocurrencies will take over the work of banks which will lead to collapse.

I agree.  A lot of countries are afraid that Bitcoin will bring down their economy.  But for some reason no one thinks that cryptocurrency will help us get rid of corruption.  Although in our country, loopholes will be found here to steal money.

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.

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.

[Leyss]

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.

[ethereumhunter]

Look like lithuanian is very interested about crypto money, it’s a good sign over crypto-currencie. but their new regulation over transaction money is also impressive at all! i think it’s only affected over lithuanian economical system and their new economical law!   

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.

[shoreno]

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

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 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.

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 .

[Krismanto]

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.

[Naughty Princess]

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.

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.

[tranduc2101]

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.

[kissme09]

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.

[micher143]

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.

[maman567]

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.

[Youghoor]

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

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. 

[senin]

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.