Lithuania to Tighten the Regulation of the Cryptocurrency Industry
Main page News, Cryptocurrency, Regulations
Hot topic
9 June

The Lithuanian Ministry of Finance has reported the country's government has just approved amendments to the current legislation on prevention of money laundering and terrorism financing in order to tighten the regulation of the crypto market.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The bill reportedly establishes clearer requirements for the identification of users and a ban on opening anonymous accounts.

In addition, the legislation provides for increasing the authorized capital of service providers to €125,000 and outlining requirements for executives of such companies. For example, they must be residents of Lithuania.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

According to the document, from February 1, 2023, crypto exchange operators will be publicly represented in the register of legal entities.

The changes are expected to increase the transparency of the sector and reduce money laundering risks.

Read also:
Please describe the error
Close