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.
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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.
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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.