Lithuania To Ban Anonymous Accounts As Gov’t Eyes Stricter Crypto Regulation
Lithuania is taking cryptocurrency regulation seriously. The institutions of the European Union are urged to expedite the process of regulating cryptocurrencies in consideration of the growing number of crypto-asset service providers in Europe, current global challenges, and the increased risk of money laundering and terrorism financing associated with virtual currencies. In an effort to combat money […]
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The country decided to act in advance of upcoming EU regulations that could effectively ban non-custodial wallets In its efforts to fight money laundering risks and the possible schemes of Russian elites circumventing financial sanctions, the 2.8-million nation of Lithuania is planning to tighten its scrutiny over crypto. As the local Ministry of Finance announced on Wednesday, June 8, various ministries of the Lithuanian government approved legal amendments to anti-money laundering (AML) and countering the financing of terrorism in the crypto sector. The amendments to the current law —....
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Following a string of similar announcements from Estonia and Russia, the Central Bank of Lithuania issued a warning to its citizens regarding the use of bitcoin and other virtual currencies on 31st January. Now, two weeks later it has clarified its intent, indicating that the possibility of new regulation remains "under discussion", but that it would likely monitor decisions from Europe before enacting any laws. Speaking to CoinDesk, the Central Bank of Lithuania expanded upon earlier warnings that suggested the eastern European nation may issue "an official ban" on currencies not....
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The central bank of Lithuania has issued a statement that the possibility of regulation for digital currencies is being discussed, but no action is likely to be taken as the country monitors other such decisions throughout Europe. The announcement comes two weeks after n warning, issued January 31, against the use of Bitcoin or other digital currencies among Lithuanians. “The main message was that bitcoins are not regulated or supervised by the Lithuanian and European authorities,” a spokesperson for the bank said. “Users and investors should know that they are not protected and their....