Lithuanian tax service’s first confiscated crypto sale nets $7.6M
The Lithuanian State Tax Inspectorate exchanged Bitcoin, Ether and Monero for 6.4 million euro. The Lithuanian government has reportedly sold a batch of cryptocurrency seized by local enforcement agencies.The State Tax Inspectorate, or STI, the country’s tax authority, sold confiscated crypto assets worth 6.4 million euro ($7.6 million) and subsequently added the funds to the state budget.According to an official announcement on Nov. 24, the seized crypto assets included major cryptocurrencies Bitcoin (BTC) and Ether (ETH) as well as privacy-focused altcoin Monero (XMR).The STI said this....
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Governments are increasingly liquidating crypto assets seized in criminal investigations. Earlier this week, Lithuania's tax service, the Lithuanian State Tax Inspectorate, added $7.6 million dollars to the state budget through the sale of cryptocurrencies seized in criminal investigations. The occasion marked the first time that the Lithuanian government liquidated confiscated cryptocurrencies. In doing so, the country joined the growing number of jurisdictions worldwide that have auctioned off or sold cryptos obtained by the long arm of the law. However, unlike the United States Federal....
The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space. The legislation is aimed at managing risks associated with crypto assets and preventing Russian attempts to circumvent Western sanctions imposed over the war in Ukraine.
Lithuanian Authorities to Tighten Rules for Crypto Industry
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PRESS RELEASE. In light of the strengthened supervision of the cryptocurrency sector by Lithuania, Gofaizen & Sherle, an international legal and management consulting firm based in Europe, has taken the initiative to assist businesses in navigating these new regulations. According to Lithuanian regulators, these new laws will go into effect in November 2022. In addition, the country will prohibit anonymous accounts and establish more stringent requirements for customer identification. Gofazen & Sherle, which has helped over 500 companies across 30 countries, has a physical presence in....