Lithuanian Government approves stricter crypto regulations

Lithuanian Authorities to Tighten Rules for Crypto Industry.

Lithuania is preparing to revise its Law on Prevention of Money Laundering and Terrorist Financing with the stated goal of ensuring greater transparency and sustainable development for its cryptocurrency sector.

Finance Minister Gintarė Skaistė said that the rapid growth of the crypto market and the emergence of new products require additional attention from the responsible authorities in managing risks, especially those related to money laundering and terrorist financing threats.

The draft law, which should be submitted to the Lithuanian parliament during the current session and enforced this year, is expected to introduce more detailed rules for customer identification and impose a ban on the opening of anonymous accounts.

Only permanent residents of Lithuania will be allowed to manage companies dealing with cryptocurrencies.

Read more information here: https://news.bitcoin.com/lithuanian-government-approves-stricter-crypto-regulations/