I think it's an easy way to prevent fraudulent money laundering behaviors because nowadays people use a lot of cryptocurrencies, some of them use the money for functional purposes
but At the same time, there will be users who have malicious purposes such as money laundering. So the above policies I think are reasonable.
Topic: this is what every country will do - page 2. (Read 1256 times)
This is no longer new to the bitcoin community. Philippines and other country have already implemented kyc/amlc regulations on cryptocurrency exchanges. Crypto exchanges are being treated seriously since it involves a lot amount of money so combat money laundering and other illegal and illicit transactions using cryptocurrency. Well this move is a good move for Lithuania and for cryptocurrency. KYC and AML regulations will make people safe and protected and that will somehow attract people to try and use cryptocurrency because of this regulations.
Sometimes KYC is important to protect the customers and users but depends how trusted the exchange is. There are some county that already adapt bitcoin but scam and fraud is also alive which make you aware of everything because people are searching for easy money as well.
They make good regulations because they are aware that in the Cryptocurrency industry it has a huge risk. Investors and users become the main thing so it is important to protect them from fraud. KYC is necessary so that the Government can know the true identity of every investor and user.
I agree that if any country can do so. Even in my country until now is still a problem, so the government has not given licensing.
I agree that if any country can do so. Even in my country until now is still a problem, so the government has not given licensing.
The government doesn't want to see the cryptocurrency will be used as a way for money laundering, and they will prevent someone or institutions who want to do that
but my question is , is that really possible ? i mean how come that they can monitor every people on what they are using with thier cryptos . instead they can ban sites related to crypto or ban crypto exchanges ,i think thats more effective but i lets hope they dont proceed on that idea because that will cause an impact to other cryto users that fully legalize the use of cryptos .I think that regulation can work in that country, but I don't know if all people will agree with the regulation or not. Meanwhile, that will be good news for cryptocurrency if Lithuania can accept cryptocurrency and people will need to obey the regulations.
i believe there will some that hate regulations but nothing they can do than obey it or not use cryptos at all. regulation is better than not allowing cryptos because at least they can still use crypto even in a not comfortable way . hero member
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Look like lithuanian is very interested about crypto money, it’s a good sign over crypto-currencie. but their new regulation over transaction money is also impressive at all! i think it’s only affected over lithuanian economical system and their new economical law!
I think we will see similar things applied in many countries. The government doesn't want to see the cryptocurrency will be used as a way for money laundering, and they will prevent someone or institutions who want to do that. I think that regulation can work in that country, but I don't know if all people will agree with the regulation or not. Meanwhile, that will be good news for cryptocurrency if Lithuania can accept cryptocurrency and people will need to obey the regulations.
These rules were introduced on June 21 of this year by the Intergovernmental Organization for Financial Actions (FATF) and oblige all members of this organization, which are more than 200 states, to adopt them as national rules in their legislation by June 21 of next year under the threat of heavy penalties. I think they are quite acceptable. We will be required to undergo a KYC audit only if we send transactions worth more than one thousand euros. Now, in many cases, we are required to undergo such a check with much smaller amounts. The introduction of uniform rules in cryptocurrency was nevertheless necessary.
Countries like mine will definitely find it very difficult to accept the use of cryptocurrency because they fear these cryptocurrencies will take over the work of banks which will lead to collapse.
I agree. A lot of countries are afraid that Bitcoin will bring down their economy. But for some reason no one thinks that cryptocurrency will help us get rid of corruption. Although in our country, loopholes will be found here to steal money.
The most curious thing here is that Money Launderers run anti-money laundering regulations and as always, they blame cryptocurrencies (Do they forget Deutchebank and others?).
Well, at some point yeah, I agree that cryptocurrencies are used for money laundering by a lot of individuals and it really required some actions to stop them. I think Lithuania have to grow base money for reporting because they have to consider that most of cryptocurrency users are investors too and invest decent amount of money which will lead to a higher $ in transactions.
Well, at some point yeah, I agree that cryptocurrencies are used for money laundering by a lot of individuals and it really required some actions to stop them. I think Lithuania have to grow base money for reporting because they have to consider that most of cryptocurrency users are investors too and invest decent amount of money which will lead to a higher $ in transactions.
Countries like mine will definitely find it very difficult to accept the use of cryptocurrency because they fear these cryptocurrencies will take over the work of banks which will lead to collapse.
I agree. A lot of countries are afraid that Bitcoin will bring down their economy. But for some reason no one thinks that cryptocurrency will help us get rid of corruption. Although in our country, loopholes will be found here to steal money.
This is no longer new to the bitcoin community. Philippines and other country have already implemented kyc/amlc regulations on cryptocurrency exchanges. Crypto exchanges are being treated seriously since it involves a lot amount of money so combat money laundering and other illegal and illicit transactions using cryptocurrency. Well this move is a good move for Lithuania and for cryptocurrency. KYC and AML regulations will make people safe and protected and that will somehow attract people to try and use cryptocurrency because of this regulations.
Not only these countries, we all need some regulations over cryptocurrencies while it place for conversion into a fiat cash. Money launders may use such situation and play with our economical development.
If we monitor the fishy transaction as can find the scammers whoever involved in it. I support regulations which is good for crypto community.
This is no longer new to the bitcoin community. Philippines and other country have already implemented kyc/amlc regulations on cryptocurrency exchanges. Crypto exchanges are being treated seriously since it involves a lot amount of money so combat money laundering and other illegal and illicit transactions using cryptocurrency. Well this move is a good move for Lithuania and for cryptocurrency. KYC and AML regulations will make people safe and protected and that will somehow attract people to try and use cryptocurrency because of this regulations.
I believe that in some countries rules will be introduced to provide passport data to those cryptocurrency users whose transactions are in contact with the cryptocurrency market and bank accounts. If a person trades in cryptocurrency, then perhaps this activity will not be taxed. But if a person converts cryptocurrency into fiat currencies, then already in this case it will be necessary to pay a tax. Nevertheless, each source of income must be confirmed. 
This is no longer new to the bitcoin community. Philippines and other country have already implemented kyc/amlc regulations on cryptocurrency exchanges. Crypto exchanges are being treated seriously since it involves a lot amount of money so combat money laundering and other illegal and illicit transactions using cryptocurrency. Well this move is a good move for Lithuania and for cryptocurrency. KYC and AML regulations will make people safe and protected and that will somehow attract people to try and use cryptocurrency because of this regulations.
The regulation of the cryptocurrency sphere indicates the maturity of this industry and the state’s willingness to accept it. In principle, any social processes are somehow regulated by the state, so why cryptocurrencies that directly perform the function of finance should be an exception?
Agreed totally on your point mate,we all need to have regulation as this is the only way for this community be adopted by the whole world and the governments will also move forward to make this possible.Governments are the only hindrance why we cannot move fast forward because of this regulatory issue and if the EU move will be implemented worldwide?then progress will continue and go better sooner
Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
Is it legal to require reporting from exchanges? Cryptocurrency users clearly would not like transaction control because it violates their privacy
Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
This is shows that some of the government country want to full in control of Crypto currency to their own territory, and for them to make it happen, they must regulate in first, and in some other aspects it can help to avoid scammers or hacker. This is actually, anticipated already, because here in my country one of our government agency here already approved more than 40 exchanges that accept digital or crypto currency including bitcoin.
As usual, very vague reporting from Coin Telegraph with the finer details missing. At least this time, I hope they published real verified news, unlike the fake BS they publish 99% of the time. Now let's assume that this piece of news is real and accurate. Now a few important questions arise. There is a €1,000 limit mentioned. But nothing has been said about the filtering criteria. Is this €1,000 applicable for a single transaction? Or is it applicable for multiple transactions made on the same day? If I do transactions with a total volume of above €1,000 spread across multiple exchanges, would I come under the ambit of this law?
Also they are saying that transactions above €15,000 needs to be reported to the Financial Crime Investigation Service. The same set of questions here. Also, nothing is mentioned in the article about monthly limits and yearly limits. For example, if I transact €999 every day for 365 days a year, would that mean that my transactions won't be traced? Also why the threshold for the ICO/IEO is higher at €3,000? It should be the same as cryptocurrency trading and pegged at €1,000.
Also they are saying that transactions above €15,000 needs to be reported to the Financial Crime Investigation Service. The same set of questions here. Also, nothing is mentioned in the article about monthly limits and yearly limits. For example, if I transact €999 every day for 365 days a year, would that mean that my transactions won't be traced? Also why the threshold for the ICO/IEO is higher at €3,000? It should be the same as cryptocurrency trading and pegged at €1,000.
A very good development because fraudulent people are already taking advantage of this system and are getting away with it without notice
When Bitcoin is under law it will be digital asset just like Silver which regulated by law. Silver was $80/ounce in 1980.
And why afraid of crypto will be regulated?as if they can do this as simple as that?EU is now losing power to the world as China is starting to take place in the supremacy,and I believe that this is the right time to the Asian country must have voice over this Giant countries that dictates the world since then
Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.
Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
Since illegal activities, fraud and money laundering is rampant in crypto sphere, I think some countries are getting aware that crypto is the safest way for illegal transactions to happen without even getting the authorities attention due to its anonimity. That is why some countries are regulating crypto transactions and security. This is not a new issue and I think we can expect that in the future, crypto currency anonimity will not be the same as how it was before.
I support Lithuania about applying regulations for transactions over one thousand euros. It is a very good way to decrease the actions of fraudulents in the market. However, this regulation will be a little strict for people that use cryptocurrencies too.
Stop being so naive, this has nothing to do with money laundering.
It is all about controlling and spying on the ppl.
Every year banks money laundering Trillions of dollars and nobody is going to jail.
Get real already. Do some simple research on the internet.
None of the officials of the current and past government will ever go to jail, because practically at the legislative level, all their actions cannot be appealed and recognized as criminally punishable. This practice exists in all countries. But if we are talking specifically about the cryptocurrency, the cryptocurrency market and cryptocurrency users, then it is mostly ordinary citizens who are interested in government structures, because every government is eager to levy taxes on every citizen of its country. But an ordinary person can be punished in one way or another for illegal actions, and this the government will do anyway.It is all about controlling and spying on the ppl.
Every year banks money laundering Trillions of dollars and nobody is going to jail.
Get real already. Do some simple research on the internet.
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