this is what every country will do - page 3.

Spaffin

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Quote from: alinka1 on September 23, 2019, 12:57:34 PM

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.

alinka1

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KORE-TOR-PRIVACY https://kore.life/

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.

Little_king

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Merit: 0

Putting these in to consideration is good and the will help curb the money laundring act in the region as many are taking advantage of decentralized do that , but every country will have to put in place the measure which I believe will assist in a long run and others will follow such as crypto can't be stopped but can only be regulate.

Tipstar

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

I think that's okay with a developed country but there are many oppressive countries in the world that rules over their citizens as slaves and crypto is their only hope to safeguard their earnings from the hands of authorities. That's why we would always need some form of anonymous currency and exchange to make crypto available for all.

brightemo

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Unfortunately every every year is harder to stay anonimous in crypto

rodel caling

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Quote from: Furious 7 on June 19, 2019, 03:52:07 PM

I think this is anticipation so that fraud and money laundering cases can be detected easily. I think it is important to provide security to every user of financial services and protect citizens.
maybe this is also part of the tax strategy, and every country has a different policy.

Yes that's is true every country has own policy about the rules of law how to protect their citizen and the interest of the government specially tax collection.

What Lithuania is doing is good for its country and must be set as an example to other countries. Regulation of Cryptocurrency might be a big step for every country. They are carefully adapting to what is the trend right now. They are exploiting every technology available that can be used for the success of their country.
[/quote]

Imthink you had a point, I am not pro regulation butbif this step can make good result for crypto currency mass adoption of each country as leagl why not.

ghost424

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

What Lithuania is doing is good for its country and must be set as an example to other countries. Regulation of Cryptocurrency might be a big step for every country. They are carefully adapting to what is the trend right now. They are exploiting every technology available that can be used for the success of their country.

Babyrica0226

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

Our exchange here in my country already implementing that things, were all their client users are oblige to submit KYC to identify
the user to avoid dummy something like that and (AML). Then, yearly they also have a renewal for kyc again.

Daniel91

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

We already have such rules in Croatia last a few years but for amounts above 1 000 euros (7500 kuna).
Just a few weeks ago Croatian post office started pilot project- crypto exchange.
ID will be required for each transaction, buying or selling crypto and fee will be 4 %.

Boriss

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Quote from: Artemis3 on June 19, 2019, 09:39:04 PM

All you have to do is stick to crypto, avoid the exchanges. Pay and be paid in crypto directly. Bitcoin cannot help you if you insist in exchanging it for fiat, thats where governments and institutions mess things.

Yes but it is stated "in and also out" so you are still bounded to some ways to go into the crypto that involves someone who can report you to the government. That would be step back for sure because regular people will not want to do something like that. for example meeting with unknown people to buy BTC from them or having a miner in their garage just to get some BTC.

Problem is that for fiat money that limit when the bank needs to report transaction to authorities is much higher while at the same time for crypto that limit is at least 10x less.

13abyknight

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It is a move resorted to by most of the countries in the world because of the uncertainty of business entities which indulge in accepting cryptocurrency as a payment processor. These funds can be used by the same entity for many illicit activities such as money laundering, underworld trading and tax evasion.

fiulpro

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Reporting?
Will they even you know if taken you don't do the KYC ?
The only part where they can get to know that the money have been sent from X-Y is from The KYC of anyone of them .
If they use wallets like samourai then there won't be any reporting.
But then again I think there is nothing bad in reporting and paying the taxes as long as they are logically sane.
Cryptocurrencies are been taxed extensively , and that's really not a good thing for us.

Ozero

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These are the recommendations made on June 21 by the International Organization for Financial Action (FATF), which obliged the countries that are members of this organization to make changes to their internal laws by June next year regarding the above-mentioned procedure for regulating the circulation of cryptocurrency.
In my opinion, these rules are pretty good. We will know that only transactions in cryptocurrency worth more than one thousand euros should be accompanied by a KYC check and that it should not be required to go through with transactions for a smaller amount.

btc78

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Eloncoin.org - Mars, here we come!

This is also to certify that Lithuania is following the AML of Europe in which will lead to good governance,we knew how large the amount of money that is being laundered using cryptocurrency so with this law the chance will be lessened if not being stopped totally
And for me this is a must for the whole world who support cryptocurrency,and also good for he whole crypto community so adoption may happen soon if this will be implemented

Lawrenzoo

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

is this not a wise country, i keep telling people that the fact that a country is large does not mean they have the sense or the intelligence to handle things like smaller country's, of all the initial gra gra that India and USA is doing, see this small country doing what they ought to have done to regulate concurrency.

squatter

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STOP SNITCHIN'

Quote from: bitcoindusts on June 21, 2019, 09:57:57 AM

This AML regulation is common in a lot of countries and not just in cryptocurrency but also in fiat or local currencies. I happened to send $1000 to other country and I was asked for a passport or a driver’s licensed while when I was sending a lot of times below $1000 it was not asked and same with bank transactions so I think it is just proper for a country to impose this regulation if majority is doing it.

This is a lot more burdensome than you think, and could change the entire landscape we've been operating under for nearly a decade. $1,000 is the equivalent of 0.1 BTC at this moment.

These regulations extend to all businesses, so you could be forced to complete KYC and sender/receiver disclosures just to buy goods and services. If you want to do a little gambling, tumble your coins, swap between cryptocurrencies, the same could apply. The freedoms we currently enjoy could be massively undercut if these guidelines become widely enforced.

velive08

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Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

maybe this should be replicated in all countries to prevent money laundering. today there are a lot of crime issues that use bitcoin for transactions and this will lead to bad speculation about crypto, so my suggestion is that right this must be done and Lithuania has implemented good steps to prevent crime by using cypto.

bitcoindusts

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This AML regulation is common in a lot of countries and not just in cryptocurrency but also in fiat or local currencies. I happened to send $1000 to other country and I was asked for a passport or a driver’s licensed while when I was sending a lot of times below $1000 it was not asked and same with bank transactions so I think it is just proper for a country to impose this regulation if majority is doing it.

Kakmakr

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They will have to define the policy or intention of this clearly, because it will have to state that the "value transfer" of coins from one owner to the next is applicable and not when you just move coins around between your own wallets. Roll Eyes

Then again, how will they know what coins belongs to what person, because people are still going to bypass exchanges and use methods and wallets to transfer value that are not covered by AML/KYC requirements. Roll Eyes

It is always funny when politicians wants to make laws, but they do not understand the technology. Roll Eyes

Ranly123

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★777Coin.com★ Fun BTC Casino!

Quote from: samdan777712 on June 19, 2019, 03:12:15 PM

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

That would be a regulated exchange if they continue that kind of process. Now most people in cryptosphere doesn't want their identity to be known that's why they should remain anonymous. If they pursue this kind of rules, then people will find ways on how they can not be detected doing exchanges in cryptocurrencies.

Topic: this is what every country will do - page 3. (Read 1256 times)