Topic: this is what every country will do - page 4. (Read 1256 times)
well i hate it, i dont want kyc because then i cant use bitmex, and i dont give a damn, i am an anarchist, they can try bt i dont have to agree, i dont agree with taxation obviously much less identity tracking, and dodd frank law and banning americans from all global derivative exchange is unjust and 1000 is just down right draconian
Seems like it is a KYC thing that already running in the whole world to prevent money laundering?i see no difference about what Lithuania is imposing now?or I am missing something?
But for me this is our contribution to the government helping them to find those using the money illegally,and prove that we in cryptocurrency is following the law and only making profits here
But for me this is our contribution to the government helping them to find those using the money illegally,and prove that we in cryptocurrency is following the law and only making profits here
This is the right decision. The scammers have already infiltrated every area and there are a lot of them. It really is time to do something. But it seems to me that $ 1000 is too small a sum for KYC.
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.
1 BTC = $9250
everyone who buys more than 2 BTC the exchanges will be obliged to inform Lithuania's Financial Crime Investigation Service
2 BTC is an exchange rule. The government will not let it go that way. What if the sudden price hike happens again like 20k USD per BTC. That will be a mess at their end if people will have a 2 BTC limit before they could be look at the AML.
40k USD is a large number in different countries, specially with poor ones.
Now, this could become the culprit for government employees to get out stolen money and also launder it.
So there will be a local exchange that will make the rule to submit information if you want a higher deposit/withdrawal amount.
The privacy wont be there anymore and also it will be the withdrawal part which will be difficult since crypto just keeps on increasing in value.
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
well it acceptable in some exchange in philippines they already implement it before where user can exchange in limited amount base on the level of their verification. 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
Yes, such regulation on the part of the states will occur further wherever the states will legalize cryptocurrency. In principle, the rules are not so tough. Anyone who conducts transactions in excess of one thousand euros must be verified, and if the transactions are in excess of 15,000 euros, information about them will be transferred to the relevant authorities for verification.
For a mass user, cryptocurrency will primarily concern the restriction of anonymous transfer of funds to one thousand euros. This is not such a small amount and if it is not exceeded in a single transaction, the user's anonymity is preserved. In my opinion, this is quite acceptable.
For a mass user, cryptocurrency will primarily concern the restriction of anonymous transfer of funds to one thousand euros. This is not such a small amount and if it is not exceeded in a single transaction, the user's anonymity is preserved. In my opinion, this is quite acceptable.
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.
it should have a positive side. it is useful to be used as a way to anticipate crime and also anticipate fraud. In addition to the current situation in many countries starting to enforce this, they have a minimum transaction limit for making requirements. maybe this is also part of the tax strategy, and every country has a different policy.
Lithuania is preparing new rules to govern [blank] transactions, requiring businesses to prove the identity of clients,
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving [blank]— be it into or out of fiat or from one [blank] to another — will face stringent reporting requirements.
[blank] 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.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving [blank]— be it into or out of fiat or from one [blank] to another — will face stringent reporting requirements.
[blank] 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.
remove cryptocurrency and bitcoin from this news (i placed [blank] in their place) and you can see this is not new for any country. this has been going on for as long as Anti Money Laundry laws existed. the law forces businesses to report any money transfer that is higher than a certain value specially when it is a place of trading like an exchange where money keeps going in and out with large volumes.
Exactly, and yawn... I am getting so sick of people who don't know what the hell they talking about having opinions on the law. You cannot trace every single transaction get real. You don't even do this with banks and people get away with having money scammed and stolen from them in a bank which is passed by KYC and they know who took the money. They can't prove anything it doesn't help at all. Just because you know who you paid doesn't mean anything. I was scammed the other day buying $10 worth of gardening supplies. I paid with bank to bank. People complain and report it and nothing gets done. It will be even more difficult with crypto.
Also I wish people would stop with this taxing bs. Crypto is not government issues there is no obligation to pay tax on anything. When you use a filthy government issued fiat then you can pay tax. Crypto has nothing to do with the goverment and they going to have to deal with it another way. Maybe we won't need a government in a truly decentralized world since instead of tax we would support one another by owning tokens for different companies. Also, no one can force you to hand over your crypto, but they can freeze your bank assets.
I believe it is a step in the right direction. This will reduce cyber fraud and other fraudulent activities being done with cryptocurrency. I think it will be instituted in other countries which deal in cryptocurrency. KYC will be tge other of the day now. I believe we should support this move.
this "move" is only good as long as it is implemented and then enforced correction so that it doesn't turn into a restriction on regular users rather than regulations to prevent criminal activities. not to mention that those who plan on launder money or do anything illegal in that category are going to find their way to do it through different channels specially with anon coins so in the end it will end up restricting and bothering the majority which are the regular users.
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
I believe it is a step in the right direction. This will reduce cyber fraud and other fraudulent activities being done with cryptocurrency. I think it will be instituted in other countries which deal in cryptocurrency. KYC will be tge other of the day now. I believe we should support this move.
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.
But we cannot deny the exchanges that will help us to make more money or profit. So far, many of us still trade in many exchanges, and many of them are making a profit from trading. We cannot use bitcoin in all country, and we need to exchange bitcoins with fiat so we can use fiat to buy something or pay something. But in the future, when bitcoin has already accepted in all countries, then we can use bitcoin only to buy something.
I see at this time that it is very easy to find exchanges and quite a lot, even uncountable. almost every country already has bitcoin exchanges, whether it's to exchange fiat currencies or the like, much different in the previous year in 2013/2014 it was very difficult for bitcoin users, to exchange in large exchanges. even then only some countries provide exchanges for exchanging fiat currencies, and fortunately the growth of bitcoin is accepted by many countries which ultimately all users can be easier to trade ..
However it is not a possible way to go through every transaction. Each country comes up with their own laws to restrict the usage of cryptocurrency. Lithuania is no exception, and now they have decided to have their own law being passed in the paarliment. Till date I haven't come across countries perfectly keeping track of the transactions as it isn't possible through different technical sources that make transactions completely anonymous as well doesn't have any connection to the respective country ip through which transactions were made.
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.
Not necessarily. It may, and probably will, apply to any business at all. Buying a car triggers money laundering shit these days. If it's your mates then it's one thing but even if you find somewhere that's crypto only and buy off them they throw some ridiculous form at you if it's above that threshold.
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.
$1,127?
this is a great exaggeration, is the same as saying indirectly that they do not want cryptos in their country... The laws are to create a good environment in society and what they are doing is something against bitcoin and against people who want to buy cryptos . They could ask people to make KYC and could set up an office that would monitor the exchanges and would not need to impose those very disadvantageous rules on anyone who wants to buy cryptos.
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.
1 BTC = $9250
everyone who buys more than 2 BTC the exchanges will be obliged to inform Lithuania's Financial Crime Investigation Service
I also think that this legislative practice will begin to spread to the rest of the world. At first it will be developed countries, and then developing countries and countries with economic problems. It is possible that such islands of independence and liberal attitudes toward cryptocurrency will remain like Malta, but large economies will precisely control their citizens. Anarchy no one will allow. Otherwise, tax evasion can increase greatly, and this is very bad for any country.
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.
But we cannot deny the exchanges that will help us to make more money or profit. So far, many of us still trade in many exchanges, and many of them are making a profit from trading. We cannot use bitcoin in all country, and we need to exchange bitcoins with fiat so we can use fiat to buy something or pay something. But in the future, when bitcoin has already accepted in all countries, then we can use bitcoin only to buy something.
Related to the potential of Bitcoin trading and its impact on the economy going forward.
Extreme price volatility, along with routine theft from the exchange, has irritated regulators. In the absence of global rules, countries have taken a contrasting route to tame this sector.Last year, Japan became the first country to regulate digital currency exchange, while China and South Korea pressed them. In Europe, several countries including France, Switzerland and Malta are planning early-stage supervision by arranging initial coin offers. or an initial coin offering (ICO).
Extreme price volatility, along with routine theft from the exchange, has irritated regulators. In the absence of global rules, countries have taken a contrasting route to tame this sector.Last year, Japan became the first country to regulate digital currency exchange, while China and South Korea pressed them. In Europe, several countries including France, Switzerland and Malta are planning early-stage supervision by arranging initial coin offers. or an initial coin offering (ICO).
Statists gonna state 
Those who are excited at the upcoming regulations in other countries following FATF recommendations would do well to acquaint themselves with said recommendations...
Those who are excited at the upcoming regulations in other countries following FATF recommendations would do well to acquaint themselves with said recommendations...
The country is like my country, the government still cannot accept the existence of cryptocurrency, because banks will be very difficult to track how many of our assets, and for citizens themselves must regularly report taxes every year.
Lithuania is preparing new rules to govern [blank] transactions, requiring businesses to prove the identity of clients,
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving [blank]— be it into or out of fiat or from one [blank] to another — will face stringent reporting requirements.
[blank] 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.
Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving [blank]— be it into or out of fiat or from one [blank] to another — will face stringent reporting requirements.
[blank] 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.
remove cryptocurrency and bitcoin from this news (i placed [blank] in their place) and you can see this is not new for any country. this has been going on for as long as Anti Money Laundry laws existed.
It was always the norm to treat money transmission -- like fiat wire transfers to and from exchanges -- that way. It was never the norm to treat trading and cryptocurrency transactions which don't involve fiat that way. The €1,000 threshold is also by far the lowest AML threshold I've ever seen in any law before.
Clearly, KYC and reporting requirements vis-a-vis cryptocurrency are being drastically expanded. These standards are not being equally applied to other forms of payment, so we can't just write it off as "the same old AML laws as always."
Jump to: