The Baltic nation’s finance ministry will prepare new rules in line with EU directives on anti-money laundering.
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.
Slightly different rules will apply to issuers of tokens — i.e. initial coin offerings — for which ID requirements will kick in once a sale passes €3,000 ($3,383).
At present, Lithuania does not formally regulate its crypto exchange sphere at all, Delfi notes.
The changes come as jurisdictions worldwide prepare to implement controversial recommendations from the intergovernmental Financial Action Task Force.
Source: , CoinTelegraph
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