Lithuania is planning to tighten its scrutiny over crypto In its efforts to fight money laundering.
The Ministry of Finance announced that various ministries of the Lithuanian government approved legal amendments to Anti-Money Laundering and countering the financing of terrorism in the crypto sector. The amendments to the current law should they later be approved by the Seimas, Lithuania’s legislature would strengthen the guidelines for user identification and prohibit anonymous accounts.
The new regulations would also tighten up demands for exchange operators as they will be obliged to register as a corporate body with nominal capital amounting to no less than 125,000 euros. The senior management of such companies would have to be permanent residents of Lithuania.
The regulations justifies the tightened regulations with the accelerating growth of the crypto industry and specific geopolitical risks.
