Lithuania, one of the Baltic tigers that has in past few years demonstrated it doesn’t shy away from new technologies and the digital economy, is preparing to introduce stricter rules for crypto companies. The government in Vilnius is working on amendments that according to officials will go beyond the requirements of the latest, fifth EU Anti-Money Laundering Directive.
Also read: Online Bank Mistertango Offers Crypto Companies Multiple Accounts and Ibans
Going Beyond What Brussels Wants
The former Soviet republic, which became one of Europe’s major crowdfunding hotspots, a real token economy hub, is going to implement legal changes that are likely to burden companies in the crypto and fintech sector with more obligations. They are part of the efforts of Lithuanian authorities to step up control over virtual currencies and increase oversight of the economy built around them.
Under the new rules, only entities registered with the country’s Center of Registers will be allowed to operate with digital…