minenovo
Active member
Latvia and Lithuania, two Baltic nations, have decided to tighten their cryptocurrency regulations. The main goal? Preventing money laundering.
They are not the first nations in the region to do that – Estonia recently adapted a stricter AML regulation after Russia invaded Ukraine, since Russians are prone to funneling cryptocurrencies to fund their war.
The Lithuanian fiancé ministry has proposed that all new crypto firms be required to hold at least 125,000 EUR to prove they have capital and to abide by the new transparency rules, which in turn will give regulators the means to check for any inconsistencies in files and reports. Also, crypto businesses in the countries will have to hire at least one local manager.
Source
In the light of recent events it’s no wonder countries in the region are doing that, I think.
They are not the first nations in the region to do that – Estonia recently adapted a stricter AML regulation after Russia invaded Ukraine, since Russians are prone to funneling cryptocurrencies to fund their war.
The Lithuanian fiancé ministry has proposed that all new crypto firms be required to hold at least 125,000 EUR to prove they have capital and to abide by the new transparency rules, which in turn will give regulators the means to check for any inconsistencies in files and reports. Also, crypto businesses in the countries will have to hire at least one local manager.
Source
In the light of recent events it’s no wonder countries in the region are doing that, I think.
