Re: [2018-02-08]The Tax Authority of Lithuania Closes Bitcoin ATMs in Shopping Mall
It's not bad news. What if anybody could set up a fake ATM anywhere they pleased without having to register anywhere. Most countries have similar requirements and want the providers of any financial service providers, automated or not, to register their machines. Those ATM's were not only trading cryptocurrencies but receiving fiat and since fiat is owned by the government some action was to be expected.
Whether the environment remains good or not will depend on their decision regarding the certifications. It's all fine as long as you can apply, fill out the paperwork and get the permit. The problems start when you do everything by the book and are still denied the right to function.
At first, i was suprised since Lithuania is know for good eviroment for block chain start ups and crypto projects in general.
But I believe that this does not represent the policy of whole country but only problems with the tax collection division, nothing to be afraid of
But I believe that this does not represent the policy of whole country but only problems with the tax collection division, nothing to be afraid of
Whether the environment remains good or not will depend on their decision regarding the certifications. It's all fine as long as you can apply, fill out the paperwork and get the permit. The problems start when you do everything by the book and are still denied the right to function.
So what if it receives fiat? You could consider them as an advanced vending machine. The problem does not seem to be the receipt of fiat, but the attitude of the income tax department towards cryptocurrencies. I assume they have the usual concerns over anonymity and tax evasion. It could take some time before they get the hang of cryptocurrencies.