Quote from: mazdafunsun on June 19, 2019, 09:24:24 PM

I have noticed that Lithuania has very active cryptocurrency culture, many online shops accept cryptos as payments.
Lithuania at least at the time of ICO hype was very active in doing ICOs also.

But I dont know why they want also check every transaction over 1000 Euros, it seems harsh .

I like that they are thinking of implementing rules for exchanges. My hope is that those rules will different form existing security laws.

I'm thinking that the choice to report every transaction over the 1000 Euro threshold isn't one that's been supported by Lithuania. Based on the other statements and related legislation that they have to deal with in the EU, I'm betting that they're being coerced to do this. Likely because they would face financial penalties or sanctions against their domestic financial institutions if they didn't comply. Cryptos seem like they were included as a side thought to this anti-money laundering legislation. Of course, you have to ask yourself how effective this is actually going to end up being. Considering that you can almost make cryptos appear completely stateless during a transaction, this is probably going to hurt legitimate users more than it will hurt criminals. All they have to do is some transaction splitting, through crypto or otherwise, and they'll (probably) fly under the radar.

Being from a country that has the transaction reporting limit closer towards $10,000 rather than $1,000 (and that's cash only), I don't see how they wouldn't get swamped with excessive reports. $1,000 isn't a huge amount of money. Lots of things are starting to cost around that range and beyond (computers, phones, bikes, etc.). Cryptos can easily see a few dozen transactions worth in excess of $10,000 USD within a minute or two. I don't understand how they chose the arbitrary $1,000 limit, but it doesn't seem like a smart choice.