Lithuania is preparing new rules to govern [blank] transactions, requiring businesses to prove the identity of clients,
Once the rules come into effect, any transactions worth over 1,000 ($1,127) involving [blank] be it into or out of fiat or from one [blank] to another will face stringent reporting requirements.
[blank] or similar businesses will have to gather identity information about the buyer, while large operations over 15,000 ($16,919) will oblige them to inform Lithuanias Financial Crime Investigation Service.
remove cryptocurrency and bitcoin from this news (i placed [blank] in their place) and you can see this is not new for any country. this has been going on for as long as Anti Money Laundry laws existed.
It was always the norm to treat money transmission -- like fiat wire transfers to and from exchanges -- that way. It was never the norm to treat
trading and cryptocurrency transactions
which don't involve fiat that way. The 1,000 threshold is also by far the lowest AML threshold I've ever seen in any law before.
Clearly, KYC and reporting requirements vis-a-vis cryptocurrency are being drastically expanded. These standards are not being equally applied to other forms of payment, so we can't just write it off as "the same old AML laws as always."