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. the law forces businesses to report any money transfer that is higher than a certain value specially when it is a place of trading like an exchange where money keeps going in and out with large volumes.
Exactly, and yawn... I am getting so sick of people who don't know what the hell they talking about having opinions on the law. You cannot trace every single transaction get real. You don't even do this with banks and people get away with having money scammed and stolen from them in a bank which is passed by KYC and they know who took the money. They can't prove anything it doesn't help at all. Just because you know who you paid doesn't mean anything. I was scammed the other day buying $10 worth of gardening supplies. I paid with bank to bank. People complain and report it and nothing gets done. It will be even more difficult with crypto.
Also I wish people would stop with this taxing bs. Crypto is not government issues there is no obligation to pay tax on anything. When you use a filthy government issued fiat then you can pay tax. Crypto has nothing to do with the goverment and they going to have to deal with it another way. Maybe we won't need a government in a truly decentralized world since instead of tax we would support one another by owning tokens for different companies. Also, no one can force you to hand over your crypto, but they can freeze your bank assets.