Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.
As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuanias finance ministry will seek to completely formalize crypto-based exchange operations.
Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.
Once the rules come into effect, any transactions worth over 1,000 ($1,127) involving cryptocurrency be it into or out of fiat or from one cryptocurrency to another will face stringent reporting requirements.
Exchanges 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.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checksSince illegal activities, fraud and money laundering is rampant in crypto sphere, I think some countries are getting aware that crypto is the safest way for illegal transactions to happen without even getting the authorities attention due to its anonimity. That is why some countries are regulating crypto transactions and security. This is not a new issue and I think we can expect that in the future, crypto currency anonimity will not be the same as how it was before.