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-checksAll that I can understand from this is that the Lithuania government is putting up measures to somehow try to regulate the use of cryptocurrency, which in a million times impossible to do so. Even if the Lithuania government gets all its citizens to provide their identities, the entire blockchain network is made up of people around the world. It is gonna be a lot of time and resources just in attempt to regulate and control the use of cryptocurrency. There will also be someone who will always be against the idea of controlling or regulating cryptocurrency.