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The Lithuanian government has approved a bill to tighten regulation of the cryptocurrency

The document provides that since February 1, 2023, operators of cryptocurrency exchanges will be publicly represented in the register of legal entities.

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The Lithuanian government has approved a bill to tighten regulation of the cryptocurrency. Source: shutterstock.com

The Government of Lithuania ratified amendments to the legislation on the prevention of money laundering and terrorist financing due to the high risks of operations in this area and the sharp increase in the number of companies operating there, especially from Estonia, reports the Ministry of Finance of the country.

Lithuanian Finance Minister Gintarė Skaistė also noted that the authorities should prevent attempts to circumvent sanctions by Russia with the aid of crypto assets.

The ministry pointed out that many companies moved to Lithuania after stricter regulation of the crypto industry in Estonia. While eight providers related to digital currencies started operating in the country in 2020, in 2021 there will be 188.

Ministry of Finance officials said they support the regulation of the crypto market being developed in the EU, but Lithuania does not want to wait a few more years before it finally comes into force.

We’ve reported that Japan’s new law will allow the seizure of all stolen crypto funds.

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