Lithuania plans to require ID for all crypto transactions over €1,000

posted about 1 month ago
Lithuania is preparing new rules for cryptocurrency transactions, requiring businesses to prove the identity of clients. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations, 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 Lithuania’s Financial Crime Investigation Service.
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