Lithuania seeks to control fraud in transactions with cryptocurrencies

Faced with the excessive increase in the exchange of electronic currency to fiat money, the country tightens up the regulatory measures for the crypto ecosystem

The banking and financial sector authorities in Lithuania had committed themselves to establishing a strong regulatory framework for cryptocurrencies. Everything went positively until recently there was a notorious increase in the exchange of digital currency to fiat money.

In response, the Financial Crimes Investigation Service (FCIS) organized a seminar on the benefits and risks for the country’s economy of the Initial Offers of Currencies (ICOs). Representatives from various ministries, the Central Bank and the Attorney General participated.

The main concern of the authorities is that the high flow in transactions with cryptocurrencies becomes exchanges to dollars and euros to put aside the digital currency.

The FCIS also evaluates the role of banking entities in exchanges from crypto to fiat. In this sense, it has been established that any transaction that passes the 80,000 euros ($ 92,200) must be investigated.

According to the authorities, any transaction that exceeds the threshold of this sum raises suspicions and it is necessary to be vigilant to avoid frauds and crimes.


Source: Cointelegraph

Receive this and all our information directly on your cell phone through our channel on Telegram:

Comments are closed.