Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

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, Lithuania’s 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.

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