Lithuania Issues New Cryptocurrency, ICO GuidelinesJune 13, 2018
Lithuania Issues New Cryptocurrency, ICO Guidelines
- Lithuania has released comprehensive new guidelines for cryptocurrency and initial coin offerings or ICOs, calling it a step towards more certainty and transparency in the financial market.
- In a document, the Ministry of Finance divided guidelines into four areas, such as regulation, taxation, accounting, and Anti-Money Laundering/ Combating the Financing of Terrorism or AML/CFT. Of these, three sections focus on cryptocurrency.
Clergyman of Finance, Vilius Šapoka, said ICOs ought to be directed. As per him, Lithuania as of now has an outstanding administrative preferred standpoint being one of the initial ones in Europe to have arranged such rules.
Šapoka additionally cleared up that the rules depict just piece of the perspectives analyzed by important establishments.
"Arranging ICO isn't directed by particular enactment, nonetheless, considering distinctive ICO models and diverse attributes of tokens, at times, such action might be liable to the necessities of the enactment of the Republic of Lithuania and supervision of the Bank of Lithuania.," the record expressed.