Relevant authorities such as the Bank of Lithuania, Financial Crime Investigation Service, Center of Excellence in Anti-Money Laundering, and the Ministry of Finance of the Republic of Lithuania are suggesting to follow the example of the Republic of Estonia and to strengthen the requirements of money laundering and terrorist prevention requirements.

It is suggested to update the Law on the Prevention of Money Laundering and Terrorist Financing with the following requirements associated with Crypto-related companies:

√ to increase the minimum initial capital requirement;

√ to increase the reputation requirements for the managers and ultimate beneficial owners of Crypto-related companies;

√ Crypto-related companies should provide its services (or at least part of them) in the Republic of Lithuania;

√ AML Officer who is employed in a Crypto-related company should not be employed in other Crypto-related companies at the same time;

√ the customers of crypto-related companies should be identified regardless of the amount of his/hers intended transaction.

The suggested updates set forth more significant and higher regulatory standards in the Republic of Lithuania for Crypto-related companies. Please contact RESPONSE Legal experts for further consultations on how to get ready with the upcoming changes.

Senior Associate

Kristupas Bagdonavičius