{"id":790,"date":"2022-11-21T13:57:11","date_gmt":"2022-11-21T13:57:11","guid":{"rendered":"https:\/\/response-legal.lt\/?p=790"},"modified":"2022-11-22T08:43:00","modified_gmt":"2022-11-22T08:43:00","slug":"proposed-crypto-related-lithuanian-legislation-amendments-what-to-expect","status":"publish","type":"post","link":"https:\/\/response-legal.lt\/en\/proposed-crypto-related-lithuanian-legislation-amendments-what-to-expect\/","title":{"rendered":"Proposed crypto-related Lithuanian legislation amendments. What to expect?"},"content":{"rendered":"<p>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.<\/p>\n<p>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:<\/p>\n<p>\u221a\u00a0to increase the minimum initial capital requirement;<\/p>\n<p>\u221a to increase the reputation requirements for the managers and ultimate beneficial owners of Crypto-related companies;<\/p>\n<p>\u221a Crypto-related companies should provide its services (or at least part of them) in the Republic of Lithuania;<\/p>\n<p>\u221a AML Officer who is employed in a Crypto-related company should not be employed in other Crypto-related companies at the same time;<\/p>\n<p>\u221a\u00a0the customers of crypto-related companies should be identified regardless of the amount of his\/hers intended transaction.<\/p>\n<p>&nbsp;<\/p>\n<p>The suggested updates set forth more significant and higher regulatory standards in the Republic of Lithuania for Crypto-related companies. Please contact\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/response-legal\/?viewAsMember=true\"><strong>RESPONSE Legal<\/strong><\/a>\u00a0experts for further consultations on how to get ready with the upcoming changes.<\/p>\n<p>Senior Associate<\/p>\n<p>Kristupas Bagdonavi\u010dius<\/p>\n<div class=\"btn-wrap\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[64],"tags":[],"class_list":["post-790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-currency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Proposed crypto-related Lithuanian legislation amendments. What to expect? - Response Legal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/response-legal.lt\/en\/proposed-crypto-related-lithuanian-legislation-amendments-what-to-expect\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proposed crypto-related Lithuanian legislation amendments. What to expect? - Response Legal\" \/>\n<meta property=\"og:description\" content=\"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. 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