Lithuania Concerned About Crypto and ICO Impacting Country Economy

October 9, 2018

The Financial Crime Investigation Service (FCIS) of Lithuania has held a meeting dedicated to threats and potential profits digital currencies and ICO may cause to the state economy. Officials from governmental committees, the central bank and the General Prosecutor office also took part in the meeting.

The government is concerned that the Lithuanians process huge money circulation from digital currencies to fiat.

Lithuania is going to establish sound legislative framework for digital assets and all related products as it assessed the benefits their practical use may bring.

The government has pointed out that large turnover of funds invested in ICO, €500 million over 18 months, needs more effective ways to fight fraud schemes.

In addition, the FCIS is studying the matter of the role banking companies play when processing large-scale digital currency transfers and stresses that any transaction over €80,000 must be subject to investigation.

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