Lithuania to ban anonymous cryptocurrency transactions

The first details of a draft law to be adopted in Lithuania are being circulated on the Internet — in particular, the Ministry of Finance has recommended banning anonymous cryptocurrency transactions.

This decision was made due to the country’s desire to comply with sanctions against Russia and Belarus. The new regulation will also tighten the requirements for exchange operators — starting from January 1, 2023, they will be required to register as a legal entity with a registered capital of at least EUR 125,000. The top management of such companies must be permanently resident in Lithuania.

In her official commentary, Finance Minister Gintare Skeiste explained that the steps at the national level are being taken in accordance with the European rules.