A Message to Financial Market Players in Lithuania: More Transparent Environment for Innovative Business Development and Focus on Consumer Protection

Date

2018 09 26

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To ensure financial transparency of the activities performed by virtual currency exchange operators and depository wallet operators, consumer protection and to strengthen the fight against money laundering and terrorist financing, the Ministry of Finance drafted the Law Amending the Law on Prevention of Money Laundering and Terrorist Financing. Today, the draft Law was submitted to public consultations.

“Due to growing international financial relations and technological innovations in the financial sector, we should consider all risks of money laundering and terrorist financing. Challenges are manifold, therefore, we must be ready to face them. Only by creating a transparent and effective legal environment we will attract foreign investments and promote innovative business development in Lithuania”, said Vice–Minister of Finance Loreta Maskaliovienė.

The draft Law aims at regulating the activities of virtual currency exchange operators and depository wallet operators as well as ICO initiators, obliging the legal entities to define identity of beneficiaries and buyers of issued virtual currency units.

Also, the draft Law will present a clear definition of conditions for those who are willing to be engaged in the activities of virtual currency exchange operators and depository wallet operators. Entities will be able to be involved in these activities only after their  registration at the Register of Legal Entities.