The Lithuanian government has just announced that it is planning a comprehensive law regulating the use of digital currencies for commercial transactions. This news has set the stage for a new phase of the local fintech sector, as well as attracting a number of foreign companies to the country.

In order to facilitate the adoption of the new law, the country has also announced that it will accept applications from digital coin operators who wish to conduct business in the country. Here’s everything you need to know about the KYC/AML procedure for cryptocurrency companies operating in Lithuania.

The Lithuanian Government Considers Digital Currency for Commercial Transactions

The Lithuanian government has set its sights on becoming one of the most crypto-friendly countries in the world. It announced in January that it was drafting a comprehensive law regulating the use of digital currencies for commercial transactions.

In order to facilitate the adoption of the new law, the government has announced that it will accept applications from digital coin operators who wish to conduct business in the country.

This move, which will follow a KYC/AML procedure, is expected to attract a number of foreign companies with existing operations in the country.

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The Lithuanian Government Launches KYC/AML Procedure for Cryptocurrency Companies

The Lithuanian government has launched a KYC/AML procedure for cryptocurrency companies, in order to facilitate the process for foreign companies operating in the country. The companies will have to follow a set of guidelines in order to operate in the country.

These companies will have to prove their identity and their business operations. They will also have to register with the country’s financial service regulator, FinCom. The companies must also follow know-your-customer (“KYC”) and anti-money-laundering (“AML”) procedures as per the Baltic state’s new law.

Exchanges and Brokers Will Have to Conduct KYC/AML on New Accounts

In order to open a new account with a cryptocurrency exchange or broker, the user will have to undergo a KYC/AML procedure. The company is required to verify the customer’s identity, as well as verify the source of funds entering the account. The account must be kept open for at least three months.

Conclusion

The Lithuanian government is considering legalizing the use of digital currencies for commercial transactions. With this in mind, the government has launched a comprehensive law regulating the use of digital currencies for commercial transactions.

To facilitate the adoption of the new law, the country has announced that it will accept applications from digital coin operators who wish to conduct business in the country.

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