To curb the money laundering entities, Lithuania’s finance ministry is going to introduce new regulations for the crypto exchanges running in the nation. The new rules make customer ID Check mandatory for Cryptocurrency Exchanges for any kind of transaction.

The parliamentary body has approved of the new regulations. However, there is no information on the exact date from which the regulations will be effective. As per the new rules, crypto transactions over €1,000 must be duly reported to the government. It may be any transaction, like crypto to fiat or vice-versa. Exchanges must record the identity information about the buyer.

At the same time, much larger transactions over €15,000 will be reported to Lithuania’s Financial Crime Investigation Service. Initial Coin offerings also come under the scrutiny of the new rules. Any sales over €3,000 will have to go through government scrutiny and ID check.

Almost every other day we keep seeing scammers and tax evaders playing their game easily on the pretext of crypto. So, implementing stringent rules will minimize the misuse of cryptocurrencies.