The Lithuanian government has approved a bill tightening the regulation of the cryptocurrency sector due to the high risks of operations in this area and a sharp increase in the number of companies operating there, especially from Estonia, reports BNS. Minister of Finance Gintare Skaiste noted that after the tightening of regulation of the crypto-currency sector in Estonia, many companies from this country moved to Lithuania. If in 2020 eight such companies were established in Lithuania, then last year there were 188. “We are introducing a law that will tighten the existing regulation of the crypto sector,” Skaiste said at the meeting. “There is a redirection from Estonia to Lithuania. We see that with additional turnover come additional risks,” the minister said. Member of the Board of the Bank of Lithuania Simonas Krepshta also noted that changes are needed, as this sector is associated with risks. “In the crypto sector, you can make payments anonymously and very quickly, and this creates the risk of money laundering, terrorist financing, in the current situation – and the risk of circumvention of sanctions. Lithuania is becoming a haven for cryptocurrencies, we have many companies that are doing this, there are more of them every month , according to our data, there are already 400 of them,” Krepshta said at the meeting. Source: FINMARKET.RU

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