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Lithuania to require ID checks for crypto services

Bitcoin.Max Pixel/Max Pixel

Sat, 15 Jun 2019, 02:38 am UTC

Anonymity is one of the biggest selling points of blockchain and cryptocurrency, but it would appear that this is about to change in for Lithuanians.

Businesses in the country will soon be required to perform background checks on customers wishing to transact using digital currency, Coin Telegraph reports. How strict the requirements are corresponds to the amount of crypto involved.

The restrictions will begin at €1,000 ($1,127), with withdrawals of €15,000 ($16,919) or more requiring businesses handling the transaction to immediately report it to the Financial Crime Investigation Service.

If the new movement gains steam, other countries could soon follow suit.

Earlier on in the month the FATF (Financial Action Task Force) said it would release a note to clarify how participant nations should manage the digital assets sector.

Crypto companies in the US are fighting hard to make sure that such stringent methods are not applied. Ultimately, however, the decision will be up to the federal government.

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