Is Lithuania’s New Crypto Regulation Modelled Around South Korea?

Many experts are saying that Lithuania is modeling its legal framework after South Korea, which requires traders to confirm their ID when making a crypto transaction. This was part of the country’s plan to completely ban anonymous transactions and minimize any sort of money laundering cases in the future.

Although Lithuania’s primary goal in regulating cryptocurrencies is also about complying with the European Unions anti-money laundering guidelines, their implementation of the law is far more drastic. Meaning that the trader needs to have already confirmed their identity with the payment provided, in this case, the cryptocurrency exchange that they will be using.

This does not necessarily mean that the country is banning anonymous transactions completely.

Read more at CoinSpeaker

#SouthKorea #Lithuania #Regulations

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