The Lithuanian Government to Provide a Stringent Framework for Crypto Operations

The popularity of ICOs has made it very important for Crypto conducive countries to have a framework in place to protects people from getting scammed by a fraudulent ICO operator. Based on an announcement from Financial Crime Investigation Service (FNTT), the Lithuanian Government has decided to adopt a legal framework which ICOs issuers can follow and use as a guide before launching their project within the country.

FNTT Meet Up

The Lithuanian Government is joining other top-ranking cryptocurrency safe havens in making sure that a legal framework is being put in place to provide adequate oversight of the crypto industry. All authorities involved in this process recently had a meetup to discuss the best possible ways to go about setting this up.

At this meetup, the Financial Crime Investigation Service (FNTT) of the country made a presentation, with the country’s top ranking financial influencers, politicians and the head of state on seat. The presentation by FNTT covers all the threats and potential benefits associated with the Crypto industry.
Coming from the director of FNTT, Antonio Mukulsk, is a statement which states that:

“the Financial Crime Investigation Service is advocating for innovation and for innovative technologies, but they should be subject to certain regulatory and control mechanisms”

He also further stated that:

“virtual currency has huge cash flows, but worries about converting them into dollars and euros as quickly as possible, leaving virtual currencies as quickly as possible”

Amount Raised so far from ICOs

So far it has been recorded that about
€500 million has been raised from Lithuanian start-up ICOs, and attendees were cautioned about over-regulated and in turn paralysing the market.

The FNTT as also recommended that the regulations should be in line with the European Parliament’s directive on the matter earlier this year.

More news about the direction which the authorities and everyone involved in decision-making process will be following is expected to start surfacing soon enough.