Lithuania has decided to tighten all its rules and regulations for cryptocurrency. The crypto market has boomed significantly in recent times. Cryptocurrencies bring with them exciting investment offers. They come with high returns and high risk. More and more investors have joined the market to make it bloom. Unfortunately, the gaining popularity of the market has resulted in some flaws as well. The market has been exposed to several frauds and security breaches lately. Eminent companies like Solana have had their network hacked.
Users of common dating sites have been exposed to the pig slaughtering scam. All such developments have led to a degree of tension among all the investors. Various countries are looking into the matter with seriousness. Lithuania has stated that it would be implementing strict rules and regulations for investors dealing in the crypto market. They have also decided to ban accounts that are suspicious and do not have a name. Lithuania has already finalized all its amendments regarding the issue. The announcements regarding the same are expected to be made shortly. Let us learn more about the story in detail below.
Lithuania To Implement Stricter Guideline For Crypto
Lithuania will be implementing a bunch of rules and regulations to address the security concerns that have recently been plaguing the crypto market. The new amendments are expected to affect the exchange operators as well. They will be expected to pay a sum of 125000 euros for registering as a corporate body.
Lithuania has also stated the senior members in the management of crypto companies shall have to reside in the country permanently. The government stated that they do not want to shut the doors to anyone. Rather, they want investment in crypto safe and hassle-free.