Lithuania imposes new anti-money laundering rules

Lawyers at Gofazen & Sherle promised to provide businesses with a legal and convenient way to navigate the new laws

12.10.2022 - 13:00

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2 min

What’s new? The Lithuanian government has approved changes to anti-money laundering (AML) and terrorist financing (CTF) regulations that affect the cryptocurrency sector. The amendments were proposed by the Central Bank, the Ministry of Finance, and the Financial Crime Investigation Service (FCIS). Gofaizen & Sherle, an international legal and management consulting firm, took the initiative to help businesses navigate the new rules. According to Lithuanian regulators, the new laws will take effect in November 2022.

Press release on the Gofaizen & Sherle website

What are the amendments for? The new laws will tighten know your customer (KYC) rules and ban anonymous accounts. From January 1, 2023, crypto platform operators must register as a legal entity with a minimum capital of 125 000 EUR. In addition, their top management must permanently reside in Lithuania. According to the Ministry of Finance, there are currently more than 400 crypto service providers operating in Lithuania. Gofazen & Sherle’s lawyers promised to provide businesses with a legal and convenient way to navigate the new laws.

What is known about Gofaizen & Sherle? It is a leading law firm providing business advice to digital asset-oriented businesses, investment funds, and financial institutions. The firm is headquartered in Tallinn, with offices in Lithuania, the Czech Republic, and Poland. The firm’s services include company registration, business strategy development, and financial licensing, including crypto businesses.

Earlier, the Council of Ministers of the European Union member states finally approved the Markets in Crypto Assets (MiCA) bill, now it must be approved by the European Parliament. If approved, the document will take effect in 2024. MiCA suggests that crypto service providers will have to comply with rules aimed at protecting the interests of users.

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