the Ministry of Finance of Lithuania is preparing amendments to scriptrepository

The Minister of Finance of Lithuania Vilius Sapoka stated that amendments to the current scriptrepository will appear in 2019.


In an interview with Bitnewstoday.ru the Minister of Finance of Lithuania recalled by the Ministry of Finance issued the rulebook on cryptocurrency regulation, and stressing the need of identification of market participants, has announced the preparation of changes “will take effect next year and increase the level of trust between commercial banks and organizers ICO”:

“The Ministry of Finance of Lithuania is preparing amendments to the Law on combating money laundering and the financing of terrorism, which will not only cover the exchange of virtual currencies and organizations involved in the supply of purses, which can now provide their services only after registration in the Register of legal organizations, and legal entities, organizing the ICO, which will also be subject to the requirement to identify their customers”

Summarizing current activities, citing statistics from the tokendata.io, the Minister said that “during the first two months of 2018, the year of the Lithuanian ICO has gathered 249 million dollars, pulling Lithuania into third place in the world by volume of attracted capital”.

As examples contributing to the development of sector initiatives in Lithuania, the Minister said the launch of the “first international” educational blockchain center in Europe – the Blockchain Center; the upcoming launch of the Central Bank of the country “sandbox” – LBchain; the inclusion of the blockchain-the curriculum of Lithuanian universities; the Ministry of international blockchain-conferences.

The Minister also noticed that more and more agencies, “include “crypto” in the agenda” and the state company “Lithuanian Railways” plans to use blockchain technology to improve platform traffic control.

Responding to a question on failed projects in the country, the Minister noted that here, the regulatory agencies are very active: after the inspection activities of the Lithuanian startup Bankera, ICO ceased to exist in the jurisdiction of Lithuania and the Central Bank fined the company Pervesk and its Director-General incorrect assessment of the risk level of their clients.

The main goal of the Ministry of Finance to 2018-th year Vilius Sapoka considers the implementation plan to ensure Lithuania’s leadership as an international center of financial technologies:

“We believe that in the coming years kriptonyte will be powerful to evolve, and we as the structure of the government of Lithuania needs to find the right balance between innovation and safeguards”

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