Lithuania cryptocurrency regulation
The cryptocurrency, which was created as a spontaneous and deregulated alternative to national currencies, has come under scrutiny by regulators around the world. Requirements for the operation of crypto markets are accepted in most countries, but the main changes are ahead.
The feature of Lithuania cryptocurrency regulation
Decentralized finance, and crypto trading platforms represent a rapidly growing ecosystem, with members, products, and markets, including crypto platforms, must be in the regulatory perimeter or comply with existing laws and regulations. In the concept of Lithuania cryptocurrency regulation, cryptocurrencies are regulated by analogy with securities, and crypto companies and crypto exchanges must register with the securities market regulator.
The importance of Lithuania cryptocurrency regulation
Every individual should have access to digital (virtual) currencies and assets in accordance with applicable law, which in turn would promote greater economic independence. Industry members must work with regulators and political institutions to shape new crypto standards. Good regulation promotes innovation and ensures the safety of users.
The plan Lithuania cryptocurrency regulation
The issuance of this cryptocurrency, which can now in fact be issued by anyone, will be permitted only to insured depository institutions subject to bank regulation, and their capital and liquidity will be subject to quantitative requirements
Perspective of Lithuania cryptocurrency regulation
Billions of dollars are already being consolidated in the industry, and in order to control the origin and circulation of these funds, regulators in country introduce a variety of legal regulations that only aggravate the relationship to cryptocurrencies. To sum up, it is safe to say that in view of the multifaceted and complex blockchain, there are very few really useful and successful projects in this field.
In the near future, the development of cryptocurrencies will lead to absolute transparency of financial relations – this is a fact. Regarding the blockchain in the concept of a decentralized storage network, this is the obvious future of Bitcoin and Ethereum. And all the innovations will begin to be felt with the development of niche tokens. It is they who will be the link in the transition to a new stage of global economic evolution.
The European Banking Authority defines virtual currencies (particularly Bitcoin) as a digital representation of value that is not issued by a central bank or government body and is not necessarily tied to a legal tender (fiat currency). Virtual currencies may be accepted by natural or legal persons as a means of payment and may be transferred, stored or sold.