The LithuanianFinancialCrime Investigation Service [FCIS] organized the meeting,includingrepresentatives from government ministries, thecentral bank,along with the general attorney.In line with the press release, the gatheringdisclosedthat Lithuanian processes huge turnover from crypto tofiat.
Head of the FCIS, ‘Antonio Mikulsk’ aforementioned:
“Virtual currency hasgiantcashflows,howeverthere are worriesconcerningchangingthem intodollarsand euros as quickly aspossible, (and)leavingvirtual currencies as quickly aspossible.”
Lithuania had pledgedto makea formalizedrestrictivephasefor cryptocurrency andrelated merchandise, notingthe advantagesthatcome backfrom adopting anactiveapproach to theindustry.
Now, Lithuanian authoritiesarenoting that a high ICO turnover volume — $576 Mln over the past 18 months —implymore durableanti-fraud mechanisms.
“According to ICO figures, Lithuania isone ofthe globalleaders and showsthe highest, more than 300%, growth fromaroundthe globe,” FCIS deputy director Mindaugas Petrauskassaid, quotinginformationfromnative consultancyfirm VersliLietuva.
The Lithuanian FCIS isat the same timeexamining banks’ role inprocessinghigh-volume crypto-to-fiat transactionsensuing from exchanges, noting that any singledealingsover $92,200 USDneedto be investigated, local news outlet ‘Delfi’reported.
Various regional banksare alsoconcernedwithin theinvestigation,together withthe SEB Bank, Swedbank, and Danske Bank. Theassemblageof crypto exchange transactions from 2017 to 2018 stood at around $762 Mln at the timethe infobecame public, Delfi added..
“Such aadditionalready causesa precisesuspicion,” Petrauskasmentionedconcerningthe €80,000 threshold,that involves aroundfive hundredindividualsanda hundredbusiness entities.