The Lithuanian Financial Crime Investigation Service [FCIS] organized the meeting, including representatives from government ministries, the central bank, along with the general attorney. In line with the press release, the gathering disclosed that Lithuanian processes huge turnover from crypto to fiat.
Head of the FCIS, ‘Antonio Mikulsk’ aforementioned:
“Virtual currency has giant cash flows, however there are worries concerning changing them into dollars and euros as quickly as possible, (and) leaving virtual currencies as quickly as possible.”
Lithuania had pledged to make a formalized restrictive phase for cryptocurrency and related merchandise, noting the advantages that come back from adopting an active approach to the industry.
Now, Lithuanian authorities are noting that a high ICO turnover volume — $576 Mln over the past 18 months — imply more durable anti-fraud mechanisms.
“According to ICO figures, Lithuania is one of the global leaders and shows the highest, more than 300%, growth from around the globe,” FCIS deputy director Mindaugas Petrauskas said, quoting information from native consultancy firm Versli Lietuva.
The Lithuanian FCIS is at the same time examining banks’ role in processing high-volume crypto-to-fiat transactions ensuing from exchanges, noting that any single dealings over $92,200 USD need to be investigated, local news outlet ‘Delfi’ reported.
Various regional banks are also concerned within the investigation, together with the SEB Bank, Swedbank, and Danske Bank. The assemblage of crypto exchange transactions from 2017 to 2018 stood at around $762 Mln at the time the info became public, Delfi added..
“Such a addition already causes a precise suspicion,” Petrauskas mentioned concerning the €80,000 threshold, that involves around five hundred individuals and a hundred business entities.