AML and KYC Procedures for Crypto Entities Anti-money laundering and Know Your Customer procedures are the backbone of crypto operations in Lithuania. Introduced as overseeing mechanisms of economic security in the world of digital assets, these have a significant impact on how businesses and people trade in cryptocurrency exchange. To put it simply, compliance…
With its initial introduction in 2009, Bitcoin came as a quiet alternative to traditional currencies. Since then, however, the leading cryptocurrency has continued to transform global finance. Now, a diverse range of digital currencies within a decentralized system are driven by blockchain technology. Since blockchain paves the way for greater transparency, its impact goes beyond…
Amid rapid technological evolution across the world, Lithuania continues to gain traction for its crypto-friendly regulatory system. The country fosters an exemplary ecosystem for fintechs and other blockchain-based companies. In turn, Lithuania welcomes a rising number of interested stakeholders such as entrepreneurs and global partners every year. Among other industries, the cryptocurrency sector experiences unique…
What are the implications of cryptocurrencies in 2023? By definition, cryptocurrencies are intangible digital tokens that are traded as a form of virtual currency. These are trail-free, and easily transferable between two or multiple parties over the general internet infrastructure. Contrary to traditional money, crypto is decentralized and thus, not owned by any single person…
Cryptocurrencies have taken the financial world by storm, revolutionizing the way we transact and invest. As the popularity of cryptocurrencies grows, so does the need to understand the tax implications surrounding these digital assets. In Lithuania, a country known for its progressive approach to financial technology, navigating the world of cryptocurrency taxation requires clarity and…
