фото показано с : blokt.com

Lithuania is exploring new ways to learn about cryptocurrencies and see how the controversial yet revolutionary financial concept can fit into its economy. In the wake of this situation, the Financial Crime Investigation Service (FNTT) prepared a report detailing the threats and potential benefits of the crypto industry to the local economy, especially in the context of fintech, initial coin offerings (ICOs), and virtual exchange. Several heads of state authorities and prominent political figures attended the presentation.

The FNTT, in its seminar titled “Development of the Financial Technologies Sector, Opportunities and Challenges,” talked about the threats related to cryptocurrencies and ICOs. Antonio Mikulsk, FNTT director, described how Lithuania could approach these threats:

“The Financial Crime Investigation Service is advocating for innovation and for innovative technologies, but they should be subject to certain regulatory and control mechanisms. Virtual currency has huge cash flows but worries about converting them into dollars and euros as quickly as possible, leaving virtual currencies as quickly as possible.”

Participants of the seminar consisted of representatives of Seimas Viktoras Rinkevicius; the Finance, Home Affairs, Justice, and Economy Ministries; the State Tax Inspectorate; the State Security Department; the Prosecutor General’s office; and representatives of the Bank of Lithuania. The seminar focused on how interest in virtual currencies is rising in the country. It also said that while new business models are developing, settlement in this financial system remains anonymous and unregulated, which could be a threat to the local market.

Deputy Director of FNTT Mindaugas Petrauskas explained the nuances of ICO financing to the seminar attendees. He said that ICO figures suggest a strong Lithuanian interest in digital currencies. The country experienced 305 percent growth in digital coins. He also quoted “Verslia Lietuva,” which claims that Lithuanian companies have raised over 500 million from ICOs in just one and a half years. ICO publishers do not identify their investors, because of which there are no filters for illegal money in these investments, he said.

He explained the four biggest risks for crypto use and ICOs, namely “anonymity, cross-border nature of transactions, service segmentation and decentralized system.” There are chances of terrorism financing and money laundering through ICO schemes as well. The agency proposed new provisions for regulating the cryptocurrency market. It said that Lithuania needs stronger regulations than those proposed by the European Parliament’s directive.

Lithuanian Government Explores the Threats and Opportunities With Cryptos was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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