Authorities in Lithuania have met recently to critically explore the prospect of cryptocurrencies and Initial Coin Offerings (ICO) to the country’s economy.
The meeting which held on October 3, according to a press release was focused on the examination of ICOs and the potential threats and benefits that they could offer to Lithuania economic-wise.
Native to the country, the Financial Crime Investigation Service (FCIS), organized the seminar which also included important dignitaries in the country and representatives from different ministries that are concerned with the growing development; such as the Central Bank of Lithuania, and the general prosecutor of the country. One of the important subjects of discussion was the large turnover that Lithuania processes from cryptocurrencies to fiat currencies.
The head of the FCIS, Antonio Mikulsk explained the cause of concern surrounding the growing development. He said in his statement:
“Virtual currency has huge cash flows, but (there are) worries about converting them into dollars and euros as quickly as possible, (and) leaving virtual currencies as quickly as possible.”
Some time ago, the Lithuanian government promised to facilitate a regulatory environment for cryptocurrencies and other digital assets in the country, by releasing ICO guidelines that are supposed to promote transparency and certainty in the new industry, also taking important note of the advantages and benefits that might lie in the process of employing a hands-on approach to the cryptocurrency sector.
According to the press release, the authorities reported a high turnover volume of almost $600 million, (about $576 million) over a year and a half. This event alone proves there should be tougher anti-fraud mechanisms put in place.
The deputy director of the FCIS, Mindaugas Petrauskas, also waded in with his opinions, by referencing data from Lithuanian consulting firm, Versli Lietuva. Petrauskas quoted statistical figures that suggested that Lithuania was one of the world leaders, according to ICO figures. The northeastern European country currently shows the highest growth all over the world, with a staggering 300%.
Delfi, a Lithuanian news outlet, reported on Friday that the criminal investigation body, FCIS, was also currently investigating the role of banks in the country in the processing of high-volume cryptocurrency to fiat transactions resulting from exchanges. The investigation service ordered the need for every trade or transaction that exceeded the maximum value of €80,000 to be investigated.