12 Jun 2018
Lithuanian Ministry of Finance releases ICO guidelines, where authorities explain all the standards of ICO’s interaction with the Lithuanian economy.
12 June, AtoZ Markets – Lithuanian ministry of finance has revealed its new ICO guidelines. The authorities in the Baltic state continue to work on uniting the section of the country’s finance sector and the emerging Blockchain technology.
The official document from the Ministry of Finance in Lithuania has been released on the 11th of June. It comes in the form of a multidimensional “interpretation” of securities laws. The document also aims to explain under what conditions these laws can apply to ICO tokens.
Minister of Finance in Lithuania, Vilius Šapoka, has commented:
“We do believe that certain usage of it, such us ICOs, should be regulated. […] Lithuania already has an exceptional regulatory advantage. We are one of the first ones in Europe who prepared comprehensive Guidelines on legal framework for ICO projects covering regulatory as well as taxation and accounting.”
He further adds that Lithuania acknowledges that “the brave new crypto economy world” is here to stay. Vilius Šapoka has noted that Lithuania strives to invite crypto market participants to innovate and create in the country.
The document covers anti-money laundering laws and taxes topics, along with the token classification matter. The guidelines are also managing to establish certain standards of ICO’s interaction with the Lithuanian economy.
The document reads:
“Whether a certain token is to be considered as a security token, the opinion presented by the Bank of Lithuania concerning the recognition of such a token as securities does not necessarily mean that for tax purposes this token will be treated the same way.”
The release of Lithuanian ICO guidelines is expected to act as “another step towards more certainty and transparency in the regulatory, taxation, accounting, and other requirements as well as better cooperation between different stakeholders.”
Back in April, the Baltic state has commenced analyzing crypto markets more closely. That time, the central bank of the country has set up a “roundtable” with other banks, financial market participants, and regulators.
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