Lithuania wary of Initial Coin Offerings

lithuania ico

Europe is a continent of all sorts of various countries and cultures. The attitude about cryptocurrency certainly varies, depending on the demographic and country that is examined.  

A recent survey confirmed that many in London saw immense value in cryptocurrency. This demonstrated that there was much more interest in metropolitan London than the rest of the U.K.

This shouldn’t appear as too astonishing, considering that many view London as the global financial capital of the world. It appears as though Lithuania, the largest economy of the Baltic States, is a bit more cautious when it comes to cryptocurrency.

Lithuania helds seminars about ICO

The Lithuanian government held a seminar, in conjunction with the Financial Crime Investigation Services (FNTT). The goal was to discuss the issue amidst bankers, politicians, and the State Security Department.

The director of the FNTT, Antonio Mikulsk, pointed to the “huge cash flows” associated with initial coin offerings, as a potential fraud issue. He cited the fact that the ICO turnover volume had topped over $500 million dollars.

Considering that there is no clear framework for regulation in the country, the concern for fraud is evident, and Mikulsk made it clear that he still advocated for “innovation and innovative technologies”.

Lithuania is not the only country grappling with the idea that blockchain technology will be a global technological trend, while still working to protect against potential fraud and crime.  The country has seen a clear uptick in cryptocurrency-related businesses, without any meaningful advances in terms of regulation.

The seminar sought to address the issues more head-on.  In June, the country had released some guidelines that many viewed as a step towards clarity and transparency, although it is clear that not all questions and concerns have been addressed regarding regulation and taxation. Time will tell how Lithuania proceeds, and whether this has a ripple effect with the rest of the Baltic States.

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