Lithuania’s Financial Crime Investigators Share ICO Token and Crypto Trading Concerns

Lithuania Concerned About ICO And Crypto Trading

A press release reported last week that Lithuanian authorities participated in a seminar that analyzed the “threats and potential benefits” of ICOs on the country’s economy. The seminar is part of an ongoing investigation into cryptocurrency and trading.

The country’s Financial Crime Investigation Service (FCIS) put the meeting together and it included representatives from the country’s ministries, central bank, and the general prosecutor. The press release explained that the country has been processing lately a large turnover from crypto to fiat.

The head of Lithuania’s FCIS stated,

“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.”

The country is dedicated to creating a formal regulatory system for cryptocurrency and the like, as it believes that there are benefits to taking a hands-on approach. Further, authorities are there has been a high ICO turnover volume, approximately 500 million euros in the past eight months. As a result, it is working on anti-fraud mechanisms as well.

The FCIS’s deputy directed noted,

“According to ICO figures, Lithuania is one of the world leaders and shows the highest, 305 percent, growth form all over the world.”