Recently, some of the problematic situations have appeared across the European continent about the rules of the Cryptocurrency Industry, there are few countries who have hold the Blockchain. Apart from this, we have also heard about different places such as Malta, Gibraltar, and Switzerland, all these countries are gaining attraction from lots of blockchain firms. But, we forgot one of the most popular Blockchain-friendly country, Lithuanian.
Lithuanian Economy raised due to Cryptocurrency Firms
Politico reporter Joanna Plucinska the country has not made any rules about the Blockchain Industry. Due to this, the country has gained a lot of attraction from Blockchain based firms. In a country which is having a population of just 2.9 million people, ICOs and Blockchain firms have raised about €500 million in just one year.
Thus, due to a large amount of cash flow, Lithuanian government is considered to grow about 3.1% by the end of this year and 0.8% ahead of the rest of the EU. Also, the country is fully positive about Blockchain, and it has been developing new internet networks to “support data-heavy operations” such as operations required to maintain blockchain networks.
Cryptocurrency rules implemented in EU
Lithuanian Government has not fully satisfied with the Cryptocurrencies. Moreover, Lithuanian bank has also started a talk with various banks, regulators, and traders about money laundering and scam issues in Crypto world.
After various conversations, a whole new set of regulations for ICOs and Cryptocurrency are released by Lithuanian finance ministry before few days. Despite the guidelines mentioned about to tax cryptocurrencies and ICOs, the guidelines are still considered in favor when compared with other EU countries which have more strict rules.
Due to country's good attitude regarding the cryptocurrency, have led to the country for at least one Crypto Scam. Prodeum is one of the Cryptocurrency Startup assumed to be based in Lithuania has disappeared from the Internet completely.
In order to avoid these scams, EU had taken to control various Cryptocurrencies on a large scale in April this year. Here, European Parliament Voted in order to sign an agreement with the European Council to implement strict rules on Cryptocurrencies to protect from various money laundering and financing terrorism.