Justin Szilard: Lithuania Creates Favorable Cryptocurrency Guidelines

news lithuania ico cryptocurrency

Lithuania, the European state, has recently unveiled comprehensive guidelines, “ICO Guidelines”, that outlines regulations for both cryptocurrencies and ICOs within the country.

The report covers four topics; regulation, taxation, accounting, and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT). The Lithuanian Minister of Finance, Vilius Šapoka did explain that the report is not exhaustive and whenever a discrepancy exists between the guidelines and institutions, the latter will take precedent. Vilius Šapoka had an overall positive attitude about cryptocurrencies saying that they “acknowledge that the brave new crypto economy world is here to stay” and thus want to “encourage and invite its participants to innovate and create in Lithuania”.

The report recognizes the differences between the many possible ICO structures and thus states that each will be regulated differently and may even be “subject to the requirements of the legislation of the Republic of Lithuania and supervision of the Bank of Lithuania”. As for corporate and personal income taxes, cryptocurrencies are to be treated as “current assets that can be used as a settlement instrument for goods and services or stored for sale”. For VAT (Value Added Taxes) cryptocurrencies are to be treated as “the same currency as euros, dollars etc” and taxed at 15%, but mining will be exempt since “no goods/services are usually supplied for consideration”. For accounting and AML/CFT standards, the classification “of tokens circulated by the token promoter depends on whether they are attributed to payment, utility and securities tokens”, the document said, and amendments to the 5th AML Directive are currently being developed.

A Baltic Tiger hunts for prosperity through innovation

The three Baltic nations, Estonia, Latvia, and Lithuania are know as The Baltic Tigers for their rapid economic growth after achieving independence from the Soviet Union in the 1990s. The reason for their rapid growth was their continuous acceptance of free and open markets. Currently, Lithuania ranks #19 on the Index of Economic Freedom, which is only one spot behind the United States. This pursuit of free markets also allowed them to recover very quickly from the 2007/2008 economic crisis that hit Europe. The new cryptocurrency regulations indicates that Lithuania is taking a history lesson from itself to make sure free markets prevail, in order to foster innovation and economic prosperity in the cryptocurrency era.

The guidelines that were issued by Lithuania still place regulations and taxes on cryptocurrencies and ICOs, but it is a step towards more free markets when compared to other countries that have taken a more harsh stance against cryptocurrencies. Countries that have created a favorable environment for cryptocurrencies are allowing the creative energies of numerous individuals to disrupt the old financial and monetary system. Cryptocurrencies offer an alternative to the status quo of high fees, long transaction clearing times, insufficient security, and manipulation of the money supply. Thus, consumers benefit from allowing cryptocurrency innovation, which includes some of the most poor individuals disenfranchised by the old financial and monetary system.

Dash seeks innovation with transparency

Since Dash is a microcosm for a wider free market within its treasury system, individuals are able to pursue different projects that they believe are important to consumers. A major project that stands out is Node40, which deals with cryptocurrency tax compliance, but there is also Alt36 that deals with marijuana, and Neptune Dash that deals with fractional masternode ownership traded on regulated exchanges. The regulatory compliance that is required with these projects highlights how individuals within the Dash community are committed to working within the current regulatory framework to make Dash successful for everyday consumers that, ultimately, have to work within the confines of governmental laws.

The decentralization of projects allows Dash to demonstrate transparency to government regulators while it simultaneously pursues consistently low transaction fees, fast confirmation times, security, and sound money. This allows Dash to offer radical monetary and financial independence to consumers around the world, many of whom desperately need such features to live a better life. The above features give Dash the ability to demonstrate to potential regulators that Dash is legitimately trying to help consumers and debunk any fears they may have of Dash being used for nefarious purposes. This allows Dash’s developers to focus on innovation to offer the best possible services for consumers.

The post Lithuania Creates Favorable Cryptocurrency Guidelines appeared first on Dash Force News.

Original article was created by: Justin Szilard at www.dashforcenews.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
October 04, 2018

Dash Adoption Pushes Forward in Africa

Dash Hub Africa and Dash Africa have been spearheading Dash adoption in Africa despite inconsistent funding for their projects. Ghana and Nigeria continue to top the charts of countries that use Dash to purchase mobile airtime through Bitrefill, according to stats shared with Dash Force News by...

From: Justin Szilard

Major New Hampshire Auto Dealership Accepts Dash, Sells First Car for Dash

A major auto dealership in New Hampshire has begun to accept Dash for payments, has sold its first Dash car, and is running a Dash-exclusive promotion. AutoFair in Merrimack, New Hampshire recently began accepting Dash payments, one of the first major retailers in the region to do so. The first...

From: Joël Valenzuela
October 03, 2018

Cryptocurrencies Can Solve the Triffin Dilemma, Argues St. Louis Fed Economist

David Andolfatto, an economist with the St. Louis Federal Reserve Bank hosted a Twitter Q&A where he answered affirmatively to a user’s question as to if cryptocurrencies could solve the 50-year old Triffin Dilemma. The Triffin Dilemma refers to the problem where a currencies’...

From: Justin Szilard

Indian Cryptocurrency Exchange Shuts Down, Highlights Importance of Censorship Resistant Money

ZebPay, one of India’s oldest and largest cryptocurrency exchanges, has shut down its operations from the Indian government’s indecisiveness on cryptocurrencies. The Indian government has not made official laws with regards to trading cryptocurrencies, but back in April 2018, the...

From: Justin Szilard
October 02, 2018

New Cryptocurrency Exchange Furthers Dash Integration in Venezuela

CoinCola, the Hong Kong-based cryptocurrency exchange, will be entering Venezuela as a new market and will simultaneously integrate Dash. The exchange features over-the-counter trades (OTC) and coin-to-coin trades and now Dash trades, but their Dash services will be limited to Venezuelans. The...

From: Justin Szilard

Dash Talk Discord Server Launches

In order to improve the Dash community’s cohesion and discourse experience, and to preserve its decentralization and freedom of speech, several prominent community moderators have created a new Discord chat server, Dash Talk. This server was created and fine-tuned privately, but is now...

From: Joël Valenzuela
Upcoming ICO's
This week overview
Token Name Starts
Spotcoin (SPOT) logo Spotcoin (SPOT) 1 days
CoTrader (COT) logo CoTrader (COT) 2 days
Bountie (BNTE) logo Bountie (BNTE) 5 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6502.21480443 0.43%
Ethereum logo ETH $205.350773842 0.56%
Ripple logo XRP $0.4563620815 0.5%
Bitcoin Cash logo BCH $449.32623853 0.7%
EOS logo EOS $5.4301806911 0.67%
Stellar logo XLM $0.2427609829 1.51%
Litecoin logo LTC $52.8864557997 0.6%
Tether logo USDT $0.982817263 0.26%
Cardano logo ADA $0.0759604767 0.85%
Monero logo XMR $105.126607859 0.42%
Tronix logo TRX $0.0241271673 0.39%
IOTA logo IOT $0.4942538851 0.79%