Officials declare this event “a step on the way to the certainty and transparency of the cryptocurrency industry” in the country.
It is reported that on June 8 a document was published in which the Lithuanian authorities described the comprehensive new “guidelines” for regulating the initial offerings of coins (ICO).
The document was the result of the work of the roundtable, which was organized by regulators to organize dialogues between banking organizations of the country and ICO operators, as well as other organizations. The very same document, again, is the official confirmation of the existence of ICO in the country and the need for their regulation from the Ministry of Finance. It should be noted that Lithuania was one of the earliest European countries that recognized the ICO at the highest legislative level and developed legal principles for their regulation. The new document will also regulate such aspects of the ICO as taxation and accounting for the initial coin offerings. It documents the concept of the ICO token, it is described as – “an asset that provides profit or management rights.”
Recall that recently a similar document was created by the regulators of Thailand, it listed the principles by which society should be guided during the ICO in the country, and also officially recognized seven digital currencies.