Lithuania Tightens Crypto Reporting Rules Under EU Framework

Lithuania has tightened reporting requirements for crypto service providers, expanding the customer and transaction data firms must collect as the European Union implements its digital-asset tax framework. The rules, established through VA-63, require regulated crypto service providers and local crypto operators to strengthen customer due diligence and record user identification, transaction activity and tax-residency information. Firms must also maintain customer identification numbers, transaction logs and account balances. The changes align Lithuania’s national procedures with the European Union’s DAC8 reporting rules and the Organization for Economic Co-operation and Development’s Crypto-Asset Reporting Framework.

Source: TokenPost