Lithuanian authorities issued a comprehensive guide on ICOs on 8 June with a new document they shared. With this new document published according to the authorities in the country, the ICO market will become much more "clear and transparent" .
About two months before the government brought together the banks, ICO operators and related persons in the country, negotiations started. Vilius Sapoka, the finance minister of the country, was "thinking that ICOs should be organized" and his views seem to have echoed positively throughout the government. A recent statement by Sapoka said: "Lithuania has an exceptional advantage in the area of legal regulation. We are one of the first countries in Europe to publish a comprehensive guideline on ICO legal status and taxation ". Sapoka added the following:
"We are aware that the new crypto money world is not temporary, and that is why we invite people in the crypto money sector to innovate and create something within the Lithuanian borders."
Taxation, accounting, money laundering lawmakers trying to cover various areas, such as the AML, look at the profitability and management rights of that token to determine whether an ICO token is securities.
Lithuanian authorities they want both customers and companies to understand each other better and the cryptographic monetary sector to be much clearer in general.
"This guideline is another step towards gaining greater transparency in legal obligations, taxation and other conditions, and greater cooperation among various stakeholders."
The question of whether tokens are securities is the focal point of many countries, especially the United States and Canada. Coin Telegraph
The US Securities and Exchange Commission (SEC) has stated in its previous week that the cryptography industry has been disappointed by the fact that so few companies appear to be securities operators in the money industry.