Russian ICO-Investors unwanted in Lithuania

Russian ICO-Investors unwanted in LithuaniaReading Time: 1 minute

The first months of 2018 saw a real boom of the cryptocurrency industry in Lithuania. Local regulators stated that investments in ICOs might have much to do with Russian criminal money to launder illicit funds.

Marius Jurgilas from the board of the Bank of Lithuania has made a remarkable statement on the country’s economic development in the sphere of initial coin offerings or ICOs. As reported by Politico, the official doesn’t view the Russian capital ‘infiltrating into the local economy’ as anything good.

We are constantly reminding everyone about the risks … ‘I don’t want to see 70 percent of your investors in your ICO coming from Russia’’, siad Marius Jurgilas.

The Baltic country has been turning into a large ICO and crypto startup hub. For instance, last week saw the launch of Lithuanian platform for legally secure ICOs. Statistics show that local projects attract no less than 10% of global ICO investments.

Source: European Gaming Industry News

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.