According to Bitcoin.com, Lithuania’s State Tax Inspectorate issued Order VA-63, updating reporting requirements for Crypto-Asset Service Providers (CASPs) to align with the European Union’s Eighth Directive on Administrative Cooperation (DAC8) and the OECD’s Crypto-Asset Reporting Framework (CARF). The new rules require platforms to enhance customer due diligence processes by collecting user identification information, transaction records, and tax residency details. Entities already registered and compliant in other EU member states are exempt from duplicate reporting in Lithuania. Comprehensive operational reporting will become effective across the EU on January 1, 2026, with data exchange between member states’ tax authorities set to begin in mid-2027. Compliance experts advise crypto operators to immediately update their customer onboarding processes and backend systems to avoid regulatory penalties.
Lithuania Aligns with EU Framework, Updates Rules for Tracking Crypto Users
TechFlowShare
Summary
Lithuania has updated its cryptocurrency regulations to align with EU and OECD standards, requiring crypto asset service providers to collect user identity, transaction, and tax residency information. The new rules, detailed in Order VA-63, strengthen due diligence and reporting requirements under DAC8 and CARF. Platforms already compliant in other EU member states are exempt from duplicate reporting. Full enforcement across the EU begins on January 1, 2026, with data sharing to be implemented by mid-2027. Operators are encouraged to update their systems promptly to avoid penalties.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.