Lithuanian authorities classified tokens of ICO projects

Lithuanian authorities classified tokens of ICO projects

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Lithuania’s Ministry of Finance published guidance in that enumerated, what tokens during realization of the initial coin offerings (ICO) it is possible to consider securities, CoinDesk writes.

An existent civil code must be used although to all projects with tokens, that can be used only as a pay instrument or right for access to the certain products, it is necessary to apply different financial rules, if token gives a profit or rights for a management.

According to a document, tokens bringing income or giving rights managements to the investors in ICO projects is classified as securities.

If tokens is used as a pay instrument or as a receipt access to the products platform, then they are controlled in accordance with positions of the Civil code.

It is also indicated in guidance Ministry of Finance, that to the investors that get an acuests from an individual purchase and sale digital currencies, will be to cash a tax the rate of 15%.

Draftsmen marked that he was not a normative act. It is assumed that a document will become a base for the future adjusting of market ICO in Lithuania.

According to the minister for finance of Lithuania Vilius Šapoka, the sphere ICO possesses enormous potential, therefore in interests the state to give the just and reasonable norms adjusting.

“Lithuania must become basic jurisdiction that the organizers of the primary placing chinks will call, wishing news the activity in the managed and transparent environment”, – he said.

In addition to financial positions, in guidance ideas are also expounded from organs on an audit, taxation and financial crimes of the country in relation to that, how the rules taxation and fight must be used against white-washing.

It was before reported that in Lithuania will create the blockchain system that will allow to the foreign companies remotely to register firms in EU and manage them.

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