Gofaizen & Sherle Launches Full-Cycle Online Accounting in Lithuania

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Gofaizen & Sherle has launched a one-stop accounting solution in Lithuania. This comes as a further demonstration of the leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations’ continued quest to help businesses in Europe and other parts of the world stir the daunting waters of the financial industry. 

Accounting issues confront crypto companies: high prices, a lack of market knowledge, and different country regulations. Many of these issues can be solved quickly and cheaply with online accounting. With their existing expertise in Lithuania, Gofaizen & Sherle can make the accounting process easier with this new product development.

Because of its decentralized nature and high volatility, cryptocurrency's transformation from speculative investment to a new asset class has prompted governments worldwide to look into ways to regulate it.

According to a recent release from the Lithuanian Ministry of Finance, the national government approved changes to the country's anti-money laundering (AML) and counter-terrorism financing regulations that affect the cryptocurrency sector. The newly passed legislation was intended to tighten user identification guidelines and prohibit anonymous accounts.

Exchange operators are also subject to stricter requirements under the new regulations. Beginning January 1, 2023, cryptocurrency exchange operators, for example, will be required to register as a corporate body with a minimum capital of 125,000 euros.

Furthermore, despite the Bank of Lithuania's differing views, cryptocurrencies are treated equally with a legal tender for