Ukraine legalizes crypto payments
Ukraine Passes Law on Money Laundering and approves cryptocurrencies as a legal means of payment.
The Ukrainian government approves the final version of a money laundering law that will handle virtual assets and virtual asset service providers per FATF guidelines.
The deputies of the Verkhovna Rada of Ukraine adopted the bill on implementation of FATF standards for countering money laundering and terrorism financing. The document contains a statement on virtual assets, which are considered as property and can be used for payment and investment purposes.
According to the amendments prepared by Blockchain4Ukraine in cooperation with the Ministry of Finance, BRDO and other market participants, all transactions with virtual assets will be monitored financially depending on the amount and country of destination of the transaction.
The Ministry of Digital Transformation will be in charge of regulating the circulation of virtual assets in Ukraine and overseeing compliance with AML legislation in this area.
In the course of the discussion of the bill, it was decided to reduce penalties for primary financial monitoring subjects in case they fail to comply with the requirements of AML-legislation. In addition, the document includes editorial revision, which obliges financial regulators of Ukraine, including the Ministry of Finance of Ukraine, to bring their regulations in line with it within three months after the law comes into force.
It is the first bill to introduce the terminology of the cryptocurrency market into the legislative field of Ukraine. It may be great to review your priorities in Bitcoin era: earn cryptocurrency now with Hashmart.io cloud mining service to stay on the cutting edge of progress in future.
