Ukraine approves final version of anti-money laundering law to regulate virtual asset transactions in accordance with FATF guidelines

According to Cointelegraph reported on December 7, the Ukrainian government has approved the final version of the anti-money laundering law, which will regulate virtual assets and virtual asset service providers (VASP) according to the guidance of the Financial Action Task Force (FATF).


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On December 6, Rada, the Ukrainian legislature, announced the final version of the law. The law considers virtual assets as a means of wealth storage, and also indicates that virtual assets may be used for money laundering, fraud, and terrorist financing. Financial crimes.

Cryptocurrency transaction verification process

The new law includes guidelines on how the government plans to monitor and regulate cryptocurrency transactions. One of the provisions states that for a single crypto transaction worth less than 30,000 hryvnias (about $ 1,300), the government will only collect the sender's public key for financial monitoring.

However, once the transaction exceeds this amount, the government will verify the sender and receiver. This process will include authentication and verification of the nature of the business relationship.

For VASP, the threshold is higher than 40,000 hryvnias ($ 1,600). In this case, VASP should provide information to the authorities when the trader is registered in a jurisdiction that does not meet the anti-money laundering recommendations, the trader is a family member, the trader is a foreigner, and when cash transactions occur.

Blockchain4Ukraine's Konstantin Yarmolenko provided Cointelegraph with guidance on Ukrainian law in this area.

Binance helps Ukraine develop cryptocurrency related legislation

According to reports, Binance, the world's leading cryptocurrency exchange, is working with Ukrainian authorities to establish cryptocurrency-related legislation in the country. Binance signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine to jointly study the legal status of cryptocurrencies. Binance Chief Executive Officer Zhao Changpeng (CZ) said in November that the legalization and progressive legislation of cryptocurrencies can bring positive growth to the economy and play a key role in attracting additional investment.

As part of the agreement, the Ukrainian Ministry of Digital Transformation and Binance plan to set up a working group to focus on the implementation of blockchain strategies and the creation of a "new virtual asset and virtual currency market" in Ukraine.