Ukraine officially legalizes cryptocurrency payments and will strictly abide by FATF regulatory rules

According to foreign media reports, according to foreign media reports, the Verkhovna Rada of the Ukrainian Parliament has approved the amendment to the cryptocurrency. The new legislation aims to translate the standards of the Financial Action Task Force (FATF) into national laws, Who is responsible for regulating the country's cryptocurrency industry.

The bill was amended to include "virtual assets," which are described as property, a digital value carrier that citizens can trade, transfer, use for payment or investment purposes. In other words, cryptocurrency payments have been legalized in the country.

Details of the new law also include a provision that allows individuals to act as transmitters and custodians of cryptocurrencies. However, these services must operate strictly in accordance with the financial monitoring and reporting standards required by the newly passed bill.

Ukraine will follow FATF monitoring standards

By adopting new cryptocurrency payment regulatory standards, Ukraine has also complied with guidelines proposed by the intergovernmental organization FATF. Since the beginning of 2019, FATF has been keen to guide member states in the development of stricter regulatory requirements.

According to reports, the cryptocurrency amendment was formulated by lawmakers of the multiparty parliamentary group "Blockchain4Ukraine" with the help of experts and others funded by the European Union, and in the last voting resolution on December 6, more than 240 The overwhelming majority of the delegates supported the law, which also includes provisions of the EU ’s fourth and fifth anti-money laundering directives.

It is reported that the Ukrainian government has also recently established a fund that will grant 18 million US dollars in grants to startups in the innovative economy, including the blockchain industry.