Minister of Finance of Ukraine: Ukraine will ban cryptocurrency wallets for illegal funds

A notice from the Ukrainian Ministry of Finance states that Ukrainian authorities will be able to "block the crypto wallet" to confiscate illegally acquired assets. Ukrainian Finance Minister Oksana Markarova said that the State Financial Supervisory Service (SFMS) of Ukraine will become the responsible agency for tracking the source of citizens' crypto wallet funds. A report on the Ukrainian Ministry of Finance's official website states that as part of its regulatory policy, SFMS will not only be able to find out the source of cryptocurrencies, but also detect how these funds are used. According to the statement, SCFM's new duties will be part of a new encryption-related law, which was approved by the Ukrainian government in December 2019. As part of the new law, all crypto transactions up to 30,000 Ukrainian hryvnias (about $ 1,300) must be accompanied by KYC identity and information about the nature of the business relationship between the payer and payee. In addition, it is reported that the new law will enter into force on April 24, 2020.