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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

FTX Founder’s Shady Messaging Moves: The Signal of Trouble

Sam Bankman-Fried's Criminal Trial is Underway

Blockchain

Bitcoin options, the next battlefield of the exchange?

Since 2009, Bitcoin has been born for more than a decade. Bitcoin has gone through decades of financial development i...

Market

Solana’s Spectacular Comeback: Moons and Stumbles

In 2023, the token has increased by over four times its starting value of $10, making it a lucrative investment for F...

Blockchain

Interview with Justin Sun: Web3 Yu'ebao stUSDT, Tron's Ambition to Connect DeFi and TradFi

stUSDT allows users to access low-risk and stable investment opportunities in national bonds, and supports flexible w...

Blockchain

ChainNode Live Room | Derivatives track has become an industry consensus. Bitcoin will be up to $ 20,000 in the year?

Since the beginning of this year, the trading platform has frequently acted, causing one after another "destruct...

Blockchain

Derivatives track has become an industry consensus. Bitcoin will be up to 20,000 US dollars in the year?

2020 cryptocurrency market welcomes a good start: BTC rose more than 29% in January, and regained the 10,000 yuan mar...