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

Coinbase publicly acknowledges that 3,420 user information is threatened by registration vulnerability

According to foreign media, Coinbase Exchange acknowledged in its latest blog post that a vulnerability in their syst...

Blockchain

What if Bitcoin is loaded with a Decentralized Exchange (DEX)? This expansion agreement will solve the problems faced by the lightning network.

The author of a new under-chain bitcoin extension solution called Statechain called on the Bitcoin community to imple...

Bitcoin

Beware! FTX Users Targeted in Hilarious Yet Insidious Withdrawal Scam

Fashionista alert Reports of FTX users falling victim to phishing scam through enticing emails and withdrawals.

Blockchain

Can the community restart and can the losses be recovered? 8 big events to clarify the way for FCoin to defend your rights

On February 17, 2020, FCoin founder Zhang Jian released the "FCoin Truth" announcement. FCoin was unable to...