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Richard Adrian
Dec 7, 2019
by Richard Adrian

Ukraine Passes Law on AML with Crypto Policy Based on FATF

Ukraine
The government of Ukraine approved the final version of a money laundering law, that is going to handle digital assets and digital asset providers as per FATF guidelines.  The Rada which is Ukraine’s major legislative body published the law that;  refers to virtual assets as stores of wealth. In fact, it also recognized the potential of financial crimes such as fraud, financing of terrorists and fraud. 

Applying Both Party verification 

Meanwhile, the legislation comprised of guidelines for the governments intended method of monitoring the trading of cryptocurrencies. One such guidelines pays attention to individual crypto transactions that are worth less than $1,300 (30,000 hriven) ; from which the government shall collect public keys of respective senders for financial and trade monitoring. 

However, immediately a transaction exceeds the named amount, the government will verify both parties to the transaction. A process which will include verifying the identification;  in addition to verifying the nature of the interrelationship between the business or the transaction ends. 

Virtual assets providers will have their transaction threshold along 40,000 hyrvnya ($1,600). In which case they should provide regulators with further information concerning when traders are registered within jurisdictions-; jurisdictions that do not comply with anti-money laundering policies; as well as when traders are family members, or foreigners and when it is a cash transaction that has occured. 

Binance helps Ukraine to prepare crypto legislation

Meanwhile, leading cryptocurrency exchange Binance is in an alleged collaboration with Ukranian authorities so as to establish cryptocurrency related legislation within the country. Reportedly Binance signed an MOU with the Ministry of Digital Transformation of Ukraine for a joint project on the legal status of cryptocurrencies” in the country.  Binance CEO Changpeng Zhao announced that the legalization of cryptocurrencies and the adoption of progressive legislation, could play a major role in bringing positive growth in the economy; in addition to attracting more investments. 

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Ukraine Passes Law on AML with Crypto Policy Based on FATF
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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