Ukrainian Watchdog to Track Cryptocurrency Transactions Over $1,200 For AML

Authorities in Ukraine are planning to track all crypto transactions that exceed $1,200, says Oksana Makarova, the Ministry of Finance’s head in the country.

The matter was discussed in an interview with MC Today, a local news outlet. It was also mentioned the law for anti-money laundering in crypto transactions, the law that President Volodymyr Zelensky signed just last month. It’s a first for the anti-money laundering law in Ukraine to address crypto too.

Operations Considered Suspicious to Be Reported to the SFCM

In case a payment service provider finds an operation to be suspicious, it needs to report it to the State Financial Monitoring Service (SCFM), the agency that can block any transaction and even confiscate the cryptocurrencies that are obtained illegally. Makarova said,

“SCFM has access to an analytical product that allows investigations into the origins of crypto-assets and their uses. It is impossible to stop operations now, but it is possible to block crypto wallets and remove illegally obtained crypto assets. This can be done by accessing the crypto's private keys as a result of complex investigations.”

Cryptocurrency Not Yet Defined as an Asset Class by the Ukrainian Law

The Ukrainian law doesn’t yet define cryptocurrency as an asset class. Makarova mentioned that a few national agencies are working together to make a new virtual asset regulation, which regulation is supposed to be revealed to the public in the next 4 months. The Ukrainian parliament already has under consideration a bill that proposes a 5% tax for crypto revenue.

While it’s not yet known just how much crypto is now circulating in the country, Makarova thinks the volume is high but that money laundering is still mostly conducted with cash. She also said the legalization of cryptocurrencies brings new opportunities for the crypto industry to develop in the country.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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