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Ukraine Passes Law on Money Laundering With Crypto Policy Based on FATF

The new law includes some guidelines on how the government intends to monitor and regulate the trading of cryptocurrencies. One of the guidelines focuses on individual crypto transactions worth less than 30,000 hriven ($1,300), from which the government will only collect the public key of the sender for the purpose of financial monitoring.


However, once the transaction exceeds that amount, the government will apply verification to both sender and receiver. The process will include identity verification, as well as the verification of the nature of the business relationship.


For VASP’s the threshold sits above the 40,000 hryvnya ($1,600) price level. In that case VASP’s should provide the authorities with information when traders are registered in jurisdictions that do not comply with anti-money laundering recommendations, when traders are family members, when traders are foreigners, and when cash transactions occur. Read More...

#Ukraine

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