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Ukraine passes final regulatory law for anti-money laundering; Taps Belarus exchange for more regulatory expertise

Ukraine has finally passed an anti-money laundering law for the crypto space, providing clear guidelines for traders and businesses on how to properly conduct a transaction in the future.

Image: Juan Antonio Segal (Flickr)

Mon, 09 Dec 2019, 09:18 am UTC

The anti-money laundering law (AML) that will oversee the crypto space within Ukraine has now been completed and passed. Ukrainian legislating body Rada recognizes that crypto assets can be used as a store of wealth but is also taking precautions due to the risks that it poses.

Under this new regulatory framework, individuals and virtual asset service providers (VASP) will be monitored by authorities to decrease crime occurrence in the nascent sector. Included among the restrictions that were imposed is a financial threshold that’s been set for VASPs and individual crypto transactions, Cointelegraph reported.

For instance, the limit for individual crypto transactions is $1,300. Facilitating a transfer below this amount will require the sender to submit a public key for activity monitoring. Going beyond that amount, however, and authorities will require both the sender and receiver to undergo identity verification and provide a clear definition of the business transactions.

Restrictions on VASPs

Meanwhile, VASP threshold is set at $1,600. On exceeding that amount, traders will be obligated to provide information about their jurisdiction and whether or not they reside in regions that are non-compliant about anti-money laundering restrictions. Information about the personal connection between the trader and the service provider should also be disclosed; if the trader is a foreigner, and a timeline when cash transactions are taking place.

It’s important to remember, however, that this new regulation only encompasses anti-money laundering regulations. Other restrictions in the crypto space are still being developed.

Ukraine seeks more knowledge about crypto regulation

Indeed, Ukraine just recently tapped Belarus-based cryptocurrency exchange to acquire more knowledge on how to properly manage the disruptive crypto space. Ukraine and the exchange have just signed a Memorandum of Understanding (MOU) to put up a regulatory framework for digital assets, CoinGeek reported.

“The more we study the experience of this country, the deeper we understand how much work has been done and what results have brought it,” Deputy Minister of Digital Transformation Alexander Bornyakov said. “We are pleased to work with the team for the development of Ukrainian legislation.”

This partnership is but the latest collaboration that Ukraine has struck in this regard. The country has also signed an MOU with Binance, one of the leading crypto exchanges in the world. Ukraine believes that the crypto industry has the potential to promote the growth of its economy and attract investors that may be looking to enter the space.

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