Throughout its existence, cryptocurrency has faced one form of criticism of the other. In its initial stages, many believed that crypto was simply a fad or a scam that will not last very long and later on, the criticism was about its price instability and whether it could last into the future. As major tokens such as bitcoin have celebrated over a decade of existence and are moving into a new stage of maturity in the world financial scene, the criticism has evolved to disputes about what it means for the global economy and whether the use of crypto in a widespread manner would encourage crime and more specifically, money laundering.

It seems that Ukraine is taking some steps in this regard as on December 6, 2019, it was reported that Rada, which is its official financial governing body, has issued a final draft of a law that will regulate virtual assets and virtual asset service providers and focuses on money laundering.

New Measures 

In the latest draft, the body recognizes digital assets as a store wealth but also admits that they have the potential for use in crime such as money laundering, kidnapping and encouraging of terrorist activities. The new draft also touches on the measures of the government will take to prevent this sort of activity. In one of the sections of the law that focuses on the monitoring of crypto trading activities, it was stated that all transactions that are worth less than 30,000 hriven ($1,300) will be recorded by the government for record-keeping purposes with the use of the public key.

For transactions that are above that amount, some information will be needed from the government for identification purposes such as the verification of the identity of both the sender and receiver as well as the nature of the business relationship. For any transactions are above 40,000 hryvnya ($1,600), the virtual asset service provider will need to provide information to the government such as in the case when the sender or receiver lives in a  jurisdiction that does not comply with anti-money laundering address, if the sender or receiver is a family member and so on.

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