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Crypto Payment A Legal Entity In Ukraine Now

Crypto Payment A Legal Entity In Ukraine Now

Crypto Payments Is A Legal Entity In Ukraine Now-techcryption

It is well-known that Ukraine has been in a renewed fight against corruption in recent months and seeks to crack down on the widespread corruption in the country by requiring the citizens to disclose their crypto holdings starting from January 2020.

The Corruption Prevention Law recognizes cryptocurrencies as a store of wealth and it warns about the potential use of cryptos to launder money and to finance terrorist activities. Therefore, it requires Ukrainians to disclose any member of their family who owns crypto and the amount they own. This will include both the immediate and extended family, as well as minors who own crypto, will have to be disclosed too.

Despite that, it was announced that Ukrainian cryptocurrency startups will be funded up to $75,000 each by the government, as the fund applications from various high-tech sectors including the blockchain industry have been accepted, and over $1.5 million will be distributed towards the end of the year.

Recently, the Verkhovna Rada, Ukraine’s legislature, has reportedly adopted an amended draft law that seeks to introduce cryptocurrencies as a legal means of payment and investment within the country. Among many things, this will give room for legalized trading, payments, investments, and transfers.

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It is noteworthy that all crypto operations will be subjected to different levels of financial monitoring depending on the amount and destination of each transaction. The Ministry of Digital Transformation, which has been quite active this year, will be tasked to regulate the circulation of virtual assets in Ukraine. It will also conduct oversight to verify compliance with Anti Money Laundering (AML) regulations in the crypto sphere.

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