Ukraine is planning to oversee all cryptocurrency transactions exceeding 30K Hryvnia in fear of corruption and criminal usage. The transactions will be examined and verified by Ukraine officials; announced Finance Minister Oksana Makarova during a recent press conference.
Remarkably, Ukrainian anti-money laundering law has included crypto as an asset to be monitored. Cryptocurrency exchanges, trading platforms and banks are to collect, store and provide authorities with detailed information about the identity of their customers when required.
Besides, every cryptocurrency platform is required to report any suspicious activity to the State Financial Monitoring Service (SCFM) and block suspicious transactions and even confiscate cryptocurrencies originating from illicit transactions.
However, the Ukrainian Finance Minister is convinced that fiat currencies are still favourable to criminals and that the legalization of digital assets and cryptocurrencies will not be a threat against the nation.
“I think that our criminals and corrupt officials are quite conservative and still keep the funds mostly in cash. Therefore, in the legalization of cryptocurrencies, I see opportunities for the development of this industry in our country, not a threat.”
Oksana Makarova
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