The government of Ukraine has been working on money laundering law to deal with virtual assets and their service providers (VASPs). However, it has okayed the final version of the law as regards FATF guidelines.

The legislative body of the country released the final version on December 6. The law regards virtual assets as a means of wealth storage, and recognizes its likely utilization in financial crimes, like money laundering, fraud, and provision of funds for terrorists.

Part of the law contains certain guidelines on the monitoring and regulation of crypto trading. For instance, there is focus on the crypto transactions of each person with a value not up to 30,000 hriven (1,300 USD), and the government collects thesender’s public key for financial monitoring.

Nevertheless, for transactions over the stated sum, thegovernment will verify the sender and receiver. It will verify their identities and the kind of business relationship.

As regards the digital assets service providers, the threshold is maintained over the 40,000 hryvnya ($1,600) price level. Hence, they are to notify the authorities about traders registered in jurisdictions lacking compliance with anti-money laundering recommendations, in a case where traders are family members and foreigners, as well as when there is cash transactions.

According to a report, leading cryptocurrency exchange Binance is working with authorities in Ukraine towards theestablishment of legislation related to cryptos in the country. The company signed a MoU with the country’s Ministry of Digital Transformation for collaborative effort in working towards the legal status of cryptos. According to the CEO of Binance, the legalization of cryptos and adopting growinglegislation can enhance economic growth and foster additional investments.

One of the aspects of the MoU focuses on the formation of a working group to deal with the approaches to implement blockchain and create “new virtual assets and virtual currencies market in Ukraine.”