As per the reports, the legislative arm of Ukraine – Verkhovna Rada has approved a new set of amendments that seeks to introduce virtual currencies as a legal means of payment and investment within the country. Ukraine’s government is trying to adopt the standards of FATF (Financial Action Task Force) into national laws.
Ukraine’s legislation body – Rada released a final draft of the law on 6th Dec. During the last voting, a majority of over 240 deputies supported the new law that also incorporates provisions from EU’s Fourth and Fifth AML Directives.
The legislating body – Rada believes that although the crypto asset poses a risk but it can be used as a store of wealth.
In order to prevent crypto crime, Ukraine has prepared an AML policy to supervise the operations associated with the crypto industry. The new draft targets to prevent the legalization of proceeds of financial crime including terrorism financing.
The bill will be enacted into law once the President, Volodymyr Zelensky, signs the bill.
Source – CryptoPotato