Ukraine Adopts New Legislation Making Crypto Payments Legal

ukraine adopts

New legislation was adopted by the Ukrainian Lawmakers that have the consequence of legalizing crypto payments as the country upgrades its framework in strict compliance to international anti-money laundering (AML) standards. Ukraine adopts new legislation right after a week later when they considered how the new bill will affect the crypto markets and we are reading further in the cryptocurrency news.

According to Forklog, members of the Verkhovna Rada- Ukraine’s parliament, haveadopted a new bill that sanctions international AML practices in the country’s cryptocurrency regulatory frame. In the newly adopted bill, cryptocurrency is now defined as property in Ukraine. Consequently, cryptocurrency owners can now use their digital assets as an agent for exchange paving the way for legalizing trading, payments, investments, and transfers.

Also, in the new bill is included a provision for private individuals to act as cryptocurrency transmitters and custodians. However, those services must be done in strict compliance with financial monitoring and reporting standards introduced true the bill. Ukraine adopts the new bill hoping to boost the adoption of digital assets in the country.

The news of the legalization of cryptocurrency payments comes after the announcement by the Ministry of Digital Transformation of Ukraine that it entered a partnership with a Belarusian crypto exchange. As reported by DC forecasts the goal of the partnership is to gain know-how from the Belarusian experience in making a legal frame for payments and cryptocurrency adoption in general sense.

By the legalization of cryptocurrency payments, Ukraine has made an important step in developing a national cryptocurrency market. In the first half of this year, the capital city of Kyiv announced that it was taking into consideration the possibility of using Bitcoin payments in its public transport system. By enacting the new regulation for cryptocurrency payments, Ukraine is also in compliance with the guidelines enacted by the inter-governmental Financial Action Task Force (FATF). Form the beginning of 2019 FATF is keen on guiding member nations to enact more stern regulatory provisions.

The chief focus for the FATF in relation to cryptocurrency has been compliance with AML regulations. Few crypto exchanges were made into compliance with FATF ‘Travel Rule’. In the writing of the bill, Ukrainian MPs cooperated with the European Union (EU)- funded cryptocurrency experts. The government of Ukraine is hopeful that the enactment of the new bill will aid its goal of securing €500 million in financial assistance from the (EU).

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