Ukraine to Supervise Bitcoin & Cryptocurrency Transactions Above $1,200

Jan 28, 2020 at 15:40 // News
Author
Coin Idol
Ukraine to monitor cryptocurrency transactions

The government of Ukraine will start overseeing all Bitcoin and cryptocurrency transactions, however, the current minister of finance has acknowledged that it is not virtual tokens but fiat currency which villains, fraudulent and corrupt public workers take advantage of.

After discovering the potential benefits in blockchain, the government is now trying to make regulation and legalization of digital currencies as a main concern. Yes, Bitcoin and other coins carry some severe risks, but their benefits prevail over.

According to Minister Oksana Markarova, the responsible financial agencies in the country will be carrying out monitoring activities to all Bitcoin (BTC) firms plus other businesses conducting cryptocurrency related operations, so they can be properly inspected and verified. As a matter of fact, those cryptocurrency transactions which are worth 30k hryvnias (approx. 1,220 USD) or more, are to be subjected to maximum government surveillance, the minister emphasized on this point when she was talking to a local news outlet about the anti-money laundering (AML) guidelines that were drafted recently.

Levelling the Cryptocurrency Business Field

The government also proposed that the digital asset exchange platforms, registered trading sites, plus other financial and banking institutions operating within the country, will be required to collect, store and give detailed data concerning the origin of the transacted cryptocurrency, real identity of their users (senders and receivers), time of the transaction, etc. to the Ukraine’s financial authorities.

Then, the data will have to be collected only once when a sender/receiver makes a similar type of digital currency or Bitcoin dealings, and in case there is any suspicious transaction, the exchange platform will have to alert the State Financial Monitoring Service (SFMS) as soon as possible for further investigation.

The SFMS now has the capacity (up-to-date analytical tools) to trace where the cryptocurrency originated from, who, how and when it was spent, etc. The government has been trying to do everything possible to create a favorable environment for cryptocurrency activities to flourish, for instance, last year in August, the security agencies (SBU) arrested illegal digital currency miners at a nuclear energy plant, as Coinidol reported.

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