The state financial monitoring has been charged with blocking bitcoin wallets and withdrawing cryptocurrency in Ukraine

The State Financial Service will find out the sources of origin of cryptocurrency from citizens of Ukrainemonitoring. This was announced by Finance Minister Oksana Markarova in an interview with the local publication MC Today.

According to the minister, in its work the State Financial Monitoring uses an analytical tool that allows you to establish not only where the digital assets were received from, but also what they were spent on.

"There are already a lot of successful cases",Markarova added.

The Minister explained that the agency cannot suspend operations with cryptocurrency, however, it has the authority to block crypto-wallets and seize illegally obtained assets:

"This can be done by gaining access to the private keys of the crypto wallet based on the results of comprehensive investigations."

The expansion of powers of the State Financial Monitoring is prescribedin the law on the implementation of FATF standards to combat money laundering and the financing of terrorism, adopted by the deputies of the Verkhovna Rada on December 6, 2019.

It includes cryptocurrency companies amongsubject to financial monitoring. Any operations in the amount of more than 30 thousand hryvnias conducted on exchanges or exchangers must be accompanied by the identification / verification of the client, the establishment of the ultimate beneficiary of the legal entity of the sender / receiver and the nature of the business relationship between them.

"This does not mean that the bank should check and interrogate the same client every time, who conducts theThe client will need to do it onceThis information will be stored in the bank, and until it arises.suspicious actions with the account, the client will not be touched",Oksana Markarova explained.

The provisions of the new law will enter into force on April 24, 2020. Previously, ForkLog analyzed in detail what changes await cryptocurrency owners.