Today, December 6, the deputies of the Verkhovna Rada of Ukraine adopted in the second reading a bill on the implementation of norms FATF for combating money laundering andthe financing of terrorism. Now the document contains a provision on virtual assets, which are considered as property and can be used for payment and investment purposes.
The concept of a service provider related to the transfer, exchange and storage of virtual assets is also introduced. These may include individuals.
According to the amendments prepared by the deputyBlockchain4Ukraine association together with the Ministry of Digital Affairs, BRDO and other market participants, all operations with virtual assets will undergo financial monitoring, depending on the amount and country of destination of the operation.
Regulation of the circulation of virtual assets in Ukraine and supervision of compliance with AML legislation in this area will be entrusted to the Ministry of Digital Transformation.
During the discussion of the bill, it was decided to reduce penalties for the subjects of primary financial monitoring in case of non-compliance with the requirements of AML-legislation.
“Most countries have already implemented the fourth EU anti-money laundering directive. At a meeting of the relevant committee, we reduced fines for market participants, " - said the Minister of Finance of Ukraine Oksana Markarova.
In addition, an editorial is included in the document.amendment, which obliges the financial regulators of Ukraine, including the Ministry of Finance, within three months after the entry into force of the law to bring its regulations into line with it.
The bill is the first to introduce the terminology of the cryptocurrency market into the legislative field of Ukraine.
Recall that the first reading of the bill took place in early November. On November 28, the amendment on virtual assets was approved by the Finance Committee of BP.