October 20, 2020

Ukraine in the first reading adopted FATF rules for regulating the cryptocurrency market

The deputies of the Verkhovna Rada adopted in the first reading a bill on the implementation of FATF standards to counter money laundering and terrorist financing undercryptocurrency market regulation. This was announced by the chairman of the deputy association Blockchain4Ukraine, People’s Deputy of Ukraine from the party "Servant of the people" Alexey Zhmerenetsky.

According to him, the bill will be supplemented taking into account the wishes of the crypto community.

“Before the second reading, these rules will be introduced,” - the people's deputy noted.

In addition, Alexey Zhmerenetsky recalled that the inter-factional parliamentary association Blockchain4Ukraine, consisting of 50 people's deputies, decided on the terminology for regulating the cryptocurrency market.

“The bill contains a definition of all basicconcepts related to the cryptosphere: virtual assets, cryptoactive, token and distributed registry, the same blockchain. That is, all the most necessary terminology that crypto market players need to legalize their activities and protect their interests in the legal plane, ” He listed.

The final version of the bill will be presented next week, subject to amendments.

The next step will be a bill onasset tokenization, which will allow private and public companies to conduct commercial operations with their assets in the form of cryptocurrencies or tokens, and will simplify the companies' IPO / ICO access to attract investments.

Recall tax billsoperations with cryptocurrencies and anti-money laundering using digital assets, as well as amendments to the document “On public electronic registries” aimed at introducing blockchain, were presented in Ukraine at the end of October.