Ukraine will control cryptocurrency transactions over $ 1200

Cryptocurrency transactions in Ukraine will be strictly controlled by the state, he believesMinister of Financea country that, meanwhile, recognizes that criminals and corrupt officials are more likely to use paper money rather than digital coins.

Legalization of cryptocurrencies remains a priority for Kiev - the government announced a clear understanding that the benefits outweigh the risks, according to CoinDesk.

Cryptocurrency Legalization and Transaction Control

Minister Oksana Markarova said duringan interview with MC Today that operations conducted by cryptocurrency companies and other organizations involved in digital assets will be monitored and controlled by financial regulators of Ukraine, in particular, the State Financial Monitoring Service.

All cryptocurrency transactions in the amount of UAH 30,000 or more (equivalent to approximately $ 1,200) will be subject to state control, the minister emphasized.

Cryptocurrency exchanges, trading platforms and banksmust collect, store and provide the authorities with detailed information about the identity of customers, both the sender and the recipient, as well as the origin of the transferred digital money. Information is provided once.

Further, if transactions do not causesuspicions, the client is not checked. If a certain transaction is suspicious, the platform operator is obliged to notify the State Financial Monitoring Service about this.

The powers of the financial monitoring service wereexpanded in connection with the implementation of the law on the implementation of FATF standards and the harmonization of Ukrainian legislation with European directives to combat money laundering. The regulation will enter into force on April 24, 2020.

Oksana Markarova admitted that there is no exact dataabout the amount of cryptocurrency that is currently stored by citizens of Ukraine, but experts believe that the volume is quite high. According to a 2018 survey, 13% of Ukrainian Internet users own digital coins.

“I think our criminals and corruptofficials are quite conservative and still hold funds mostly in cash. Therefore, in the legalization of cryptocurrencies, I see opportunities for the development of this industry in our country, and not a threat ”- said Markarova.

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