Ukrainian Ministry Plans to Track Crypto Transactions With Bitfury


Ukraine, together with Bitfury, will start tracking cryptocurrencies

Ukraine, together with Bitfury, will start tracking cryptocurrencies

  • The Ministry of Digital Transformation will monitor cryptocurrency transactions in Ukraine.

  • Earlier, the Minister of Finance of Ukraine Oksana Markarova said that the regulator will monitor all transactions over 30 thousand UAH.

  • Thus, the Ministry wants to speed up the “formation and legalization” of the market.

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The Treasury Department previously said it would track all cryptocurrency transactions over $ 1080 in accordance with international anti-money laundering regulations..

Formed in 2019, the Ministry of Digital Transformation (Ministry of Digital Transformation) of Ukraine will be engaged in tracking cryptocurrency transactions using a tool from the company Crystal Blockchain B.V.

This was reported on the official website of the Ministry of Finance.

According to the official announcement, the Ministry of Digital Industry has entered into an agreement with the analytical company Crystal Blockchain B.V.

Good intentions

Created in 2018 by the multidisciplinary blockchain company Bitfury Group, Crystal Blockchain B.V. focused on creating software for tracking cryptocurrency transactions.

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The Ministry of Digital Affairs declares that the main goal of the partnership is the rapid formation and “legalization of the virtual asset market in Ukraine”.

“Within a week, specialists of the Ministry of Digital Industry will be trained in professional monitoring of transactions with virtual assets,” the ministry’s official website says..

According to the newly formed ministry, Crystal’s monitoring software has already been integrated in many Ukrainian banking institutions, as well as private and government structures..

Under the hood

In March this year, Finance Minister Oksana Markarova announced that all transactions with cryptocurrency companies or companies whose activities are directly or indirectly related to cryptocurrencies will be checked by financial monitoring bodies.

Markarova added that all transactions of cryptocurrency exchanges, exchangers, banks that carry out operations from 30 thousand UAH are subject to monitoring..

In Russia, the regulation of cryptocurrencies has not yet been spelled out, although it is already known that according to the draft law “On digital financial assets”, digital financial assets cannot act as a means of payment.

In February of this year, the Central Bank of Russia, the Bank of Russia, introduced amendments to Regulation 375-P aimed at regulating financial transactions.

According to them, banking transactions related to the purchase and sale of virtual assets will be considered the basis for blocking a bank account..

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Ukraine, together with Bitfury, will start tracking cryptocurrencies

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Ukraine, together with Bitfury, will start tracking cryptocurrencies
Ukraine, together with Bitfury, will start tracking cryptocurrencies

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