The government of Ukraine has passed a law to regulate cryptocurrencies in the country. The law aims to protect the use of cryptocurrencies from money laundering, frauds, and terror financing.The Ukrainian government is collaborating with one of the worlds leading exchange, Binance, to establish the legal status of cryptocurrencies.
The government will monitor crypto trading.
The law gives power to the government to monitor crypto trading in the country. One of the guidelines allows the government to collect the public key of an individual transaction worth less than 30,00 hriven ($1,300). However, if the transaction is worth more than that, the government will apply verification to both receiver and sender. Senders and receivers will be required to submit identification proofs and also verify the nature of the business relationship.The law is based on the FATF guidelines.
Binance collaborates with Ukraine to establish crypto law.
As reported earlier, Binance had signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine. One of the world’s leading crypto exchanges, Binance, and Ukraine authorities will jointly work on the legal status of cryptocurrencies in the country. Ukraine is believed to be among the top countries that are working on making cryptocurrencies legal and mainstream. Earlier, the government revealed its intentions to legalize the use of decentralized cryptocurrencies like bitcoin.