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Thursday, 1 March 2018

Ukraine Defines Stance On Bitcoin and Brothers


The State Financial Monitoring Services of Ukraine has published it's official position on cryptocurrencies. The agency, while offering some borrowed definition of terms such as virtual currency, and mining, it assures the citizens that there'll be changes to the legal status of the currency in the country.



Summary:

  • The SFMS said in a statement published in its website that it is constantly collecting, processing and analysing data financial data.
  • It also stated that dubious money flow outside mandatory scope are also being monitored.
  • It drew attention to one of it's main priorities;the implementation of customer due diligence measures.
  • The agency believes that parties such as cryptocurrency exchanges,wallet providers and intermediaries should adhere to the current Ukrainian anti-money laundering and anti-terrorism funding legislation.
  • The SFMS  admits that it is currently following guidelines from the Financial Action Task Force(FATF)
  • The Paris-based intergovernmental organization has issued guidelines for combatting terrorism and money laundering.
  • The Organization also gave several definitions to several terms associated with cryptocurrency.
  • The SFMS differentiated between electronic currency as the digital form of fiat currency and virtual currency; cryptos.
  • In the differentiation, SFMS noted that while both can be used to store value and as a means of exchange, cryptocurrency is not issued by the government.
With calls mounting and coming from every corner for Ukraine to legalize cryptocurrencies, do you think they will soon adopt cryptocurrencies and draft out regulations for it?


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