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New Ukrainian Lawmakers Okay's And Legalizes 'Virtual Assets' / Digital Currency



The Ukraine lawmakers have passed new legislation bill that legalizes cryptocurrency  this law moves the country to a demanding compliance to the international anti-money laundering (AML) regulation standards.

According to Forklog a media outlet, the Ukraine’s legislative arm, have adopted a new bill that incorporates international AML best practices into the country’s crypto regulatory framework.

The newly passed legislation sees cryptocurrencies being classified as property in Ukraine.
whence, virtual currency owners can use their digital holdings as a medium of exchange giving room for legalized trading, collateral, payments, investments,transfers and transactions across the country.

INDIVIDUALS ELIGIBLE CAN PROVIDE CRYPTOCURRENCY PAYMENTS AND SERVICES


More details of the new law will include provision for private individuals to act as crypto money transmitters and custodians. these services will operate in compliance with financial monitoring and reporting standards prescribed by the  adopted bill.

The news of the legalization of cryptoasset payments comes on the heels of an announcement by the country’s Ministry of Digital Transformation of its partnership with a Belarusian crypto exchange. As reported by Bitcoinist, the move aims to learn from the Belarusian experience in creating a legal framework for payments and virtual currency adoption in general.

By legalizing crypto payments, Ukraine appears to have taken a significant step in encouraging local virtual currency commerce in the country. in the Q1 of 2019, the city of Kyiv announced that it was considering allowing bitcoin payments in its public transport system

THE FINANCIAL ACTION TASK FOR COMPLIANCE

By adopting this new regulatory standards for cryptocurrency payments, the country is also complying with the guidelines introduced by the inter-governmental Financial Action Task Force (FATF). Since the start of 2019, the FATF has been keen on directing member nations to enact more stringent regulatory provisions.

with this development coming from the Ukraine legislative arm, being the first country to pass into law the legal apparatus for cryptocurrency payments, 2020 will see more countries taking position as well to try out the opportunities provided by cryptocurrencies.

what do you think about the newly passed bill by the Ukraine government, and what other countries do you think will follow the trend?
let us us know your thought in the comment section.

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