Ukraine adopted FATF rules for crypto market regulation

by in Cryptocurrency News

Ukraine FATF crypto

The deputies of the Verkhovna Rada adopted in the 1st reading a draft law on the implementation of FATF standards to combat money laundering and the financing of terrorism while regulating the crypto market. This was announced by the chairman of the deputy association Blockchain4Ukraine, People's Deputy of Ukraine from the party "Servant of the people" Alexey Zhmerenetsky.

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According to him, the bill will be supplemented taking into account the wishes of the crypto community.

“Before the 2nd reading, these norms will be introduced,” the People's Deputy noted.

Besides, Alexey Zhmerenetsky recalled that the inter-factional parliamentary association Blockchain4Ukraine, consisting of 50 people's deputies, decided on the terminology for regulating the cryptocurrency market.

“The bill contains a definition of all the basic concepts related to the crypto sphere: virtual assets, crypto-asset, token and distributed registry, the same blockchain. That is, all the most necessary terminology that cryptocurrency market players need to legalize their activities and protect their interests in the legal plane, ”he listed.

The final version of the bill will be presented next week, subject to amendments.

The next step will be a bill on asset tokenization, which will allow private and state-owned companies to conduct commercial operations with their assets in the form of cryptocurrencies or tokens, and will simplify companies' IPO/ICO access to attract investments.

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Recall that the draft laws on taxation of cryptocurrency transactions and anti-money laundering using digital assets, as well as amendments to the document “On public electronic registries” aimed at introducing blockchain, were presented in Ukraine at the end of October.