Over the past several months, the nation has been taking steps to greater increase transparency surrounding the industry.
A month later, lawmakers then legalised cryptocurrency. The move was part of the country’s ongoing efforts to control economic grey areas while also adopting international anti-money laundering (AML) practices in crypto transactions, effectively legitimising them.
In a statement, Oksana Markarova said the country will ramp up its surveillance of the industry to further reduce crime related to the sector.
SFMS to lead the way
The enhanced surveillance activities will be conducted by Ukraine’s state financial monitoring service (SFMS).
The SFMS reportedly has an analytical tool that can investigate the origin of a particular cryptocurrency.
The tool has already been implemented and has led to the completion of several cases already – both locally and internationally.
“The purpose of public financial monitoring is to prevent money laundering, including through cryptocurrencies.
“But I think that our criminals and corrupt officials are quite conservative and still keep the funds mostly in cash. Therefore, in the legalisation of cryptocurrencies, I see opportunities for the development of this industry in our country, not a threat.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.