The Minister of Finance of Ukraine Oksana Markarova said that employees of the State Service for Financial Monitoring will check the citizens` sources of digital currencies.
According to the official, specialists will use a unique analytical tool to make it possible not only to establish the source of funds but also where they were spent.
“There are already many successful cases,” Markarova added.
Markarova clarified that the authorities will not be able to suspend transactions, but will be able to block cryptocurrency wallets and withdraw illegally received funds.
“It`s possible to do by gaining access to the private keys of the cryptocurrency wallet based on the results of comprehensive investigations”
These powers are written in the law on the implementation of FATF standards, which was adopted in the Verkhovna Rada of Ukraine on December 6, 2019, and signed by President Vladimir Zelensky. It is important to understand that any operation exceeding 30 thousand hryvnias (a little more than $1200) will require the identification of the client.
“This does not mean that each time a bank must check and interrogate the same client who carries the same cryptocurrency transactions. The client will need to explain where he has virtual assets once. This information will be stored in the bank, and they will not touch the client as long as there are no suspicious actions with the account”, Oksana Markarova explained.
The new law will come into force on April 24 this year. Earlier we wrote that Deputy Prime Minister Mikhail Fedorov said that Ukraine would become the most powerful digital state in the world in five years.
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