Ukrainian decision-makers: crypto-exchanges must comply with the anti-laundering law

Home » BLOCKCHAIN » Ukrainian decision-makers: crypto-exchanges must comply with the anti-laundering law
2018-02-27
Ukrainian decision-makers: crypto-exchanges must comply with the anti-laundering law

The State Financial Monitoring Service of Ukraine announced the official position of the ministry regarding the mining, virtual currencies, payment products and services based on them (hereinafter referred to as “SPVV”), as well as identification of participants in cryptocurrency transactions. In particular, the representatives of the agency said that they are n solidarity with the Financial Action Task Force on Money Laundering (FATF).

Thus, virtual currency, as defined by the FATF, is a means of expressing value that can be traded in digital form and that functions as a means of exchange, a monetary unit or a means of storing value, but does not have the status of a legal tender in one jurisdiction. Virtual currency is not issued and is not provided by one jurisdiction and performs the above functions only based on the agreement reached within the virtual currency user community (peer-to-peer network). In turn, electronic money is a digital way of expressing a fiat currency.

The position of the FATF and, accordingly, the State Financial Monitoring Committee on Identification of Participants of the HTAP is that the main regulatory attention in the process of identifying and taking due diligence measures to the client, as well as the risk-based monitoring of the client’s financial operations, should be concentrated in the centers that provide access for holders of convertible virtual currencies to a regulated financial system.

These centers include cryptocurrency exchangers and exchanges, crypto-currency purse providers and any other entities that are intermediaries between the regulated financial system and the crypto currency.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,524.05
  • rippleXRP$0.316676
  • ethereumEthereum$117.83
  • tetherTether$1.00
  • eosEOS$2.31
  • stellarStellar$0.102321
  • litecoinLitecoin$30.73
  • cardanoCardano$0.042462
  • tronTRON$0.023375
  • moneroMonero$43.16
  • iotaIOTA$0.295598
  • nemNEM$0.054621
  • dashDash$68.05
  • neoNEO$7.40
The complexity Bitcoin mining is growing
As a result of the next recalculation of the complexity of mining Bitcoin on the night of January 14, this figure increased by almost 5%. The complexity of mining is a parameter of the blockchain network, which shows how difficult it is to perform a mathematical calculation to find a new unit and, accordingly, to […]
2019-01-18 0 5
Bitcoin volatility fell by 98% over the year.
Since January last year, the first cryptocurrency volatility has decreased by 98%. So, if on January 16, 2018, this figure was $ 3,468, then a year later – only $ 61, notes CoinDesk Markets analyst Omkar Godboul. The daily volatility over the past year decreased from 9.1% to 3.6%, although on December 16, 2018 was […]
2019-01-17 0 8
Will Ethereum hard fork Constantinople be launched this week?
Ethereum, one of the largest and most influential blockchains in the world, is planning to improve its code in the near future. A massive system upgrade, or hardfork, called “Constantinople” will include a number of technological improvements called to enhance practicality and the architecture of smart contracts. The Ethereum community will make a final decision […]
2019-01-15 0 31
The Brit​ish citizen was trying to buy a gun with cryptocurrency
David Mitchell, a 48-year old British citizen, was arrested by the US police after an attempt to purchase a gun with cryptocurrency via the dark web. Mr. Mitchell was planning to buy a Glock 9mm pistol which costs around £2,000. The man explained to the court that he was curious whether it is possible to […]
2019-01-14 0 18
© 2017–2018