Ukraine's Watchdog Starts Monitoring All Crypto Activity
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Jan. 24, 2020

The Ministry of Finance of Ukraine has issued an official statement that declares the start of controlling of all crypto activities in-country.

From now on, all operations with digital assets fall under the financial monitoring of the executive agency in Ukraine. Companies that provide crypto-related services are added to the list of subjects of primary financial monitoring.

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If cryptocurrency exchanges, trading platforms, banks or any other companies carry out cryptocurrency payments in the amount of more than 30,000 UAH (~ $1230), they should verify such an operation and collect all the detailed information about the sender. The initiator of operation must provide comprehensive information about the origin and the use purpose of digital assets, the document says.

If such operation seems suspicious, it must be reported to the State Financial Monitoring Service of Ukraine.

The Ministry admits that it is impossible to suspend operations, however, it is possible "to block crypto wallets and seize illegally mined crypto assets," the executive agency points out.

"This can be done by gaining access to the private keys of the cryptocurrency wallet based on the results of complex investigations," the watchdog added.

However, the Ministry highlights that this regulation measure does not mean that the subject of financial monitoring must check and interrogate the same client every single time when the client conducts the same operations with cryptocurrency.

Earlier iHodl reported that Ukraine's newly-elected President, Volodymyr Zelensky called for using blockchain technology as a part of the country modification campaign.

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