The Ministry of Digital Transformation of Ukraine has signed a partnership agreement with Crystal Blockchain, a blockchain-focused monitoring agency, to start tracing transactions with digital assets, the Ministry said.
The main goal of the cooperation is to rapidly form and legalize the cryptocurrency market in Ukraine.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to an official announcement, the Ministry's employees will be taught within the next several weeks to monitor transactions with digital assets.
"This will allow for the effective implementation of financial monitoring procedures in the future and, as a result, increase market transparency," the announcement says.
As a result of the partnership, the Ministry will be able to use a monitoring tool to verify the origin of suspicious transactions.
Currently, Crystal Blockchain's analytical software is used by Ukrainian banks, private and government agencies to monitor financial transactions.
In January, the Ministry issued an official statement declaring the start of regulating all crypto activities in-country.
All operations with digital assets will have to be performed exclusively within the legal framework. Companies that provide crypto-related services are added to the list of subjects of primary financial monitoring.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.