The Ministry of Numbers will verify the origin of cryptocurrency transactions


For this, the department will use the software of Dutch company Crystal

The Ministry will be able to verify the origin of cryptocurrencies. Photo:

Ukraine’s Ministry of Digital Transformation, thanks to legislation on financial monitoring, will be able to verify the origin of transactions with virtual assets. To this end, the department signed a memorandum with Crystal Blockchain BV, which is the manufacturer of software to monitor such transactions.

As noted on the website of the Ministry of Digital Science, the main goal of the collaboration is “rapid establishment and legalization in the virtual market in Ukraine.”

During the week, experts from the Ministry of Digital Industry will be trained in professional monitoring of transactions with virtual assets. This will allow future financial monitoring processes to be effectively implemented and, as a result, increase market transparency. The ministry will be able to use a monitoring tool to investigate the origin of suspicious transactions

Ministry of Digital Transformation of Ukraine

The ministry noted that Ukrainian banks, private and governmental structures use Crystal’s analytical software to monitor financial transactions.

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Earlier we wrote that the Ministry of Digital Industry, together with the Blockchain Association of Ukraine, is working on a draft law to amend the tax code, which is necessary to legalize the virtual property market.

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