Ukraine to regulate crypto with FATF requirements
Ukraine will implement FATF’s requirements on crypto in a bid to avoid inclusion on the grey list. Yulia Parkhomenko, Director of the Virtual Assets Department at the Ministry of Digital Transformation of Ukraine, said in a Facebook post on Dec. 11, 2023, that the country will implement crypto standards developed by the Financial Action Task Force (FATF) in order to comply with international standards. Parkhomenko explained that financial monitoring is essential to combating terrorism and money laundering, noting that Ukraine is risking being placed on FATF’s grey list should the country fail to comply with international rules. “If we do not comply with FATF recommendations, there is a risk that Ukraine and Ukrainian businesses will be placed on the FATF gray or black list.” Yulia Parkhomenko You might also like: Turkey seeks to exit FATF’s ‘grey list’ with crypto licensing and taxes Parkhomenko pointed out that the current law does not apply to...