Lawmakers in Ukraine have adopted new legislation that legalizes crypto payments as the country moves forward with strict compliance to international anti-money laundering (AML) standards.
Private Individuals Can Provide Crypto Payment Services
According to Forklog, members of the Verkhovna Rada — Ukraine’s legislative arm, have adopted a new bill that incorporates international AML best practices into the country’s crypto regulatory framework.
As part of the newly adopted legislation, cryptos are now classified as property in Ukraine. Thus, virtual currency owners can use their digital holdings as a medium of exchange allowing room for legalized trading, payments, investments, and transfers.
Details of the new law also include a provision for private individuals to act as crypto money transmitters and custodians. Such services must, however, operate in strict compliance with financial monitoring and reporting standards prescribed by the newly adopted bill.
The news of the legalization of cryptoasset payments comes on the heels…