The Verkhovna Rada, Ukraine’s legislature, has approved amendments that introduce legal terms and definitions pertaining to the crypto space. The new legislation, which aims to transpose the FATF standards into national law, also identifies who is to take responsibility for the oversight of cryptocurrencies in the country.

Also read: Crypto Startups to Get up to $75,000 From the Government of Ukraine

Using Crypto for Payments and Investments

The draft law on the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation was supported by a significant majority in the Rada. The bill was amended to incorporate “virtual assets” which have been described as property and as a digital expression of value that can be traded or transferred and used for payment or investment purposes.

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Ukraine’s anti-money laundering (AML) legislation introduces the standards for virtual assets adopted this year by the Financial Action Task Force (FATF). The members of the…

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