The State Financial Monitoring Service of Ukraine published a "

" Banks and selected non-banking financial institutions should also look into it, given that they are potential financial gateways that will match relevant service providers with their customers..

The publication contains an overview of legislation on the comprehensive regulation of the sphere of circulation of virtual assets, including the prevention and counteraction to the legalization (laundering) of funds, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

According to the State Financial Monitoring Service, in Ukraine, despite the widespread popularity of cryptocurrencies among the population, awareness in this area remains low..

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So, in the report for 2021 " This was shown by the volume of transactions on centralized cryptocurrency platforms, where Ukraine was one of the leaders..

" In particular, Ukraine was among the top five countries, the addresses from which received the largest amount of funds from darknet markets and from the activities of ransomware programs..

The State Financial Monitoring Service also recalls the changes in this area that will occur after the entry into force of the relevant law: " However, from the moment the Law on Virtual Assets enters into force, such operations will become impossible and virtual currencies in Ukraine will play a significant role only in venture capital investment of both ordinary individuals and, it is quite reasonable to assume, legal entities"

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As a reminder, on February 17, 2022, the Law “On Virtual Assets” No. 2074-IX was adopted in Ukraine.. It will come into force only from the date of entry into force of the law of Ukraine " Currently, several options have been developed for changes to tax legislation governing the taxation of transactions with virtual assets. But such bills are not expected to be considered in the near future..

The law legalizes the market of virtual assets, introduces a comprehensive regulation of legal relations arising in connection with the circulation of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the foundations of state policy in the field of circulation of virtual assets.

In 2021, the amount of funds in crypto-currencies obtained as a result of illegal activities reached the highest levels in history in the world and amounted to approximately $14 billion.. At the same time, despite such a high figure, the volume of these transactions is only 0.15%.