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The Cabinet of Ministers is going to control cryptocurrencies under the pretext of combating illegal income

The Cabinet expects the drafting of legislation to regulate the virtual asset circulation in October-December 2021.

This improvement of legislation will take place within the framework of combating legalization of proceeds of crime. This is evidenced by the draft decree adopted by the government at a meeting on May 12.

The draft resolution provides for the legislation improvement in the sector of financial monitoring. An increase in the activity of law enforcement agencies is also expected.

Until 2023, it is envisaged to impose an automatic exchange of information in electronic form between law enforcement officers, intelligence agencies and the State Financial Monitoring Service of Ukraine.

The plan also provides for considering a draft law on brokerage in the real estate sector and improving the legislative framework for regulating the operation of casinos and gambling.

Context. In March 2021, the NBU supported the draft law "On virtual assets" that should legalize the circulation of cryptocurrencies and regulate transactions with them.

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