Ukraine’s government has been busy with cryptocurrency. Not only have government sponsored grants been activated, but cryptocurrency AML regulations have been defined. The grants will be responsible for  government spending of over $18 million meant to support cryptocurrency and other innovative startups.

Not only has Ukraine taken these steps to support cryptocurrencies, the government has also taken steps to regulate the activities associated with them. Cryptocurrency AML regulations have sometimes been considered misleading or hard to understand, but Ukraine is setting down clear rules. The new money laundering law has guidelines to extend oversight into trading. Each individual transaction valued at more than $1,300 will require the government to verify the identity of the sender and recipient. The threshold is slightly higher for cryptocurrency service providers at about $1,600. These providers also have to report details about the traders, including if they are foreign or if they are family members.

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