National Cyber Security Center to determine order of functioning of crypto currency market in Ukraine

KyivPost 1
Popular on social media

The National Coordination Center for Cyber Security has instructed the relevant authorities to develop a mechanism to ensure access of law enforcement agencies to data of crypto currency exchanges, according to the official website of the National Security and Defense Council of Ukraine (NSDC).

This mechanism provides for the obligation to store information about all transactions during the period established by legislation for financial organizations and disclose information about the client on a motivated request.

“The development and implementation of all these measures will also include the development of international cooperation for the introduction of integrated regulation of crypto currency circulation and avoidance of criminalization of this segment,” the report said.

The NSDC noted that, according to the leadership of the National Bank, the Security Service and the National Police, a lack of control over crypto currency circulation and the anonymity of settlements create potential prerequisites for their use with the aim of laundering crime money, payment for goods prohibited for free circulation, in particular drugs and weapons, and also gives the possibility of financing terrorism, in particular, in the occupied territories of Ukraine.

Found a spelling error? Let us know – highlight it and press Ctrl + Enter.