Implementation of international standards of virtual assets market regulation in Ukraine
Упровадження міжнародних стандартів регулювання ринку віртуальних активів в Україні

Tetyana DMYTRENKO, The Educational and Scientific Institute of the International Economics and Finance of the Interregional Academy of Personnel Management, Oleksandr LYUBICH, SESE "The Academy of Financial Management"
2020 Fìnansi Ukraïni  
The article deals with peculiarities of implementing of the updated Recommendations of the Financial Action Task Force (FATF), the Fifth Directive of Council of Europe (5AMLD) in the legislation of Ukraine and the activities of the National Anti-Money Laundering and Terrorist Financing System (AML/CFT) and effective practices of dealing with them. The article analyzes international and European guidelines on the circulation of virtual assets and the activities of service providers with virtual
more » ... ssets, a draft Law of Ukraine "On Virtual Assets" and amendments to the Tax Code of Ukraine. The article also considers the current challenges of development and operation of the global crypto market and strategic planning of international cooperation in addressing these issues, as well as the action plan at the national level. In addition, the article discusses the next steps to regulate the so-called private "tokens" issued on existing platforms in the fundraising order and the so-called "stable coins" and digital currencies of the central bank (CBDC). These trends have forced various regulators, standard-setting bodies, and legal scholars to shift their focus and expand their vocabulary from the term "cryptocurrency" to the broader concept of "cryptocurrencies". In particular, the article considers the risks of delaying in Ukraine the implementation of international AML standards, amendments to national tax legislation, interaction with the banking sector. Particular attention is paid to the measures of the Ministry of Digital Transformation of Ukraine to reduce threats to the use of virtual assets in the shadow economy, the development of fraud in cyberspace, cybercrime to develop a transparent civilized crypto market and digital technologies in general.
doi:10.33763/finukr2020.09.065 fatcat:j7koxcg6nnhg5du7xb5ayxtvzq