OSCE outlines details of project to curb illicit use of cryptocurrencies in Ukraine

ОБСЕ and the United Nations Office on Drugs and Crime (UNODC) will propose amendments to existing legislation to counter money laundering involving virtual assets (VA). According to ForkLog UA, Tatiana Dmitrenko, AML adviser to the organisations, said.

In her words, the project brings together representatives from law enforcement and government bodies of Ukraine, Georgia and Moldova.

Together they will formulate proposals to improve regulatory and legal acts in line with international standards and the FATF’s recommendations (Financial Action Task Force).

The project also aims to deter sanctions evasion through virtual assets and to develop guidelines for the seizure and confiscation of assets tied to crime.

At a recent crypto-market seminar, Ukraine’s regulator — the National Securities and Stock Market Commission of Ukraine — presented amendments to the foundational law governing the turnover of virtual assets, the implementation of European standards in Ukraine’s virtual asset market, and approaches to taxing crypto-asset transactions.

She added that the parties plan to develop a map of challenges for law enforcement in countering criminal activity involving cryptocurrencies.

OSCE and UNODC intend to implement the project during 2022-2024 with practical trainings.

Earlier, ForkLog reported that a Ukrainian delegation, together with the OSCE, discussed mechanisms for seizing cryptocurrencies.

Earlier, in November, the National Commission on Securities and Stock Market of Ukraine created an advisory council to obtain expertise and professional assessment for the implementation of virtual assets.

The regulator collaborates with Ernst & Young auditors and relevant authorities on the implementation of European standards in Ukraine’s virtual asset market.

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