Ministry of Digital transformation of Ukraine published the Cryptocurrency’s draft low to regulate virtual assets. FATF can take the credit since this was a reply to the deadline FATF set. It caused Great progress for Cryptocurrencies. But it isn’t all since South Korean university declared constructing a new Blockchain campus.
Ukraine is developing an opportunity for the Cryptocurrencies to have status by this bill. The bill ignites hope for future progress. The new draft bill on Virtual Assets is provided to illustrate the legal status of Crypto assets as well as their circulation rules. This bill is not finalized yet. It will stay on the discussion table for a few more days until June 5th, 2020.
The bill allows the Ukrainians to open a bank account. This will be an enormous step toward progress. Although it evidently can’t single-handedly grant enough progress to Ukraine’s Cryptocurrency to take it out of the grey zone, this movement will cause new opportunities. The country can step out of the grey zone and can have more progress through the opportunities provided by Cryptocurrencies.
The step Cryptocurrencies need to take is to register to the ministry. Otherwise, they are illegal. In this regard, Chobanian elaborated that if the companies don’t register, they are illegal, due to this bill. Furthermore, the bill enforces them to ensure Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance.
With this bill Bitcoin can be used in one more country. This was a good week for Blockchain since South Korea’s Suseong University, Daegu-based, took the responsibilities of building a Blockchain campus. The new plan involves teaching AI, big data, and cloud-based technology in a brand-new department. Kim Kun-woo, director of the Planning and Coordination Division of the university, approved. He also approved the news on the construction of the new building. He elaborated on the idea, stating we are building a user-friendly environment to allow collaborations between university education and academic administration.
South Korea is one of those countries that have constantly taken a positive stance toward the Blockchain industry. One instance was the Vice Minister’s statement, through which Korean insight toward the Blockchain was stated. Vice Minister of Strategy and Finance, Koo Yun-Cheol, referred to the Blockchain market, as a golden opportunity for South Korea.
South Korea regulated its Cryptocurrency in 2017. This country has been a supporter of Cryptocurrencies during its initial stages as well. Turning more countries to the Cryptocurrencies is proving the potentials it has.
FATF: The Financial Action Task Force, also known by its French name, Groupe d’action financière, is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.