Legal Round-Up (06/09-10/09)

Adam Berker

The 7th issue of our legal round-up.

The 7th issue of our legal round-up.

We continue with a series of weekly round-ups prepared by Mercuryo Legal Counsel Adam Berker to keep you updated on cryptocurrency rules.

Ukraine to Recognize and Regulate Crypto

The new Ukrainian crypto law regulates the status of virtual currencies by dividing them into secured and unsecured assets and establishes an obligation for crypto service providers to comply with anti-money laundering laws. 

Still, lawmakers have not recognized crypto as legal tender, so it cannot be used for buying goods and services. Nevertheless, the Ukrainian government expects that foreign exchanges will set up their subsidiaries in Ukraine, attracting more tax revenues in the treasury.

Panama Introduces Bill for Regulating Crypto

The Republic of Panama decided to follow El Salvador’s crypto initiative and introduced a bill recognizing virtual currencies as legal tender. Yet, the Panamanian bill does not oblige merchants to accept crypto as a payment method but gives freedom to use it for civil or commercial operations. 

Additionally, the bill was developed according to the Financial Action Task Force’s (FATF) recommendations, so we may expect operations to be subject to customer identification requirements.

ESMA Considers Crypto As a High-Risk Innovation

European Securities and Markets Authority published a report on Trends, Risks and Vulnerabilities where crypto assets are considered a high-risked innovational financial technology. 

In the nearest future, we may expect the EU to introduce draft regulations on this industry, including some unified rules for all the EU-member states.

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