Another government institution is set to integrate crypto features into their daily transactions.
A significant authority in behind Ukraine’s crypto regulation, The Ministry for Digital Transformation of Ukraine, will be applying Bitfury’s crypto analytics tool to trail crypto transactions.
In an official announcement last July 23, the Ministry has inked an agreement with Birfury’s crypto compliance product known as Crystal.
Knowing About Crystal
Its parent company called Bifury, who assisted Russian authorities to handle online voting in the Russian constitutional amendments in 2020, launched Crystal in 2018. This is a software stack patterned to fight crimes related to cryptocurrencies like Bitcoin (BTC).
The information on its website says that the platform supports vast cryptocurrency options like Ether (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), Tether (USDT), XRP, as well as ERC-20 and ERC-721, or NFTs. However, they do not feature major privacy-oriented coins such as Zcash (ZEC) and Monero (XMR).
Although further details will be shared in an announcement, Crystal said that its software is available at several Ukrainian banks, private and government agencies to track financial transactions.
With this new venture, the firm will now provide the Ministry with crypto analytics expertise. The executives at the Ministry will be hone to monitor virtual asset transactions using the platform competently.
Ukraine wants to track the source of illicit transactions.
The reason for the collaboration, according to the Ministry, is the fast formation and legalization of the market of virtual assets within the country.
Using Crystal’s analytics expertise and solutions, Ukraine’s government can easily verify illicit transactions.
Another note that Director of Product Kyrylo Chykhradze, of Crystal Blockchain, shared that the cooperation will bring deeper mainstream adoption to the crypto industry. He added that the team is delighted to give help to the Ukrainian government, especially when the country is on track towards further crypto adoption.
In July, Ukraine’s parliament registered a bill on virtual assets, suggesting the legalization and regulatory framework.
To supports this, the Ministry for Digital Transformation published crypto draft law “On Virtual Assets.” in May 2020, who was reportedly to determine the legal status of crypto assets in Ukraine.