Crystal Blockchain to Assist Ukrainian Government With Virtual Asset Monitoring

Crystal Blockchain B.V., “one of the world’s leading manufacturers of software for monitoring of virtual asset transactions” and a subsidiary of Bitfury, is working with The Ministry for Digital Transformation in Ukraine to “verify the origin of transactions,” a press release from the group notes.

The platform’s analytics software will be utilized by Ukrainian banks as well as government and private entities to “monitor financial operations.” Crystal has been training the Ministry’s employees to “professionally monitor virtual asset transactions through the platform to be able to verify the origin of any suspicious digital asset transactions,” the release notes.

This release shares a statement made by the Ministry itself, as well as one from the Director of Product at Crystal, Kyrylo Chykhradze, respectively:

“The main goal of our cooperation is the rapid formation and legalization of the market of virtual assets in Ukraine. By utilizing Crystal’s analytics solutions, our team will be able to verify the source of suspicious and/ or illicit transactions.”

“The Crystal Blockchain team is delighted to assist the Ukrainian government as the country steadily moves towards further crypto adoption. We are proud to assist with the application of AML legislation in Ukraine.”