The Ministry for Digital Transformation of Ukraine, a major government authority behind local crypto regulation, will be implementing Bitfury’s crypto analytics tool “Crystal” to track crypto transactions.
However, Crystal said that the executives at the Ministry will be trained to professionally monitor virtual asset transactions through the platform.
Launched by Bitfury in early 2018, Crystal is a software stack that is designed to fight crimes involving cryptocurrencies like Bitcoin (BTC).
According to the Ministry, the main purpose of the new collaboration is the “rapid formation and legalization of the market of virtual assets in Ukraine.”
The official announcement notes that by implementing Crystal’s analytics solutions, Ukraine’s government expects to verify the source of illicit transactions.
Kyrylo Chykhradze, the Director of Product at Crystal Blockchain, believes that the cooperation will bring further mainstream adoption to the crypto industry.
“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.”
Crystal’s website stated that the platform supports a wide number cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), XRP, Bitcoin Cash (BCH) as well as ERC-20 and ERC-721, or non-fungible tokens (NFTs), as the system apparently does not feature major privacy-oriented coins like Zcash (ZEC) and Monero (XMR).
Thus, in the announcement, Crystal said that its software is used by a number of Ukrainian banks, private and government agencies to monitor financial transactions.