Ministry for Digital Transformation of Ukraine to Implement Bitfury’s Crypto Analytics Tool “Crystal” to Track Crypto Transactions
Ministry for Digital Transformation of Ukraine to Implement Bitfury’s Crypto Analytics Tool “Crystal” to Track Crypto Transactions
July 25, 2020
Ministry for Digital Transformation of Ukraine to Implement Bitfury’s Crypto Analytics Tool “Crystal” to Track Crypto Transactions
Ministry for Digital Transformation of Ukraine to Implement Bitfury’s Crypto Analytics Tool “Crystal” to Track Crypto Transactions
July 25, 2020

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.

On July 23, it has been reported that Crystal employees will now provide the Ministry with crypto analytics expertise, Crystal elaborated on its website. 

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.

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Kyrylo Chykhradze, the Director of Product at Crystal Blockchain, believes that the cooperation will bring further mainstream adoption to the crypto industry.

He said:

“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.

Source: Cointelegraph | Image: KLP Publishing


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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