Cryptocurrency | Zilver

GENIUS: Stablecoins Regulated in the US

Zilver — Thu, 11 Sep 2025 18:50:06 +0000

GENIUS Act: How the new US bill could change the future of stablecoins in the US is changing the global rules of the game?

Author: Zilver Law Firm
Date of publication: September 11, 2025 Category: Financial law | Cryptocurrency & stablecoins | Regulation of crypto assets | Innovations in law

Zilver Fintech & Digital Asset Legal Insights

What is the GENIUS Act?

In July 2025, the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) was passed in the United States. This is the first US federal law to create a comprehensive legal framework for so-called payment stablecoins are digital assets backed by a fixed value and intended for payments and settlements.

For the digital asset industry, financial institutions and consumers, this law could be a starting point in moving from a legal vacuum to a robust and reliable regulatory system.

What is Stablecoin?

Stablecoin is a type of cryptocurrency that has a constant value and is backed by certain assets. The GENIUS Act, among other things, establishes requirements for asset backing, which is intended to increase and ensure the security of using stablecoins along with traditional (fiat) currencies.

The main goals of the GENIUS Act are:

Bring the emission and circulation of stablecoins out of the “gray zone” and under strict government supervision.
Protect consumers from the risks associated with under-collateralization of stablecoins and cryptocurrencies in general.
Ensure financial stability by setting strict requirements for stablecoin issuers.
To stimulate innovation in the digital currency space without restricting the growth of technology.
Establish clear powers for regulators, including the U.S. Treasury Department and federal banks.

Additional purposes (not related to jurisprudence) include:

Allowing additional players (issuers) not directly connected to the Federal Reserve (central banks) to enter the financial market.
Providing additional collateral for US national currency, US securities and shares of certain companies.
Creation of measures of influence on foreign emission centers of cryptocurrencies.

Key provisions of the GENIUS Act:

The emission of stablecoins is permitted only:
1. Provided that stablecoins are backed 1:1 by real low-risk assets (US national currency, bank deposits, securities (bonds, T-bills, etc.), shares of certain investment companies.
2. Companies that have received the appropriate license from federal or state authorities (subject to compliance with requirements).
A system of permits and controls is being established in the area of emission and circulation of stablecoins.
A system of auditing issuers and their reserves is being established.
Banning algorithmic stablecoins: for example, UST Terra (Luna), which led to the collapse of the ecosystem in 2022. The ban includes stablecoins that are not backed by full-fledged assets.
Responsibility for violation of the emission and circulation of stablecoins is established.
Foreign issuers may operate in the United States only if they comply with the requirements of the GENIUS Act.
Anti-money laundering (AML) measures and cybersecurity and identification requirements are established.
In the event of bankruptcy of the issuer of stablecoins, holders receive priority over other creditors.

The importance of the GENIUS Act in practice from a lawyer’s perspective

The GENIUS Act opens up the possibility for private companies to issue stablecoins legally, within the legal framework. However, due to the requirements for issuers, only very large companies will be able to engage in this activity.
Foreign issuers must comply with the GENIUS Act if their stablecoins are going to be marketed in the US (which is pretty easy in a free internet environment if you don’t impose restrictions), or face fines of up to $1,000,000.
People and businesses receive a legal and less risky financial instrument for settlements as an alternative to classic national currencies.
The foundation has been laid for the creation of “stablecoin unions of states” within which stablecoins issued in other states will be recognized without the need for licensing (accreditation) in the United States.
For investors and funds: Investments in stablecoin projects now require expert assessment of their compliance with the GENIUS Act. Non-compliance means serious legal and reputational risks.
For developers and IT companies: Ukrainian teams developing products for American clients in the DeFi or CeFi sphere will have to include the requirements of the new regulator in the architecture of their solutions from the very beginning.

Position of the law firm “Zilver”

The Zilver team believes that the GENIUS Act represents a significant step towards the mature regulation of digital currencies. We support the balance between innovation and protection that the Act establishes.

At the same time, it is important for crypto market participants to understand that the GENIUS Act can significantly affect existing players and market rules, creating conditions for the emergence of new crypto market whales and reducing the role of unsecured crypto assets.

As a result, cryptocurrency issuers, crypto banks and crypto exchangers, regardless of their place of registration and activity, must conduct a legal audit of their activities for compliance with the requirements of the GENIUS Act.

The Zilver Law Firm continues to monitor the development of legislation in the field of digital assets and is ready to support clients at all stages – from risk analysis to full compliance with new regulations.

DAO (Decentralized Autonomous Organization): the digital organization of the future

Zilver — Wed, 06 Aug 2025 12:55:19 +0000

What is DAO?

DAO (Decentralized Autonomous Organization) is an innovative digital structure based on blockchain technology and smart contracts. Such an organization does not have a physical office or a single leader, but is managed by the community through digital tokens.

Examples of well-known DAOs:

Features of DAO

Created and operated on blockchain;
It has internal rules (analogous to a charter) that define the goals, management procedures and decision-making;
Operations (payments, transactions, contracts) are implemented through smart contracts;
Management is carried out collectively by holders of governance tokens (management tokens), through voting.

Principles of participation and management

Participants receive DAO tokens based on distribution/acquisition rules;
Initiatives are discussed publicly and put to a vote, decisions are made by a majority of tokens (votes);
The decisions made are executed automatically (if there is a corresponding smart contract).

Advantages of DAO

Complete transparency of all decisions and transactions;
Automation of processes and reduction of administrative costs;
No geographical boundaries – participation is possible from anywhere in the world.

Legal aspects of DAO

Legal status: In most countries, DAOs do not yet have separate legal recognition. Exceptions are the state of Wyoming (USA), where it is possible to register a DAO in the form of an LLC, and Liechtenstein, where it is possible to create tokenized structures.
Legal risks: lack of developed judicial practice, difficulties in protecting the rights of participants.
Regulatory requirements: in case of token issuance, it is necessary to take into account and comply with such regulatory acts as MiCA (EU) (more about MiCA in our post).
Technical risks: errors in smart contract code can lead to loss of assets without the possibility of recovery.

Where are DAOs used?

DAOs are already widely used in:

decentralized finance ( DeFi ) projects ;
investment pools and funds ;
NFT communities and DAO collectives ;
crowdfunding and startup launches .

Why is legal support important?

A DAO can be a powerful tool for running a digital business, but only if it is structured legally. Without proper oversight, a project can face regulatory sanctions, disputes between participants, and loss of trust.

Legal support for DAO from Zilver

Zilver Law Firm offers full support for DAO projects:

legal analysis and risk assessment of the DAO structure;
selection of the optimal jurisdiction and registration;
development of the charter and internal policies of the DAO;
AML/KYC issues , taxes, personal data protection;
registration of tokens and smart contracts;
development of hybrid models: DAO + traditional company in a loyal jurisdiction, which allows minimizing the costs of creation and maintenance, as well as optimizing the tax burden.

Contact us if you:

launch DAO;
want to legalize an already working project;
looking for a secure and efficient legal architecture.

Cryptocurrency regulation in Ukraine: February 2025

Zilver — Wed, 12 Feb 2025 22:06:36 +0000

With the development of the digital economy and the spread of cryptocurrencies in Ukraine, the issue of their legal regulation is becoming relevant. The state is taking steps to create a legal framework that will ensure the protection of investors, the fight against financial crime and the development of the crypto industry in the legal sphere.

Legislative regulation

In 2022, the Verkhovna Rada adopted the Law of Ukraine “On Virtual Assets”, which defines the legal status, classification and basic principles of circulation of cryptocurrencies in the country. The main provisions of the law:

Cryptocurrency is recognized as a virtual asset that can be an object of civil rights.
State regulation is carried out by the National Securities and Stock Market Commission (NSSMC).
Transactions with cryptocurrencies are subject to financial monitoring in accordance with anti-money laundering legislation.
A licensing system for crypto platforms and virtual asset providers has been implemented.

However, as of February 2025, the said law has not entered into force, so cryptocurrencies remain outside the scope of legal regulation in Ukraine. This does not mean that owning cryptocurrencies in Ukraine is prohibited, recognized as illegal, or that cryptocurrencies are subject to confiscation. But at the same time, any actions with cryptocurrencies, reporting on them, remain unprotected by law.

Taxation of cryptocurrencies

Currently, there is no special tax regime for cryptocurrencies in Ukraine. Profits from cryptocurrency trading are subject to taxation in the general manner, with the only difference that, due to the lack of proper regulation, an investor, with rare exceptions, can prove his investment expenses when buying cryptocurrency, and therefore the entire amount of income is recognised as taxable profit without deduction of investment expenses. This issue is also subject to regulation at the legislative level.

The application of a special tax regime for crypto businesses in the future is still under discussion.

Registration and activities of crypto companies

Since the Law of Ukraine “On Virtual Assets” has not entered into force, and the activities of crypto market participants remain unregulated. Therefore, it is impossible to obtain a license to work with crypto assets. The legal basis on which crypto exchanges, exchangers and custodians will operate is a separate issue, as are the licences they will receive. In any case, the regulator in this area will be the National Securities and Stock Market Commission, which will determine the main conditions of activity on the Ukrainian crypto market.

Development prospects

Developments in EU legislation in the area of crypto-asset regulation (e.g. Regulation, The Second Directive of the European Union “On the Markets in Financial Instruments” (MiFID II)), the spread of cryptocurrency use in public life, as well as the large concentration of IT companies in Ukraine are actively pushing for the earliest possible legislative regulation of the cryptocurrency market. With a high degree of probability, we can expect the adoption of licensing rules similar to the European MiCa , which we wrote about in the article at the link. At the same time, due to the non-transparent use of cryptocurrencies, the state will at some point be forced to take measures to combat money laundering and financial monitoring (you can read about AML at the link) on the crypto market, as far as possible.

Simultaneously with the regulation of the cryptocurrency market and the introduction of financial supervision rules for this market, smart contracts will need to be regulated and cryptocurrencies themselves will most likely be integrated into the Ukrainian financial system.

Zilver Law Firm provides professional advice on the legal aspects of working with cryptocurrencies in Ukraine. We will help you understand the current legislation, prepare the necessary documents and minimise the legal risks of running a crypto business.

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How to Tokenize Assets and Businesses? Legal aspects

Zilver — Thu, 23 Jan 2025 15:47:32 +0000

Tokenization of assets or business is the process of creating a digital unit of account (token) that is tied to a specific object. Accordingly, tokens can be created for real estate, corporate rights and other property.

There are other definitions of tokenization and purposes of its use, but within the framework of this publication we will only discuss the legal side of the tokenization of assets and businesses as a means of digitizing them to attract investment and other financial purposes.

General information about asset and business tokenization

Tokenization of assets (including businesses) is a logical continuation of the creation of electronic registries of real estate and enterprises, as well as the expansion of the scope of application of blockchain technology.

Asset or business tokens are a kind of “securities” for such assets. It is the analogy with securities that can help to understand the essence and legal procedures of asset tokenization.

Objectives of asset tokenization

Typically, assets or businesses are tokenized for:

Attracting investments: tokens can be sold on the crypto market like securities and thus attract new investments to the project.
Increased liquidity: Tokenization allows assets (such as real estate) to be traded on the secondary market, which can increase the value of the project as such.
Additional motivation: tokens can be used as bonuses (prizes) to encourage the team (employees) or business partners.
Internal currency: tokens can be used as a local currency: in computer games, in a project, etc.
Process optimization and more.

Types of tokens

When talking about tokenization of assets or businesses, people often talk about issuing Asset-referenced token (for example, in the interpretation of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto assets (hereinafter referred to as the “Regulation”). That is, such a token is “tied” to the relevant asset and is its digital analogue, evidence, a kind of security on the digital market. Such tokens record the owner’s rights to a share in a business, asset or company profit. Security tokens allow assets to be divided into minimal parts, which makes investments accessible to a wide audience.

It is also possible to issue utility tokens, which essentially provide the right to services, bonuses, subscriptions, etc. They are not tied to specific property, but can be exchanged for intangible assets in a specific system (in a specific enterprise).

And a special type of tokens are NFTs (non-fungible tokens), which are used to “digitize” unique assets, for example, in the field of art, licenses, tickets to events.

What assets can be tokenized ?

It is unlikely that restrictions can be established. But in practice, tokenization is carried out of the following items:

Material assets: real estate, equipment, goods in warehouse.
Corporate rights.
Intangible assets: intellectual property, brand, profit rights.
Services: access to premium features, exclusive offers.
Business processes and business projects.
Etc.

Legislation on the tokenization of assets and business

Tokenization is not regulated at the legislative level in all countries.

Since asset or business tokens act as instruments for attracting money from investors to a project and can be traded on the market (crypto market), they are often equated to securities (and are regulated by securities legislation) or recognized as a financial instrument (and are regulated by financial legislation in a broader sense).

For example, in the already mentioned Regulation, the issue of asset or business tokens requires either 1) a financial license (in the understanding of the second Directive of the European Union “On markets in financial instruments” (MiFID II)) or 2) a license (“authorisation”) (in the understanding of the Regulation).

Technical part of tokenization

The technical part of tokenization of assets and business will not be considered within the framework of this publication. Naturally, it is necessary to choose a platform for issuing tokens (for example, Ethereum, Binance Smart Chain (BSC), Polygon, Solana, Polymath, Tezos, Stellar, etc.), implement the technical part.

And even this stage must be consistent with the legal features of the project (taking into account the conditions of issue, use, circulation of tokens, their price, the rights of owners, the use of smart contracts (which must be audited) and much more).

Legal requirements for asset and business tokenization

Due to the different regulations of asset and business tokenization in different countries, there are no uniform requirements for all tokeniyation applications.

In general, the following legal requirements for the issue of asset tokens can be identified:

The issuer (the person issuing the tokens) must be a legal entity (i.e. registered in the company register).
Availability of a license (financial or special for tokens) (for example, SEC in the USA).
Providing the asset with property (accordingly, an audit and/or property valuation is required).
Compliance with the relevant legislation of the object to which the token is linked: corporate, financial, civil, etc.
Auditors’ (appraisers’) report.
Confirmation of compliance with KYC/AML procedures.
Developed and published documentation on tokens: White Paper, Marketing Documentation, internal policies, agreements, payment terms, token circulation terms, security provisions, etc.
And much more.

Requirements for issuing utility tokens and NFTs may be simpler and not require licensing.

In which countries to tokenize assets and businesses?

Each project must be implemented in the jurisdiction that is most suitable for it.

In Ukraine , as of January 2025, the legislation does not provide for the possibility of tokenization assets and business. The Law of Ukraine “On Virtual Assets” has not entered into force, and many issues are still the subject of discussion in legal circles.

In the following countries, tokenization of assets and businesses is permitted and has the following characteristics:

– US: Security tokens are subject to the Securities Act. Registration with the SEC is required or exemptions may be used (e.g. Regulation D (allows investment without registration, subject to restrictions), Regulation A+ (allows for raising up to $75 million, but requires significant reporting), Regulation S (for tokens distributed outside the US)). Utility tokens are ot regulated as securities unless they provide rights to income or control.

– Canada: Tokenization is regulated by the Securities Exchange Commission (CSA).

– European Union: Divides tokens into financial assets and non-financial assets (according to the Regulation or the Second Directive of the European Union “On markets in financial instruments” ( MiFID II)).

– Germany: Tokens are recognized as private property. Security tokens require registration with BaFin. A license is required to conduct an STO. Utility tokens are not regulated unless they perform the functions of securities.

– Switzerland: Favorable jurisdiction. FINMA (Federal Financial Market Supervisory Authority) provides flexible rules. Classification of tokens into three types: payment, utility, and asset-backed. Security tokens require a FINMA license. The country provides “crypto-friendly” legislation. Cantons such as Zug are known as “Crypto Valley”.

– Estonia: Convenient licensing process. Regulator: Estonian Financial Supervision Authority. The ICO/STO requires a license. Utility tokens can be issued without strict requirements as long as they are not financial instruments. Features: 1) Quick company registration for blockchain projects; 2) e- Residency program simplifies digital business management.

– France: Tokenization is allowed through a special license from the AMF.

– Singapore: Regulated by the Monetary Authority (MAS). Asset Tokens are subject to the Securities and Futures Act (SFA) and require licensing. Utility tokens can be used without strict restrictions. Features: simplified procedures for FinTech companies.

– Japan: Cryptocurrencies and tokens are regulated by the Payment Services Act. Security tokens require compliance with securities regulations.

– UAE (Dubai and Abu Dhabi): Regulated by financial services legislation. Dubai International Financial Zone (DIFC) and Abu Dhabi offer favorable conditions. Features: active development of free trade zones for crypto companies.

– UK: Regulatory Authority: Financial Conduct Authority (FCA). Tokens are classified as security, utility or e-money. Security tokens are regulated by securities laws. Utility tokens do not require strict registration. Features: flexible conditions for launching STO.

– Australia: Security tokens are regulated by the Australian Securities and Investments Commission (ASIC). Utility tokens do not require strict regulation.

– South Korea: Security tokens require licensing.

– El Salvador: After legalization, Bitcoin actively supports tokenization and cryptocurrency projects. Simplified regulation to attract investment.

– Kazakhstan: National program supports blockchain projects and digital assets. Features: tax benefits for AFCA (Astana International Financial Center) participants .

– Hong Kong: Liberal regulation. Regulatory authority: Securities and Futures Commission (SFC). Security tokens are regulated in the same way as traditional securities. Utility tokens and native platform tokens do not require licensing. Features: Liberal regulation makes Hong Kong attractive for STOs.

Some examples of asset and business tokenization by country:

Germany: Bitbond (tokenization of loans and bonds).

Switzerland: BrickMark (real estate tokenization ).

UK: Smartlands (tokenization of real estate and business).

Singapore: CapBridge (tokenization of corporate assets).

Estonia: Funderbeam (tokenization of startups).

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The post How to Tokenize Assets and Businesses? Legal aspects first appeared on Zilver.

MiCa: The essentials

Zilver — Mon, 20 Jan 2025 14:45:14 +0000

After entering into force on June 30, 2023, Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (hereinafter the “Regulation”) is mandatory from December 30, 2024. The Regulation significantly changes the crypto market in the EU and thus affects international crypto markets.
The Regulation is quite extensive and has caused a stir in the European crypto community: the new rules could/might remove certain crypto coins and even crypto market participants from the EU crypto market.

Let us present some of the basic rules of the regulation.

The objective of the Regulation is to ensure transparency, stability and investor protection in the EU crypto market by regulating cryptocurrencies and digital assets (English: “Markets in Crypto-Assets” (abbreviated: “MICA”).

Cryptoassets (coins) are classified as:
1. ‘Electronic money token’ or ‘e-money token’ (Stablecoins) means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency. These crypto assets are electronic substitutes for coins and banknotes. They are equivalent to electronic money within the meaning of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.

2. Asset-referenced token means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies.

3. Utility tokens is a comprehensive category of cryptoassets other than asset-referenced tokens and stablecoins that covers a wide range of cryptoassets, including utility tokens. This type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer;

Mandatory authorization for service providers in MICA (exchanges, wallets, platforms): all companies providing services in the field of cryptoassets will have to undergo a licensing procedure.

A new licensing (authorization) system will be introduced: all VASP license holders will have to apply for and obtain a new MiCA CASP license, the requirements for which will be stricter and more complex (requirements for authorized capital, etc.) than for the VASP license. The MiCA CASP license is valid throughout the EU and therefore has uniform rules and requirements for the entire EU, thus eliminating the previously existing national differences in licensing. The deadline for obtaining a MiCA CASP license is July 2025, but may vary between EU member states. Therefore, it is expected that not all EU cryptocurrency market participants will remain in this market.

No license is required if the crypto-asset service is offered free of charge or can only be used within a restricted network (i.e., a restricted network exemption), or if crypto-asset offers are made to fewer than 150 persons in each EU Member State, are addressed exclusively to qualified investors, or the total consideration does not exceed EUR 1 million in any 12-month period.

Under Regulation, crypto-asset service providers must have a registered office in an EU member state. Therefore, crypto asset service providers must:
– have the place of effective management in the EU and have at least one director resident in the EU; OR
– establish an entity (e.g. a subsidiary) within the EU and that entity must apply for a CASP license from the competent national authority.
An exception to this rule is the situation where an EU client, on its own initiative, initiates the provision of a service or activity in crypto assets by a third country company (there are exceptions and rules).

The need to take AML and KYC measures: Participants in the crypto market should take measures to identify customers and combat money laundering.

The following crypto assets are not subject to the regulation:
– Financial instruments (as defined in the second Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II)), which are already subject to existing financial services legislation. In order to better define and classify crypto assets, the the European Securities and Markets Authority (ESMA) has issued the Final Reoprt Guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments, which can be used to determine whether a crypto asset is subject to the Regulation (MiCa) or the MiFID II.
– Non-fungible tokens (NFTs), including digital art and collectibles (with some exceptions).

The regulation of the crypto market in the EU has many nuances, so we recommend that you seek professional assistance from lawyers for advice and assistance with transactions and licensing.

Legal issues of AML (Anti-Money Laundering) in Ukraine, EU and USA

Zilver — Tue, 07 Jan 2025 20:03:19 +0000

AML (Anti-Money Laundering) is a set of measures designed to monitor, prevent and combat the legalisation of funds derived from crime (known as “money laundering”). AML is widely used in the financial sector (banks, payment systems and other financial institutions) as well as in the crypto industry. Almost all major players in the financial market (banks, stock exchanges, exchangers, etc.) need to implement modern AML practices and ensure compliance with them vis-à-vis their business partners.
Let’s take a look at the key aspects of AML regulation in Ukraine, the European Union and the United States of America.

AML in Ukraine
In Ukraine, the fight against money laundering is regulated by the Law of Ukraine “On Prevention and Counteraction of Legalisation (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction”. The main provisions of the law include
– Obligations of primary financial monitoring entities: banks, notaries, brokers, auditors and other entities are required to identify their clients and monitor financial transactions.
– Threshold amounts: financial transactions exceeding UAH 400,000 (or the equivalent in foreign currency) are subject to mandatory verification.
– Ultimate beneficial owners of legal entities: Legal entities must have and, in certain cases, disclose information about their ultimate beneficial owners.
– State Financial Monitoring Service: This body is responsible for analysing suspicious transactions and passing on information to law enforcement agencies.
– Penalties and liability: Fines, sanctions in the form of suspension of activities and even criminal liability are applied in case of violation of rules and requirements.
Ukraine is actively working to harmonise its legislation with international standards, such as the recommendations of the Financial Action Task Force (FATF).

AML in the European Union
In the European Union, AML is governed by a number of directives and regulations. The main provisions of EU AML legislation are as follows:
– Criminal Links: Certain crimes, including cybercrime and tax fraud, are considered grounds for AML.
– Increased liability: Establishment criminal liability for legal persons who fail to comply with AML requirements.
– Compulsory cross-border cooperation: EU member states are required to coordinate their efforts to investigate and prevent crime.
– Anti-Money Laundering and Counter-Terrorist Financing Authority: A decentralised EU authority (Agency) was established in 2024 to coordinate national authorities to ensure that EU AML rules are correctly and consistently applied.

AML in the USA
In the United States, AML is governed by several laws, the most important of which are
– Bank Secrecy Act (BSA): Requires financial institutions to report and disclose suspicious transactions.
– Patriot Act: Strengthened customer identification requirements and monitoring of international transactions.

FinCEN (Financial Crimes Enforcement Network) is the main body responsible for collecting and analysing data on suspicious financial transactions.
US AML legislation is largely cross-border in nature and requires the collection and processing of information on a maximum number of persons. Strict sanctions and liability for violations of US law are established for all financial market participants. Much attention is paid to specific tools for identifying suspicious transactions, and special control is exercised over transactions involving digital assets (including cryptocurrencies).

General principles
All participants in the financial market, including the crypto industry, must take into account the requirements of the law when planning their activities. This includes: 1) the use of certain AML provisions in contracts with counterparties; 2) the use of special software to identify risky transactions and counterparties; 3) the collection of information about counterparties; 4) the implementation of modern compliance systems; 5) the training of personnel; 6) the constant monitoring of changes in legislation, etc. Failure to comply with AML measures may have negative consequences for the market participant, so we recommend consulting lawyers and using special software in this area.

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