Ukraine’s Ministry of Digital Transformation signed a deal last week with BitFury’s crypto-tracing spin-off Crystal Blockchain B.V. to kick-start the government’s virtual asset monitoring initiative, a company executive told CoinDesk.

• Crystal Chief Executive Marina Khaustova said ministry officials who oversee Ukraine’s digital pivot and maintain links with the Ministry of Finance will use the company’s software to trace the origins of suspicious crypto transactions. 
• Finance ministry officials have previously said they will trace all crypto transactions over $1,200 in accordance with international anti-money laundering (AML) guidelines and a 2019 Ukrainian law. 
• Khaustova said the deal “is not limited to compliance tools access,” however. Digital Transformation officials were just as “eager to consult” on developing legislation and regulations for Ukraine’s burgeoning virtual asset sector as they were in enforcing crypto AML restrictions, she said.
• “The main goal of our cooperation is the rapid formation and legalization of the virtual asset market in Ukraine,” the ministry said in a press statement. The ministry did not immediately return a CoinDesk request for comment.