Ukrainian Officials to Examine Cryptocurrency Wallets for ‘Illegally Obtained Assets’

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Governmental powers in Ukraine will be blocking cryptocurrency wallets “and remove illegally obtained crypto assets,” a report from local publication MC.Today, reads.

According to an interview with the site, the region’s Finance Minister, Oksana Markarova, claims that the State Financial Monitoring Service of Ukraine (SFMS), has access to “an analytical product that allows investigations into the origins of crypto-assets and their uses,” which is how it will block and check cryptocurrency transactions.

Essentially, anybody in Ukraine who trading virtual assets will be “subject to financial monitoring” in the country. This includes companies that allow citizens to trade or store cryptocurrencies and virtual currencies in general. Any suspicious-looking transactions are to be reported to the SFMS immediately, the interview notes.

However, this doesn’t mean they will constantly be monitored. An excerpt from the interview here notes that a report will be noted and that is that:

“The client will have to be explained one time what he is doing, what he is doing and where his virtual assets come from. This information will be stored at the bank or other financial company and the client will not be touched until suspicious account activity occurs.”

Part of this reasoning is because the SFMS believes many citizens hold cryptocurrencies, despite them not having an official report on this information.

In terms of legalization, an Interagency Working Group is working with the VRU Digital Transformation Committee to work on laws surrounding cryptocurrencies.

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