Crypto assets: Ukraine officials did not follow regulations laws

TL;DR Breakdown

• Over 46 thousand Bitcoin remains undeclared before the Ukrainian regulators.
• The most used crypto assets in Ukraine are Bitcoin, Bitcoin Cash, and Ethereum.

Ukraine lacks transparency for declaring transactions in crypto assets by even the government officials and politicians. The government, which has tried to regulate cryptocurrencies, does not comply with its laws where each citizen should declare transfers in crypto.

According to local news, several Ukraine officials have not shown where they get their Bitcoin or other cryptos. These actions have brought criticism and mistrust among citizens trying to understand the regulatory environment for cryptocurrencies.

A Ukrainian legislator loses significant amount of crypto assets

crypto assets

The news recently broke that a Ukrainian legislator, Dmitry Gurin, and his wife lost many crypto assets when thieves stole his car. The legislator kept his cryptos, specifically Bitcoin, in an external Wallet and thieves took the wallet and his luxury car.

Gurin indicated that he had around 42 Bitcoin valued in 2020 for $840,000 or about 22.5 million hryvnia, the Ukraine local currency. With this theft, the legislator was exposed by not declaring that he possessed many cryptocurrencies.

However, the legislator is not the only one who has failed the country’s regulations because other more outstanding officials such as the SRS director also have many cryptos hidden. At the beginning of September, the head of Ukraine’s regulatory agency was exposed because he possessed a good amount of undeclared crypto assets.

In December, the SRS executive said that he had accumulated some Bitcoin in his wallet due to his work as governor in Kharkiv. But, he did not say the amount stored until recently the information was leaked. Kucher had about 77 Bitcoin valued at $3.6 million.

Ukraine officials lie about their cryptocurrencies holdings

The regulations on crypto assets in Ukraine are strong, but these regulations are not adhered to strictly, even by the government entities themselves. Many of the country’s officials have lied about their cryptocurrency adoption, including the head of the regulatory agency.

Kucher was the talk of the news media this month because he was lying about the crypto assets he had in storage. According to some sources, Kucher did not have only 77 Bitcoin, as the claimed amount could potentially be double.

Since 2020, over 650 officials globally have recognized that they had invested in cryptocurrencies, mostly in Bitcoin. However, they have not ignored other cryptos such as Bitcoin Cash, Litecoin, and Ethereum. On average, it is estimated that Ukrainian officials have 46000 Bitcoin, which is an absurd number for a country that has not openly supported decentralized currencies.

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Written by Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.