Ukraine will now be forcing its citizens to reveal how much cryptocurrency they own. A new law that seeks to crack down on the widespread corruption in the country will require the citizens to disclose their crypto holdings starting in January 2020. The law will also require the citizens to disclose the crypto owned by other members of their families, including minors.
Ukraine has been in a renewed fight against corruption in recent months. The Eastern European country has cracked down on several sectors of the economy which it believes facilitate corruption and money laundering, including gambling. The latest is cryptocurrencies, a sector that has grown rapidly in the country as the citizens seek to find a better alternative to their national currency.
Known as the Corruption Prevention Law, the bill was introduced in 2009 and adopted into law in 2014. In its latest amendment, the law recognizes cryptocurrencies as a store of wealth. It warns about the potential use of cryptos to launder money and to finance terrorist activities.
The amendment will require Ukrianians to disclose any member of their family who owns crypto, and the amount they own. This will include both the immediate and extended family. Minors who own crypto will have to be disclosed as well.
The law comes into effect in January, leaving the citizens with just two months to familiarize themselves with it. Whether this will be enough time, especially given the several requirements included, is anybody’s guess. However, the government has shown signs of being interested in educating the people on crypto and hence, it’s likely it will carry out a sensitization campaign.
The Ukrainian government has been seeking to legalize cryptos in recent months. The government sees crypto as an increasingly important sector, with the Ministry of Digital Transformation being charged with the task. The Ministry is preparing a digital currency framework that should be ready by the end of the year according to reports by local media outlets. As it stands, cryptos don’t have a legal status and this has hindered adoption.
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