Most crimes can be linked to the use of cryptocurrencies, said Alexander Grinchak, head of Ukraine’s Cyber Police Department, in an interview with RBC-Ukraine.
“From murders, extortion, hijackings and up to drugs — all these crimes can be linked to cryptocurrencies. The only exceptions are illegal use of trademarks and copyright violations. Therefore it is necessary to legalise it,” said Grinchak.
According to him, in such cases law enforcement identifies criminals in cooperation with blockchain analysts and cryptocurrency exchanges.
“We are in favour of legalising and bringing cryptocurrency into the legal framework. First, we fill the budget, and second, we more effectively track illegal cryptocurrency operations,” said the head of the Cyber Police.
The bill “On Virtual Assets” passed its first reading at the end of last year. In April, the Committee on Digital Transformation of Ukraine recommended the Verkhovna Rada adopt the bill in the second reading.
According to Chainalysis analysts, the share of cryptocurrency transactions linked to crime in 2020 was about 0.34% ($10 billion) of the total volume. Through decentralized exchanges, criminals moved $34 million — 0.024% of the turnover of these platforms in 2020.
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