Ukrainian delegation, with OSCE, discusses mechanisms for seizing cryptocurrencies

Experts and lawmakers from Ukraine participated in a seminar dedicated to developing regulation of virtual assets.

The Office of the OSCE Coordinator for Economic and Environmental Activities (OSCE (OCEEA) in partnership with the United Nations Office on Drugs and Crime (UNODC).

The parties discussed international experience regulating the Bitcoin market, as well as existing procedures for arrest, confiscation and subsequent disposal of digital assets.

The OSCE and UNODC are implementing a project to provide technical and legislative support to the governments of Georgia, Moldova and Ukraine on mitigating money-laundering risks through cryptocurrencies.

“Ukraine is one of the countries where cryptocurrencies have become mainstream among the population. This phenomenon has a downside as well, so it is important that lawmakers are prepared for the challenges,” said Lorenzo Rilasciati, a representative of the OCEEA.

The MP Yaroslav Zheleznyak called the “most important moment” the position of Ukrainian law enforcement and regulators regarding the need to legalize cryptocurrencies:

“Representatives from Cyberpolice, NABU and the Financial Monitoring Service spoke. And all were in favour of the need to introduce virtual assets into legislation.”

Earlier in November, the National Asset Recovery and Management Agency of Ukraine announced cooperation with bitcoin exchanges Binance, Coinbase, KuCoin, Kraken and WhiteBIT for tracing and seizure of digital assets.

The Office of the President urged concentrating efforts on launch of the cryptocurrency market in the country.

Earlier, representatives of the Ministry of Digital Transformation and НКЦБФР said that regulation of the industry in Ukraine will be changed to reflect EU norms.

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