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Ukraine’s financial watchdog has restricted access to a number of online cryptocurrency exchanges operating outside Russia. Some coin trading platforms are working with licensed Russian banks, the regulator said in a report.
Ukrainian Monetary Authority Targets Russian Crypto Exchange Websites and Wallets
The State Financial Monitoring Service (SFMS), Ukraine’s financial intelligence agency, has issued a special report on the results of its activities in 2022. The agency revealed that in addition to its peacetime activities such as anti-money laundering, it contributes to the country’s defense. Efforts as part of the ongoing conflict with Russia.
In a document published this week, Watchdog announced that its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian cryptography experts. Together, they were able to identify Russian crypto exchanges linked to sanctioned Russian financial institutions, including Russia’s largest bank, Sber.
The Ukrainian financial regulator did not specify the exact number or domain names of these platforms, but emphasized that their aim is to block them completely.
SFMS also worked closely with Ukrainian and foreign cryptocurrency service providers to introduce the “blocking of cryptocurrency wallets of the Russian Federation” mechanism. It is unclear if that means a general Russian wallet or something related to the Moscow government.
Last year, the state service turned to Binance, the world’s largest cryptocurrency exchange, to “suppress Russian Federation attacks on the cryptocurrency market” and to prevent peer-to-peer trading for users of various Russian banks. I remember suggesting action. payment system.
“Other practical measures related to blocking the manipulation of Russian crypto assets and Russian residents have been implemented,” the agency added without elaborating. While severing ties with regulators in Russia and Belarus, we have worked with financial authorities in about 140 countries on this issue.
Ukraine engages in regional initiative to prevent crypto money laundering
SFMS also mentions its involvement in cooperation between Ukraine, Georgia and Moldova – countries with steadily growing cryptocurrency markets and mining sectors – focused on reducing money laundering through digital assets. is guessing. This project is realized with the support of the United Nations and OSCE.
The report is in line with a statement by Ukrainian Digital Transformation Minister Mikhail Fedorov, who promised the country would become “the best crypto jurisdiction in the world” once the regulatory framework for the industry is complete.
Over the past few years, Ukraine has established itself as a leader in cryptocurrency adoption in Eastern Europe and has been accepting cryptocurrency donations since the beginning of the Russian invasion. Its parliament passed a law “on virtual assets” last February and is preparing respective amendments to the tax code.
What do you think about Ukraine blocking Russian crypto exchange platforms? Share your thoughts on the matter in the comments section below.
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