Skip to main content

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges

The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report.

Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets

The State Financial Monitoring Service (SFMS), a unit of Ukraine’s financial intelligence, has issued a special report on the results of its operations in 2022. Besides its peacetime activities such as combating money laundering, the agency revealed it has contributed to the country’s defense effort as part of the ongoing conflict with Russia.

In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under sanctions, including Russia’s largest bank, Sber.

The Ukrainian financial regulator did not specify the exact number of these platforms or their domain names but emphasized that the aim was to fully block them.

Also, working closely with crypto service providers in Ukraine and abroad, the SFMS introduced a mechanism for the “blocking of crypto wallets of the Russian Federation.” It’s unclear whether it means Russian wallets in general or those linked to the government in Moscow.

The state service reminded that last year it turned to Binance, the world’s largest crypto exchange, suggesting actions “to curb the aggression of the Russian Federation in the virtual assets market” and prevent peer-to-peer transactions for users of various Russian banks and payment systems.

“Other practical measures related to the blocking of Russian crypto assets and operations of Russian residents have been implemented,” the agency added without elaborating. It has been cooperating with the financial authorities of almost 140 countries on the matter while severing ties with regulators in Russia and Belarus.

Ukraine Engaged in Regional Initiative to Prevent Money Laundering Through Crypto

The SFMS also noted it’s involved in cooperation between Ukraine, Georgia, and Moldova — countries with a steadily growing crypto market and mining sector — focused on reducing money laundering through digital assets. The project is being realized with assistance from the UN and OSCE.

The report coincided with a statement by Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, promising that the country will become “the best crypto jurisdiction in the world” once it finalizes its regulatory framework for the industry.

In the past few years, Ukraine established itself as a leader in crypto adoption in Eastern Europe and has been accepting crypto donations since the start of the Russian invasion. Its parliament passed a law “On Virtual Assets” last February and has been preparing respective amendments to the Tax Code.

What do you think about Ukraine blocking Russian crypto exchange platforms? Share your thoughts on the subject in the comments section below.



from Bitcoin News https://ift.tt/0Onary3
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more