Ukraine passes a bill that criminalizes not disclosing crypto holdings on tax filings.

The Ukrainian parliament has passed a bill that penalizes people who don't disclose their cryptocurrency holdings on the tax fillings.

According to an official document released by the country’s parliament, the Verkhovna Rada, the bill that seeks to criminalize not disclosing crypto holdings on tax filings passed with 283 votes. The proposal aimed at imposing jail times and fines on offenders. The measure comes in the wake of a recent publication that showed alleged mistakes in declarations from public servants in Ukraine. The bill details show that the authorities will prosecute those who possess over $4,050 worth of non-declared crypto holdings.

 

Offenders could spend up to two years in jail.

According to the bill, offenders could spend up to two years in jail, and even pay fines ranged between $162,100 and $202,950. Also, the bill clarifies that erroneous data are not exempt from being targeted by the authorities. Still, those who admit before a court any wrongdoings are also being covered by the criminalization of the proposal. Interestingly, Forklog revealed a document drafted by a group of crypto industry leaders in Ukraine, and the group called “Blockchain4Ukraine” intended to force public officials to disclose their crypto wallets for transparency purposes publicly.

 

The bill will return to the committee stage for a second reading ahead of final approval.

Although the Verkhovna Rada passed the bill, it will return to the committee stage for a second reading ahead of final approval. As reported earlier, the latest declarations from Ukrainian public officials revealed a billion-dollar amount of money they allegedly own in bitcoin and other cryptocurrencies. The head of the Mandatory Inspections Department at the National Agency for Prevention of Corruption stated that his office conducted 250 checks this year, including bitcoin’s holdings state employees. He also stated that some officials claimed their filings had mistakes and warned about the results of such reports.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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