The new amendment to Ukraine’s Corruption Prevention Law would require citizens to disclose how much cryptocurrency they own. The law also requires to report the amount of cryptocurrency owned by one’s close relatives. Corruption Prevention Law was introduced in 2009 and adopted in 2014 in order to crack down corruption in the country.
The amendment has left citizens confused.
The law would come into effect from the very first day of the next year. This law has left the citizens of Ukraine puzzled, as there is no definition of cryptocurrency in the legal framework of the country. The latest amendment to the Corruption Prevention Law has changed the definition of “close relatives” that are covered by the law. Even minors in the family need to be documented on the income tax form, even if they are not part of the same household.
Binance to assist Ukraine in setting up crypto laws
The Malta-based crypto exchange Binance has signed a Memorandum of Understanding with Ukraine’s Ministry of Digital Transformation to establish the legal status of virtual currencies in the country. The crypto exchange giant and the ministry will start a joint working group to discuss future crypto regulation and the creation of a virtual asset market.