Ukrainian Parliament Passes Bill That Criminalizes People Who Don’t Reveal Crypto Holdings

The Ukrainian parliament has cracked down on people who do not report their holdings of cryptocurrencies in their tax returns. This decision follows a recent publication that revealed errors in the statements of public officials.

Offenders can be imprisoned for up to two years

According to an official document published by the country’s parliament, the Verkhovna Rada, a bill to criminalize these crimes was approved by 283 votes. The proposal seeks to establish prison sentences and fines for offenders.

The details of the bill show that authorities will prosecute people who own undeclared cryptocurrencies in excess of $4,050. Violators can face up to two years in prison and even pay fines of $162,100 to $202,950.

The draft law also specifies that erroneous data are not exempt from prosecution by the authorities. But even those who admit their wrongdoing in court are covered by this punishment.

Interestingly, Forklog published a document prepared by a group of leaders in the cryptocurrency industry in Ukraine. The group called Blockchain4Ukraine plans to force officials to make their cryptocurrency portfolios public to ensure transparency.

Although the Verkhovna Rada passed the bill, it will return to committee for a second reading before final passage.

Officials

Bitcoin.com News recently reported that the latest statements by Ukrainian officials indicate the alleged possession of billions of dollars in bitcoins (BTC).

However, Sergei Petukhov, head of the compulsory inspections department of the National Agency for the Prevention of Corruption, said his agency had carried out 250 inspections this year, including on officials.

He added that some officials have claimed that their reports contain errors and have warned against the conclusions of these reports. He went on to warn that if the information provided was found to be incorrect, it could give rise to administrative or criminal liability.

What do you think of this bill, which will soon be fully adopted in Ukraine? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

frequently asked questions

Can the government track cryptocurrencies?

2020/12/22 Cryptocurrency …

Are transactions with crypto-currencies anonymous?

The blog is how-anonymous-is-cryptic….

Are cryptocurrencies legal in Ukraine?

cryptocurrency blockchain blockchain cr…

Related Tags:

ukraine cryptocurrency stellarukraine crypto exchangecrypto regulation newscryptocurrency regulationxlm crypto ukraineukraine digital currency,People also search for,Feedback,Privacy settings,How Search works,Bitcoin,Ripple,Ethereum,Litecoin,Bitcoin Cash,Monero,See more,ukraine cryptocurrency stellar,ukraine crypto exchange,crypto regulation news,cryptocurrency regulation,xlm crypto ukraine,ukraine digital currency,ukraine chooses stellar,bitcoin price

More from author

Related posts

Latest posts

DeFi stablecoins protocol Ampleforth launches on Avalanche (AVAX)

The launch of the DeFi stablecoin protocol Ampleforth on Avalanche is a crucial milestone in bringing stability to cryptocurrency markets. The project was backed...

Bringing DeFi to Agriculture Industry, Lydium ICO Begins First Phase

The agricultural industry is one of the most important industries in the world, but it has been plagued with problems. A new project called...

The Complete Guide to Coinbase Fees (and How to Avoid Them)

Coinbase is one of the most popular cryptocurrency exchanges in the world. It’s also one of the more expensive ones. If you’re looking to...