Ukraine’s All Set to Pull the Plug on Crypto Corruption

  • Economic sanctions imposed on Russia
  • US’s extensive support to Ukraine to fight Crypto corruption

Ukraine has been fighting a war with Russia for a year now. They have been trying to get the support of all the nations to stop Russia too. And if you have been following the news, you know that the US and many other countries have imposed economic sanctions on Russia. Many countries have stopped importing gas and oil from Russia or drastically reduced quantity. 

Russian banks have been ousted from the international financial messaging system Swift. It makes it hard for them to buy anything using their forex reserve. The UK government has also banned the imports of diamonds from Russia. However, it seems that Ukraine needs to tighten its efforts to hinder Russia from funding the war. 

Ukraine to Combat Crypto Corruption

In a bid to do that, Ukraine is gearing up for a campaign to fight crypto corruption. According to the National Anti-Corruption Bureau of Ukraine (NABU), cryptocurrency is extensively used for money laundering. They labeled cryptocurrency as a tool of modern corruption. According to them, this digitized money is being used against them to fund the Russian war efforts. And they want to cease all these underhanded practices.

The government body released a statement saying that this endeavour will be supported by the US State Department’s Bureau of International Narcotics and Law Enforcement Affairs. They said they have started training over 250 crypto-asset detectives and analysts. The bureau stated that they are clamping down on people who are illegally accumulating and using digital assets.

Explaining the training program in detail, they said that its duration will of 9 months. It would cover “ways of investigating crypto-based crimes” and “cryptocurrency technologies”. The NABU also mentioned that it would be the most comprehensive training course in the bureau’s history. These sessions will bring the developers of analytical tools and the representatives of the crypto community together.

The Ukrainian body pledged to establish communication channels with global crypto exchanges and international law enforcement organizations. NABU asserted that this crackdown drive would be able to wipe out all the crimes, including cryptocurrency. 

US to Support  Ukraine in Averting Crypto Corruption

Corroborating the statement, the US authorities said that they would be helping Ukraine in tracking Russian sanctions evaders. They also said they’d bring new EU-inspired crypto regulations into power by the end of this year. 

The US also plans to frame laws on cryptocurrency usage based on MiCA regulations.

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