Cryptocurrencies

Report: Ukraine and Eastern Europe plagued by crypto scams

Earlier this week Chainalyis published the key findings of their 2021 Geography of Cryptocurrency report. According to this research, Eastern Europe is severely affected by illicit cryptocurrency-related activity. In relative terms, the region is second after Africa in terms of exposure — but its overall crypto economy is much larger than that of Africa.  Ukraine accounted for “most of …

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Ukraine unveils roadmap to integrate cryptocurrencies by 2024

As a country where cryptocurrencies have enjoyed a growing popularity, Ukraine now also has a strategy to develop its virtual asset market within the next three years. The plan has been presented by officials from the Ministry of Digital Transformation, other government institutions and representatives of the private sector, Forklog reported. The roadmap envisages various regulatory, …

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Illegal crypto mining or legitimate computer gaming research: Tech company suffers $1 million in losses after secret service raid

It appears that one of the largest “crypto mining farms” that Ukraine’s Security Service claims to have ever exposed wasn’t mining cryptocurrency at all. On July 8, the Security Service (SBU) seized over 5,000 Sony PlayStation consoles and graphics cards in a warehouse adjacent to the facilities of Vinnytsiaoblenergo, an energy distributor in Vinnytsia, a city of almost 400,000 people …

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Ukraine tops global cryptocurrency adoption ranking

Ukraine is leading an international country ranking for cryptocurrency adoption, coming ahead of Russia, China, South Africa, Nigeria, Kenya, and the US. The 2020 Global Crypto Adoption Index, compiled by blockchain data analytics firm Chainalysis, offers a review of 154 countries. This crypto adoption index is made up of four metrics, calculated by “estimating total …

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Ukraine to oversee crypto transactions above $1,200, sees no risk in legalization

Operations conducted by crypto companies and other entities dealing with digital assets will be examined and verified by Ukraine’s financial regulators, Minister Oksana Markarova announced during a recent press conference. All crypto-related transactions worth 30,000 hryvnias or more, the equivalent of approximately $1,200, will be subjected to government oversight, she emphasized while briefing Ukrainian media …

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Ukrainian government and parliament take new steps to support crypto industry

Earlier this month the Verkhovna Rada, Ukraine’s legislature, approved amendments for “the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation .” Supported by a significant majority in the Rada, these amendments introduce legal terms and definitions pertaining to the crypto space. As reported by …

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Illegal cryptocurrency farm found on Ukrzaliznytsya premises

An illegal bitcoin farm had been sucking electricity from the state-owned railway monopoly Ukrzaliznytsya, draining over $40,000 worth of electricity from the company. The company’s own security department along with Ukraine’s National Police found an illegal bitcoin farm on the premises of the railway enterprise in Ternopil, according to a statement the railway company published on …

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New educational program aims to prepare more crypto developers in Ukraine

Aiming to address the deficit of developers in the field, several crypto platforms, the Blockchain Association of Ukraine (BAU) and the Ukrainian National IT Factory (UNIT) have teamed up to launch ‘Blockchain Hub Academy,’ an educational program on cryptocurrency technologies. The 4-month course is divided into two segments. The first part called ‘Satoshi Way’ is …

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Ukraine plans to fully legalize cryptocurrencies within three years

As reported by Bitcoin.com, the government in Kiev intends to legalize cryptocurrencies and comprehensively regulate the fintech sector as part of a new public policy developed by the economy ministry. The process may take up to three years to complete but eventually the industry built around digital assets should become a legitimate part of the …

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Virtual Satoshi monument erected in Kyiv to symbolize “modern Ukraine”

Last week a virtual monument dedicated to the creator of bitcoin, Satoshi Nakamoto, was erected on Shevchenko Boulevard in Kyiv (Kiev). The opening took place where there previously was the monument to Lenin, which according to the idea of the authors should symbolize two epochs, past and modern. Kiev’s virtual memorial is the first one to be …

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Ukraine’s Financial Stability Council supports regulatory concept for cryptocurrencies

The Financial Stability Council of Ukraine has supported a concept for crypto regulations, Timur Khromaev, head of the National Securities and Stock Market Commission (SSMCS) reported in a Facebook post July 20. According to Khromaev, the concept involves recognizing cryptocurrencies and tokens as financial instruments, establishes the roles and functions of governmental bodies in regulating …

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