Department of Cyberpolice in Ukraine Wants to Legalize Cryptocurrencies

Published on 12 Feb. 2018
B stempel

The legalization of cryptocurrency will help to control it, - says the deputy head of the Department of Cyberpolice of Ukraine Oleksandr Grynchak.

He voiced his position in the air of Radio Svoboda, where he took part in the live discussion at the program “Details.” Concerning cryptocurrency, he said:

We have made several suggestions, brought this question to the level of government, and we want to legalize cryptocurrency so that it can be controlled. With the help of this currency, many crimes are committed: drug and weapon sale, and so on.

Oleksandr Grynchak said that people often address cyberpolice with the statements on cryptocurrency stealing – when due to the fraudulent schemes the owner of the crypto wallet allows access to his account and fraudsters transfer his money to other wallets.

This kind of crime can be qualified as a fraud using electronics and computer technologies. A person is deceived, he or she paid for some services and received nothing in return – this is pure fraud,

- added the deputy head of the Department of Cyberpolice.

Or the victims can transfer their money to the trespasser’s account under the threat of physical abuse. That was the case with the web-designer from Izium. The thieves penetrated the apartment of the victim and, threatening with extortion, made him transfer 15 Bitcoins from his crypto wallet. 

The position of Oleksandr Grynchak coincides with the one of Serhii Demediuk, a direct supervisor of Grynchak, expressed by him in January – he also called on the government to decide on the status of cryptocurrencies. 

Recently, the roundtable meeting took place, where the representatives of NBU, Ministry of Finance, National Commission on Securities and Stock Market of Ukraine, SSU, National Police of Ukraine, National Service on Financial Monitoring of Ukraine, State Fiscal Service, and State Service for Special Communications and Information Protection of Ukraine talked about cryptocurrency status. Emal Bakhtari, the head of the NBU department of the open market projects suggested creating a new law project for the regulation of cryptocurrencies and mining in Ukraine together with regulators and market members.

At the moment, cryptocurrencies, mining, and related operations in Ukraine have no regulation at all.

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