Ukraine’s National Corruption Prevention Agency (NACP) has announced that cryptocurrencies should be categorized under “Intangible Assets” in the annual income statements.

The announcement targets government officials. However, the annual income statement must also be submitted by individuals with foreign income and freelancers without commercial registration.

Thus, they should register cryptocurrencies under the “Intangible Assets” section, which generally includes objects of unspecified value, such as intellectual property or brands.

NACP also determined the information that officials should submit when reporting their cryptocurrencies.

In addition, individuals should report the name of the assets they own, the date of the last purchase, the amount and the total value of the assets on the last day of the reporting period. In addition, they should list the digital assets owned by the direct family members.

Most importantly, the NACP used the definition of virtual assets outlined by the Financial Action Task Force, and specifically excludes the currencies representing “virtual representations of standard (fiat) currencies, securities or other financial assets.”

Some Ukrainian officials have already reported their crypto holdings in their previous statements. In 2018, Governor of Odessa Oblast reported that he held 290 Bitcoin (BTC) and 11,000 Ethereum (ETH), at a total value of $2.5 million and $2.47 million, respectively.

Crypto market needs not government intervention

Cryptolydian reported that Ukraine’s regulatory ministries have concluded that the crypto market does not need government intervention as it can be regulated by the cryptocurrency protocol and enforced consensus rules.

Ukrainian officials consider that the blockchain industry is ‘self-regulating’ due to its open-source protocols. Thus, they strongly believe that the crypto market does not need government intervention.

Instead, the officials seek to develop policies for digitization, e-governance and information society development.

Thus, Ukraine’s regulatory policy aims to encourage participation in the development of digital assets and adoption of blockchain technology.

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