Highlights:

Ukrainian lawmakers demand to know how much cryptocurrency citizens own

This move is dine in a bid to crack down on corruption and illegal activities

The move in an extension of the 2014 Corruption Prevention Act

In a shocking move to the citizens of Ukraine, the citizens of the country are now asked to disclose all of their cryptocurrency holdings to the government, in addition to the other requirements to the Corruption Prevention Act of 2014.

The new amendment to Ukraine’s Corruption Prevention Law would require citizens to disclose how much cryptocurrency they own. The law also requires to report the amount of cryptocurrency owned by one’s close relatives. Corruption Prevention Law was introduced in 2009 and adopted in 2014 in order to crack down corruption in the country.

Due to the unstable economy in the country and the inflating national currency caused by the war with Russian-backed separatists, Ukrainian citizens often keep their savings in Bitcoin.

The new amendment to the Corruption Prevention Law adopted in 2014, classifies cryptocurrencies as assets and therefore can be used in financial crimes, including money laundering, fraud, and terrorism.

For now, Ukrainians are struggling to get acquainted with this new law, and time is running out, as it will be effective from January 01, 2020, as per the Final and Transitional Provisions of Law No. 140.

The news follows the legalization of gambling in Ukraine, as it seems the state is trying to take control of all the previous grey areas of the economy. It will come into effect in January.