Ukrainian Parliament Approves Bill That Criminalizes People Who Do Not Disclose Crypto Assets – Bitcoin News Regulation

The Ukrainian parliament is upholding its tough stance against people who fail to disclose their cryptocurrency holdings on the tax readings. The measure follows a recent publication highlighting alleged errors in statements made by officials.

Offenders can spend up to two years in prison

According to an official document released by the country’s parliament, the Verkhovna Rada, the bill to criminalize such misconduct was passed by 283 votes. The proposal aimed to impose prison terms and fines on offenders.

The details of the bill indicate that the authorities will prosecute those who hold more than $ 4,050 in undeclared crypto stocks. In fact, offenders could spend up to two years in prison and even pay fines of between $ 162,100 and $ 202,950.

The bill also clarifies that erroneous data is not exempt from being targeted by the authorities. Yet those who admit any wrongdoing in court also fall under the criminalization of the proposal.

Interestingly, Forklog disclosed a document prepared by a group of leaders in the crypto industry in Ukraine, and the group called “Blockchain4Ukraine” aimed to force government officials to disclose their crypto wallets for transparency purposes.

Although the Verkhovna Rada passed the bill, it is returning to the committee stage for a second reading prior to final approval.

Government officials under the eye of the authorities

Recently, News reported that the latest statements by Ukrainian government officials revealed a billion dollars they allegedly own in bitcoin (BTC).

However, Sergiy Petukhov, the head of the Mandatory Inspections Department at the National Corruption Prevention Agency, said his office conducted 250 checks this year, including bitcoin’s state employees.

He added that some officials claimed their submissions were flawed and warned against the results of such reports. At the time, he warned that if they find that the data provided is incorrect, “this is the basis for administrative or criminal liability.”

What do you think about this bill that will soon be fully adopted in Ukraine? Let us know in the comments below.

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