Ukrainian cyber police uncovered more than 600 cases of illegal use of cryptocurrencies

In 2022, Ukrainian law enforcement officers completed investigations into more than 600 cases involving cryptocurrencies, according to Yevhen Panchenko, Head of the Operational and Analytical Support and Open Source Analysis Division of the Cyber Police Department. In most cases, the criminals used digital assets to trade illegal goods on the darknet or to launder money.

«Cryptocurrencies offer great opportunities for economic development, but criminals are also successfully taking advantage of this tool,» Panchenko said.

The head of the cyber police department, among others, took part in a seminar of the OSCE and the UNODC (United Nations Office on Drugs and Crime). The agencies have launched a joint project that will provide law enforcement officers with access to the necessary tools for financial monitoring and investigation of offenses related to digital assets.

As a reminder, the Ukrainian cyber police has declared its readiness to support the legalization of cryptocurrencies in Ukraine. «Our goal is simple — to make crypto circulation in Ukraine legal and safe, but on the principle of „do no harm“, so that the market receives incentives for development and competitive advantages rather than regulation,» said MP Yaroslav Zheleznyak, who participated in the discussion.

Earlier, the National Bank of Ukraine (NBU) presented the concept of the digital hryvnia (CBDC). The state regulator believes that the Ukrainian national cryptocurrency will «complement cash and non-cash money» and will also receive all the functions of public funds. The agency believes that digital money will help strengthen Ukraine’s monetary sovereignty and enhance the regulator’s ability to maintain exchange rate stability.