- The National Agency for the Prevention of Corruption (NAPC) of Ukraine has said in a statement that digital currencies are a type of intangible asset.
- The citizens of Ukraine have to disclose all of their digital asset holding and crypto holding just like they do for any other intangible asset.
Cryptocurrencies are not considered as tangible assets in Ukraine, and the national agencies define it as an intangible asset. The National Agency for the Prevention of Corruption (NAPC) of Ukraine has said in a statement that digital currencies are a type of intangible asset.
This definition of the crypto and digital assets by the Ukrainian NAPC has been given in accordance with the Ukrainian Finacial Action Task Force’s way of looking at the digital assets.
The citizens of Ukraine have to disclose all of their digital asset holding and crypto holding just like they do for any other intangible asset. They also have to disclose the holding of their family as well, according to the same report in which the digital assets were deemed intangible by the NAPC.
The Guidance had said that it is just that the documents include the name of the concerned asset; it’s the date of last purchase and quantity. Ukraine sees all cryptocurrencies as intangible assets and has been clearly declared by the declaring entity said the report. The person also has to declare the total cost of the crypto asset and also quantity held by any family member as on the last day of the reporting.
Such decisions are not being seen for the first time as many countries have raised several concerns and have made multiple attempts to make laws or restrict the use of cryptocurrencies because they see them as ‘not real’ currency.
Crypto has been used to launder money too, which attracted the eyes of various governments to it. Since then, there have been many restrictions that have been imposed to stop money laundering with the help of crypto.
American lawmakers have also proposed many times to regulate the cryptocurrencies and even wanted to make a backdoor for law enforcement to oversee all the transactions and circle out possible laundering efforts.