Ukraine parliament enforces a tough stance on crypto, imprisoning two years for those who do not disclose crypto holdings

By Selena On Apr 20, 2021

According to an official document published by Ukraine parliament, Verkhovna Rada, the country is planning to take its tough stance against citizens who do not disclose information about their cryptocurrency holdings when paying taxes.

The Ukraine parliament is enforcing its tough stance against people who can disclose their cryptocurrency holdings

This is the decision taken after a recent publication showed the alleged misconduct in the public officials’ statements. The bill seeking to criminalize such misconduct was passed with 283 votes. Proposal to apply jail time and fines for violators.

Bill details show that the authorities will prosecute people who own more than $ 4,050 in undeclared cryptocurrency. In fact, offenders can sit in jail for up to two years, and even pay fines ranging from $ 162,100 to $ 202,950.

Besides, the bill makes it clear that erroneous data are not exempt from the authorities’ goals. However, those who admit in court any wrongdoing are overshadowed by this proposition. Although Verkhovna Rada has passed the bill, it will return to the committee stage for a second reading before final approval.

Recently, it was reported that the latest statements from Ukrainian public officials revealed several billions of dollars they are believed to be in Bitcoin.

However, Sergiy Petukhov, head of the Compulsory Inspection Division at the National Anti-Corruption Agency, claims that his office has conducted 250 checks this year, including Bitcoin’s holdings. government employees.

Some officials claimed their records were flawed and warned about the results of such reports. At that time, if they discover that the data provided is inaccurate. This is the basis for administrative or criminal liability.

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