Oh, Ukraine, you're on horseback again. But this time the horse is total control over crypto assets, and the rider is the State Financial Monitoring with a magnifying glass in hand and paranoia in their heart. 🤓
On June 13, the agency issued another message: 'Digital assets must be transparent.' And it seems all correct, but it sounds like they just found out that something can be hidden in crypto. Shock, right?
Mr. Pronin (head of the service) stated that the state's task is to find a balance between innovation and security. Well, you know this balance — it's when you are like an investor, but they are already calling you in for questioning, even before you bought your first token. 🥴
🧩 What we have today
📈 The State Financial Monitoring received over a million reports on financial operations in a year
🛂 A significant portion of these transactions is suspicious and has already been forwarded to law enforcement.
💬 Officials' statements sound like a series: 'They use crypto for terrorism, circumventing sanctions, and fraud'
🪙 Meanwhile, officials themselves declare Bitcoin, Ethereum, and Tether in their declarations — they are not shy about it.
📊 Simultaneously, round tables are being held on topics such as: 'How not to choke the market but put GPS on everyone'
And while state bodies compete to see who can regulate cryptocurrency better, business stands aside and thinks: 'Maybe we shouldn't have mentioned that we even exist?'. 🤷♂️
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👁 What is behind all this?
All of this looks not like protecting the economy, but like a banal game:
🕳️ regulate everything
🎣 create traps for entrepreneurs
💼 pretend you are fighting against money laundering
...and quietly prepare the ground for your schemes in the style of 'DeFi for the chosen'. No taxes. No questions. No competition.
Because real participants in the crypto market receive not support, but:
💣 harsh taxes — 18% + military levy
🕵️♀️ excessive financial monitoring
🚫 risk of criminalization, even if you bought something on PancakeSwap for ₴500
And the officials? Officials will be 'experimenting with blockchain' at the state level, publishing NFTs on Twitter, and explaining that crypto is the future. But just not yours. Yours is Excel, the tax office, and a bank certificate about the source of income. 🤡
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🧠 And what follows from all this?
The Ukrainian crypto market is no longer young, but now it feels like it's been sent back to kindergarten — under supervision, with folders and mandatory reports.
This 'transparency' in practice can become:
🚧 a brake on innovation
💸 a blow to small crypto business
✈️ the reason why Ukrainian startups will go to create Web3 in Estonia instead of Diya City
And while public officials discuss 'balance', market participants seek balance on P2P, withdraw assets, and learn how not to expose their wallets. Because true balance is when your Metamask isn't blocked after another statement on television.
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🧷 Conclusion
In short: regulation is needed — but not with such appetite. If the regulator dives into crypto with the same hands that chopped state tenders — nothing good will come of it. And then Ukraine, instead of being a Web3 hub, will become a meme of Web2 with financial monitoring.
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🔔 Meanwhile:
stay cautious
behave yourself
and remember — in Ukraine, even your Ledger can be an 'object of declaration'. 😅
