Home News Ukraine may start auctioning seized cryptocurrency assets

Ukraine may start auctioning seized cryptocurrency assets

The Asset Recovery and Management Agency of Ukraine (ARMA) will participate in the development of the mechanism for recovery and disposal of cryptocurrency assets obtained through corruption and other illegal means. The System of Electronic Trading in Seized Property (SETAM) may be applied as well, as stated by the participants in “Cryptocurrency Mining: Problems and Solutions” round table that was held in Kiev yesterday.

At the moment, there is no legislative basis for cryptocurrency market regulation in Ukraine, however, the same being true for the means of seizure and disposal of cryptocurrency assets.

The CEO of “SETAM” State Enterprise Victor Vishnev has voiced the initiative to sell the seized cryptocurrency funds through the OpenMarket state auction.

“We have the successful experience of cooperation with ARMA in the field of selling seized assets. So, we are ready to keep on with it by initiating cryptocurrency sales on behalf of any customers upon the establishment of all the legislative arrangements necessary for the matter of course,” – Vishnev noted.

The day before, Andrey Kolodyuk, the Chairman of the Ukrainian Venture Capital and Private Equity Association, stated that the pressure from the power structures may trigger a massive outflow of the cryptocurrency-related business from Ukraine.