Ukrainian authorities will be able to block crypto wallets in order to seize illegally obtained assets, a notice on the countrys Ministry of Finance says.
Oksana Markarova, Ukraines Finance Minister, reportedly said that the State Financial Monitoring Service of Ukraine (SFMS) will be the responsible authority for tracking the sources of origin of the funds on citizens crypto wallets.
Authorities use an analytical product scanning for the crypto funds origins and uses
As part of the regulatory policy, the SFMS will be able to not only find out the origin of crypto, but also detect how those funds have been spent, Markarova said in a Jan. 23 report placed on the official website of Ukraines Finance Ministry.
Markarova, who has been serving as Ukraines Finance Minister since late 2018, initially told the news in an interview with local business publication MC.today. The text of the report on Ukraines Finance Ministry website is basically a copy of the original report on MC.today.
Specifically, the SCFM claims to have access to an analytical product that purportedly allows investigators to look at the origins of crypto assets as well as their uses. According to Markarova, there have been a number of successful cases of investigations via the service.
Blocking crypto wallets is possible as a result of complex investigations
Markarova elaborated that halting crypto transactions is impossible, while blocking wallets is possible through private keys:
It is impossible to stop operations now, but it is possible to block crypto wallets and remove illegally obtained crypto assets. This can be done by gaining access to the crypto's private keys as a result of complex investigations.
Cointelegraph asked the SCFM ...