Business news from Ukraine

How much cryptocurrency did Ukrainian officials declare and lose in 2023?

The number of declarations mentioning cryptocurrencies is growing from year to year. More than 1,400 such declarations were filed in 2022. Bitcoin, Ethereum, and Tether are the most popular among Ukrainian officials. For example, in 2022, one of the Ukrainian MPs declared 121 bitcoins worth over UAH 195 million.

Ukrainian officials filed 1428 declarations with cryptocurrency assets in 2022. This is almost twice as many as in 2021: back then, crypto appeared in 788 declarations.

In the 2021 declarations, the most popular cryptocurrencies among Ukrainian officials were Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others. In 2022, the top positions did not change radically: Bitcoin (BTC) and Ethereum (ETH) were still in demand, and Tether (USDT) joined the top three.

Which Ukrainian officials declared the most cryptocurrency?

First of all, it is worth noting that the declarants submit their assets both in hryvnia equivalent and simply by indicating the number of cryptocurrency units in their possession.

Bitcoins / Bitcoin (BTC)

In 2021, the largest amount of bitcoin was declared by Anna Pozdnyakova, Director of the Odesa City Heat Supply Utility, which amounted to UAH 53 million. A year later, Deputy Head of the Dnipro Regional State Administration Sergiy Karpenko took over the top spot. He owns bitcoins equivalent to UAH 41 million.

The largest amount of bitcoins in 2022 – 121 BTC – was declared by Mykyta Kuzkevych, a deputy of the Odesa Regional Council. In hryvnia equivalent, at the time of publication, this is more than UAH 195 million.

Ethereum (ETH)

Serhii Karpenko, the official from Dnipropetrovs’k region who declared the largest amount of bitcoins, has also been the record holder for the amount of ethereum for two years in a row. In his declarations for 2021 and 2022, the official noted that he had the same amount of equivalent for this cryptocurrency – UAH 14.6 million.

Crypto dollars / Tether (USDT)
Vitaliy Brovko, Deputy Head of the Department of the Prosecutor General’s Office, declared the most crypto dollars or stablecoins in 2021 – 774,500 units. The same official holds the record for the largest amount in equivalent – UAH 20 million.
The official also held the top spot among the declarants for 2022. The number of crypto dollars in his possession did not change, but their value increased to more than UAH 29 million.

At the same time, the largest amount of crypto dollars/stablecoins was declared by Maksym Kyselyov, Director of the State Enforcement Service Department of the Ministry of Justice of Ukraine, who earned UAH 25 million.

The biggest losses in crypto

It is also worth noting that there are several officials who have declared their crypto assets but have indicated that they have lost access to them.

380.95 bitcoins, a record amount among Ukrainian officials, were declared and lost by Roman Saramaga, Deputy Head of the State Service of Geology and Subsoil of Ukraine, in 2021. In hryvnia terms, at the time of publication, this is about UAH 615 million.

The largest amount of ethereum – 1,800 units or more than UAH 160 million – belongs to Ihor Osipov, a deputy of the Podil District Council of Odesa Oblast. In 2021 and 2022, the official stated in his declarations that he had lost access to cryptocurrency.

“Having analyzed a large number of declarations, first of all, it is worth noting their poor quality. It seems that officials spend 5 minutes on declarations on the last day of submission. Despite the fact that there is already a special section where it is necessary to indicate assets in crypto, almost all crypto holdings are filled in differently, with errors and in different parts of the declarations.

Overall, the statistics show that ownership of such an opaque asset as cryptocurrency is not something risky or suspicious for officials. After all, the number of such officials has almost doubled over the past two years,” comments Oleksiy Ivankin, founder of Opendatabot.
Since the beginning of the full-scale invasion, the mandatory verification of officials’ declarations has been temporarily canceled. Despite this, the obligation of officials to report on their property status and changes in it has not been canceled.

Last fall, the verification of declarations was resumed. Therefore, Ukrainian officials had to catch up with the previous period (2021 and 2022) by the end of January 2024.

The deadline for submitting declarations for 2023 remains the same – April 2024.

As a reminder, you can check your MP’s declaration using the Opendatabot. To do this, add the OpenDataBot to your favorite messenger and enter the name of the official.

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Yesterday, Bitcoin once again came close to the critical level of $20,000 per 1 BTC. Even the record-breaking increase in the interest rate of the Fed did not save the main cryptocurrency from falling. However, it could not save, since cryptocurrencies are a fairly young investment asset, which has not yet been affected by transition periods and changing phases of economic growth.

The crypto market continues to develop according to its own rules, remaining a speculative product, the high volatility of which attracts a large number of traders who are ready to take risks for the sake of quick earnings. Most often, such traders massively buy cryptocurrency during the growth phase and start to get rid of it just as massively when the market falls, which stimulates a further collapse.

But this time the situation is somewhat different. Many analysts are talking about the beginning of the “darkest time for crypto” in its entire history. The traditional opponents of bitcoin have also revived. Thus, the famous financier Warren Buffett recently stated:

“If I were now offered to buy bitcoins at $25, I would not take them. What should I do with them then? I would have to sell them back to you later. This is a dead end.”

And he added that he doesn’t know if bitcoin will rise or fall next year, in five or ten years, but he knows for sure that he does not produce anything.

The Open4business publication turned to Igor Stakovichenko, an expert in economics and finance, with a request to comment on the situation in the cryptocurrency market. According to the economist, the problem of the lack of a real resource and production base for digital assets has become especially acute in recent months. This is due to the fact that Russian aggression in Ukraine disrupted supply chains and led to higher prices for real sector products in the global economy.

“The fall in the capitalization of the largest companies and the crisis in the stock market naturally led to the collapse of the cryptocurrency market, as many investors considered this asset too risky,” the financier notes.

Stakovichenko stressed that in the current situation, the fall of the bitcoin market below 22,000 launched a new, even deeper “bearish phase” of the cycle, as it greatly shook the position of long-term holders of the asset. The long-term holders, who had held their positions during the last drops, could not stand it and started dumping the cue ball at the lowest prices.

“This shook the whole structure, and both technical and macroeconomic indicators today indicate a possible fall of the main cryptocurrency to 16,000 or even lower,” the expert said.

However, according to Stakovichenko, it is still too early to bury bitcoin, as “whales” (investors owning more than 10,000 BTC) still continue to accumulate this digital currency, which may indicate the possibility of growth in the medium and long term.

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The circulation of cryptocurrencies in Ukraine is UAH 1 billion per day, Maksym Demianiuk, the advisor to the Deputy Prime Minister of Ukraine and the Minister of Digital Transformation, said.
“If we are talking about the virtual asset market […], this is one of the most interesting and promising markets in the world […] If we are talking about where Ukraine is [unfortunately, this is unofficial information, it will appear only after regulation appears], then this is about UAH 1 billion per day,” he said during the Ukrainian Financial Forum.
According to him, cryptocurrencies are 50 times higher than deposits in Ukrainian hryvnia-denominated shares and securities excluding government domestic loan bonds.
“We cannot pretend that it does not exist [the cryptocurrency market in Ukraine], that is why in the last year and a half the Ministry of Digital Transformation has set itself the task of providing regulation of this market,” Demianiuk said, pointing out that the lack of legal regulation is the main problem in this issue.



The Council of the National Bank of Ukraine (NBU) at a meeting on June 23 called on the NBU Board and the Cabinet of Ministers to speed up the drafting of bills on the regulation of cryptocurrencies, NBU Council Head Bohdan Danylyshyn has said.
“The NBU Council, in particular, decided to approve the recommendations […] to the NBU Board and the Cabinet of Ministers in order to minimize the risks of macro-financial stability in connection with the spread of transactions with virtual assets, and to accelerate the preparation of legislative acts on the regulation of the market of virtual assets and transactions with them,” the head of the Council wrote on Facebook on Wednesday.
According to Danylyshyn, the Council also recommended the NBU Board to analyze the impact of the spread of transactions with virtual assets on the activities of central banks, in particular, on the monetary and financial stability polices, the development of payment technologies and the emergence of new regulatory processes (RegTech).

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The index of use of virtual assets by the population of Ukraine is the highest in the world, according to a study by the analytical blockchain company The Chainalysis, posted on the website of the Ministry of Digital Transformation of Ukraine.
According to the report, when calculating the index, analysts took into account the cost of sent crypto assets per capita, the balances of crypto assets at the addresses (wallets) of Internet users in Ukraine, as well as the volume of P2P and retail transactions (<$ 10,000), calculated at purchasing power parity. It is noted that the high performance of Ukraine is due, among other things, to the world's largest (the top three) community of blockchain developers, a significant crypto community, a high level of digital awareness of the population, as well as a high-quality educational intellectual basis and a significant number of small businesses that mediate on international marketplaces where cryptocurrency is used for payments. In addition, the primacy was influenced by the presence of legal and banking system restrictions on international transfers and a number of restrictions in more traditional areas, in particular the non-availability of a stock market, limited access to the global capital market, and high entry into the real estate market. "The market of virtual assets in Ukraine is quite developed and has a significant turnover even on a global scale, but most of it is concentrated in the shadow zone, which creates potential risks for both the state, business and users," the press service of the ministry said. It added that the ministry continues to create a legal framework for regulating the cryptocurrency market in Ukraine and hopes that in September the profile draft law on virtual assets will be considered by the parliament. The Chainalysis is the leading blockchain analytics company that provides blockchain data and analytics to government and financial institutions, as well as participants in the virtual asset market.

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