Ukraine demands local crypto businesses provide financials

The government of Ukraine has recently approached the local cryptocurrency industry with a new request to provide certain financial information. 

The National Bank of Ukraine (NBU) has demanded four local crypto firms provide financial statements for the first two quarters of 2023: Kuna, CoinPay, GEO Pay and Qmall. The NBU has requested that the crypto businesses provide the financials within seven days.

Kuna exchange founder and CEO Michael Chobanyan

Despite Ukrainian authorities allegedly getting more hostile to the crypto industry, Chobanyan still sees some benefits in the recent action from the government.

“Now we focus on Europe and especially the b2b market,” he said, adding that Kuna recently launched the crypto-acquiring service KunaPay. “I do not know whether it’s related to the fear that we will launch this service in Ukraine or not,” Chobanyan said.

“I am grateful to the NBU for stimulating me being a successful European company rather than a niche Ukrainian player,” he added.

The NBU accepted Cointelegraph’s request for comment but did not immediately respond. This article will be updated pending new information.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M