Buying and selling volumes on the Ukrainian crypto trade Kuna have shrunk 90% since March 2023 as a consequence of authorities insurance policies, the CEO mentioned.
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The federal government of Ukraine has not too long ago approached the native cryptocurrency trade with a brand new request to offer sure monetary data.
The Nationwide Financial institution of Ukraine (NBU) has demanded 4 native crypto companies present monetary statements for the primary two quarters of 2023: Kuna, CoinPay, GEO Pay and Qmall. The NBU has requested that the crypto companies present the financials inside seven days.
Kuna trade founder and CEO Michael Chobanyan shared the information in regards to the newest NBU request on July 3, citing a doc distributed by the Ukrainian Telegram information channel, Politics of the nation.
In accordance with the doc, the NBU additionally demanded the crypto companies present information on working volumes, in addition to details about the receipt and switch of funds. The NBU additionally requested that the Ukrainian crypto companies situation statements for all accounts from the start of 2023.
Kuna CEO Chobanyan subsequently confirmed the information on his personal Telegram channel, hinting that the explanations for the newest motion from the NBU are unclear.
“There isn’t a such data in Ukraine and has by no means been,” Chobanyan argued, including that searches taught him that again in 2015, earlier than the launch of Kuna. He went on to say that the route of the “so referred to as” authorities is obvious, including:
“Over the previous two weeks, the primary wave of searches in exchanges passed off in Kiev and throughout Ukraine, which had been triggered by the actions of the NBU, Ministry of Inner Affairs, and the Safety Service of Ukraine. […] There will likely be extra searches and exchanges.”
Chobanyan informed Cointelegraph that Kuna trade left its business-to-customer market in Ukraine in March 2023 as a consequence of “predatory actions” by the NBU.
“They’re very constant in killing the potential of my nation in crypto and Web3 area,” Chobanyan mentioned, noting that Kuna’s trade volumes have shrunk 90% over the previous few months. Beforehand, Kuna misplaced about 60% of its volumes when it needed to go away the Russian market after Feb. 24, 2022, the CEO informed Cointelegraph.
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Regardless of Ukrainian authorities allegedly getting extra hostile to the crypto trade, Chobanyan nonetheless sees some advantages within the current motion from the federal government.
“Now we concentrate on Europe and particularly the b2b market,” he mentioned, including that Kuna not too long ago launched the crypto-acquiring service KunaPay. “I have no idea whether or not it’s associated to the worry that we are going to launch this service in Ukraine or not,” Chobanyan mentioned.
“I’m grateful to the NBU for exciting me being a profitable European firm somewhat than a distinct segment Ukrainian participant,” he added.
The NBU accepted Cointelegraph’s request for remark however didn’t instantly reply. This text will likely be up to date pending new data.
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