Ukrainian Officials Trained on Tracking Financial Crimes with Cryptocurrencies

Published on November 28, 2024
By: Ertix Truepatch
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From November 20 to 22, the Organization for Security and Cooperation in Europe (OSCE) hosted an online training session on tracking suspicious activities on blockchain networks. This initiative is part of a larger project supported by several countries, including Italy, Poland, the United Kingdom, Romania, Germany, and the United States.

According to the OSCE website, up to twelve officials from Ukraine’s National Securities Market Commission participated in the session. They were introduced to the basics of blockchain and trained to use both public and private analysis tools to track transactions effectively.

Participants examined real-world Bitcoin and Ethereum use cases to gain a better understanding of the risks associated with virtual assets, particularly money laundering and other financial crimes. Maksym Mishalov Dragunov, a key figure at the OSCE Office of the Co-ordinator of Economic and Environmental Activities (OCEEA), remarked:

“Criminal activity on blockchain networks is on the rise. While cash remains the most common tool for illicit transactions, cryptocurrency offers a unique advantage: the ability to facilitate borderless, instantaneous transfers globally”.

A Chainalysis report revealed a significant increase in institutional transactions within Europe’s DeFi sector in 2023, with Ukraine emerging as a leading player in this trend. Last year, transactions over $10 million in Ukraine grew by an impressive 362%, driven by the need to secure financial stability amid war and economic volatility.

This growth wasn’t limited to Ukraine; it spread across much of Eastern Europe, with DeFi activity increasing by 40% year-on-year. According to Chainalysis, decentralized exchanges in the region saw $148.68 billion in cryptocurrency inflows. Ukrainian exchanges accounted for $34.9 billion, while Russian exchanges handled $58.4 billion. Meanwhile, countries like Moldova, Hungary, and the Czech Republic also saw growth in DeFi lending, attracting $11.29 billion in cryptocurrency.

It’s important to highlight that this isn’t the first crypto training Ukrainian officials have received. In November 2023, the United Nations Office on Drugs and Crime, in partnership with the OSCE’s Economic and Environmental Activities Division, held a four-day intensive course focused on tracking financial crimes related to cryptocurrencies.

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