Development of crypto industry and protection of Ukrainian crypto business.

8 June 2023

Our 3rd initiative

Now Ukraine is one of the most digitized countries in the world, we were the first to obtain virtual passports, we are one of the first countries to promote the idea of digitization and digital development at the state level. Of course, such a state position, plus the rapid development of technologies, stimulate the market to develop in the direction of online businesses. One of these directions, which is rapidly gaining momentum, is crypto business. But, unfortunately, the state does not regulate this area in any way, and people who build and run a crypto business in Ukraine cannot count on the protection of their assets and security guarantees from the state, so the HackYourMom team has several proposals that, in our opinion, would help to resolve these issues of protection of the Ukrainian crypto-business and the development of the Ukrainian economy in this area, which are relevant today.

We propose the creation of a position of crypto-ombudsman and a working group that will deal with the creation of a legislative framework and necessary bills to regulate all relationships between citizens, businesses that own cryptoassets, funds and the state. Also, this working group should prepare the necessary draft law with clearly established responsibilities and powers of the crypto-ombudsman and implement this position into the existing laws of Ukraine.

In order not to list all the duties that we think a person who will hold this position should perform, we decided to combine them all into 2 main areas in which the crypto-ombudsman should work to achieve the goals we announced earlier.

But first, let us remind you who this ombudsman is in general and why we need him: an ombudsman, or an ombudsman (ombudsman “representative”; ) is an official who is entrusted with the functions of monitoring compliance with the legal rights and interests of citizens in the activities of executive authorities and officials. Official job titles vary in different countries. At the present stage, the position of ombudsman exists in more than 100 countries of the world. In Ukraine, the position of ombudsman has been in existence since 1998 and is called “Human Rights Commissioner of the Verkhovna Rada of Ukraine”

In our opinion, the crypto-ombudsman in Ukraine should not only defend the interests of the citizens of Ukraine and protect their financial crypto-assets, but also help the law enforcement agencies of the state fight against criminals who can harm our state with the help of crypto-tools. So, we come back to the two main obligations that a crypto ombudsman should fulfill according to the version of mommy hackers:

The first is to monitor the activities of the cyber police, the Security Service of Ukraine and other Ukrainian law enforcement agencies, in matters related to the legality of blocking crypto-assets from citizens of Ukraine who have crypto businesses or any other personal deposits in cryptocurrency that were obtained legally, and to prevent possible abuse of official duties by law enforcement agencies. position in relation to these people. Unfortunately, such cases are happening more and more often, even during the war, and currently the country does not have an effective tool that could control the actions of law enforcement agencies in the field of cryptocurrency.

The second is assistance to the same law enforcement agencies of the country in the search and detection of crypto wallets and their owners, who use cryptocurrencies to finance terrorism, separatism, bribery, fraud, illegal withdrawal of funds from the country, tax evasion, sale of narcotic substances or any other activities prohibited by the Constitution of Ukraine. Currently, more and more citizens are using crypto-assets as a tool with which to ignore the laws of Ukraine and the crypto-ombudsman should cooperate with law enforcement authorities in identifying and blocking wallets used for criminal purposes and help establish the identities of the people who own these wallets

Study, read, and learn from others, and do not shy away from your own…

These very simple steps will stimulate the growth of crypto-business and, as a result, a new branch of the economy in Ukraine. Also, they will help reduce the number of criminals who make money with cryptocurrency and once again confirm that our country can successfully use all technological opportunities in its quest to become a flowery, European and financially independent state.

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