Police in Ukraine are being taught by EU security experts how to tackle the rising threat of crypto crime in the country.
The training offered by the European Union Advisory Mission (EUAM) provides intelligence officers from Lviv the tools and know-how to track the flow of crypto assets, identify participants of transactions, and improve their investigative methods.
As part of the training announcement, the Ukrainian Bureau of Economic Security (BEB) also detailed how the country has lost UAH 3 billion ($81 million) in taxes over the past 10 years through unregulated crypto exchanges.
“Currently, Ukraine lacks an appropriate regulatory framework, crypto exchanges are not regulated, and relevant regulations on the specifics of taxation of transactions with virtual assets have not been adopted,” (via BEB).
Members of the Security Service of Ukraine, the National Police, and the Prosecutor’s Office, amongst other official departments and international experts at the seminar, all discussed the availability of open-source information and online software that can help track and solve crypto-related crimes.
A senior advisor from the EUAM noted that “tracking and tracing assets of criminals using cryptocurrencies is an extremely complex process and requires constant professional development.”
Read more: Canadian police open applications for crypto and NFT storage solution
The head of Lviv’s BEB Territorial Department said, “The emergence of cryptocurrencies has become a challenge for law enforcement not only in Ukraine but also around the world. The main task of the BEB is to protect the economy and fight economic crime.”
He added, “Knowledge and constant exchange of experience with international partners, experts, and law enforcement officers from other countries are important for us.”
Earlier this year, Canadian police also introduced the use of crypto-tracking software Chainalysis. They also published a contract request that sought developers who could create a digital asset storage system that could be utilized by officers confiscating and tracking crypto.
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