Ukraine’s Young Politician Declares $24 Million in Crypto Assets

Rostislav Solod, a young Ukrainian politician turned out to be a crypto millionaire after he declared $24 million in privacy coin, Monero. Solod is the son of seasoned Ukrainian politicians and members of Ukraine’s national parliament, Yuri Solod and Natalia Korolevska.

According to the publicly available declaration, Solod acquired 185,000 privacy coins in 2015 at a price of roughly $0.4, the total amount cost him nearly $74,000 at that time. As of writing, the price of Monero is approximately $130, which makes the total amount about $24 million.

The recent disclosure came after Ukraine announced criminal liability against the false or misleading declaration of income. According to the newly implemented rule, violators are subject to fines and imprisonment.

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The country has been suffering from a constitutional crisis for the last few weeks after the abolition of a number of provisions of anti-corruption legislation. Amid the constitutional crisis, Ukraine’s President, Volodymyr Zelensky demanded the dissolution of the constitutional court in order to get the country back on track.

Crypto Regulations

The European region has divided opinion over cryptocurrency Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. Ukraine, a large country in the Eastern European region, has taken leads from its neighbors to draft cryptocurrency regulations but failed to provide a complete regulatory framework for individuals and companies operating under its jurisdiction. Russia passed a bill earlier this year to regulate digital assets in the country but faced criticism for its recent initiatives to treat crypto assets like property. The Russian Prime Minister, Mikhail Mishustin announced earlier in November that the government has planned to recognize digital financial assets as property and the owners of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term will be able to claim and protect their property rights in Russian courts.

The rate of crypto adoption in Ukraine is one of the highest in the world. A report from Chainanalysis in September mentioned that the Eastern European country topped the list of crypto adoption and digital assets transactions.