Ukrainian Crypto Mogul to Speak with US Senators regarding Russia’s Involvement in Cryptocurrency

This week the United States Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing focused on “Understanding The Role of Digital Assets in Illicit Finance.” The hearing’s star witness is Michael Chobanian, the founder of Kuna Exchange and President of the Blockchain Association of Ukraine.

In his testimony, Chobanian is expected to speak on the current conflict between Russia and Ukraine and its effects on the global crypto market. According to the blockchain analytics firm Elliptic, cryptocurrency fundraising for Ukraine has provided over $63 million.

Chobanian’s Kuna is Ukraine’s largest cryptocurrency exchange, consequently, he has overseen most of the country’s crypto fundraising efforts. In his recent appearances, Chobanian stated that he usually runs on two hours of sleep since he is preoccupied with the global public campaign.

During the hearing, Chobanian aims to showcase the benefits of cryptocurrency donations. Additionally, he will mention how Russia will attempt to use crypto to evade sanctions. With the hearing’s date drawing closer, US senators will need to understand how cryptocurrency functions as it is an asset that does not directly mirror the fiat money they are accustomed to.

The Senate hearing will also feature Michael Mosier, the Former Acting Director, Deputy Director/Digital Innovation Officer of the Financial Crimes Enforcement Network (FinCEN). Mosier aims to provide the senators with context as to how sanctions from financial institutions may be countered by Russia’s participation in cryptocurrency. At FinCEN, Mosier was in charge of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. FinCEN has recently released a statement predicting how Russia could use cryptocurrency to evade financial sanctions. Meanwhile, the Office of Foreign Assets Control (OFAC), responsible for enforcing economic sanctions, issued updated guidance on how virtual currencies are prohibited as part of economic sanctions against Russia.

Source: Forbes