The founder of the KUNA crypto exchange in an interview with Delo.ua accused the National Bank of Ukraine (NBU) of destroying the crypto market. According to the entrepreneur, it is impossible to expect the development of the crypto industry in the current conditions.

Mikhail Chobanyan stated that the crypto market in Ukraine ceased to exist after restrictions were introduced on the purchase and sale of digital currencies for hryvnia:

“Two and a half years have passed since the NBU limited the possibility of buying or selling crypto assets for hryvnia. Since then, the market in Ukraine has been effectively killed. This sector can only develop in conditions of economic growth. And in Ukraine, the dynamics are, to put it mildly, negative. Therefore, until the Ukrainian economy grows, we should not expect the crypto market to recover.”

The businessman said that he was no longer going to work in Ukraine, since the market “functions on crutches, the role of which is played by drops.” According to Chobanyan, he received four applications to buy the exchange, but all of them had to be rejected due to reputational costs. However, the founder KUNA believes that he will be able to resolve the issue of selling the platform by the end of the year, and is open to offers from good buyers.

High fees, power outages, and the government’s position aimed at raising taxes for the industry are hindering the development of the Ukrainian crypto market, the crypto enthusiast noted. Chobanyan said that he participated in the formation of the regulatory framework at an early stage, but then distanced himself from the process because he lost interest due to differences in positions with officials.

Earlier, the leadership of the Department for the Development of Virtual Assets of the Ministry of Digital Transformation of Ukraine stated that the country would implement international standards for combating money laundering through cryptocurrencies.