The rapid development of virtual assets requires a timely state response to potential threats they may pose. To ensure effective legal enforcement in cases involving virtual assets, it is crucial not only to understand their legal framework but also to track global trends and their impact on the international level.

On March 5, our expert Oksana Ihnatenko participated in a training session for judges on the topic “General Trends in the Detection and Circulation of Virtual Assets,” organised by the National School of Judges of Ukraine.

During the training, the following key topics were covered:

• Classification of virtual assets according to FATF recommendations;
• Main types of Virtual Asset Service Providers (VASPs);
• Features of cryptocurrency wallets and their role in transactions;
• General principles of the functioning of the virtual asset market.

Special attention was given to modern threats, including:

• The activities of Huione, which operates the largest illegal online market for virtual assets and is used for fraudulent schemes such as “pig butchering” scams;
• The Russian crypto exchange Garantex and its role in money laundering;
• Russia’s use of “grey zones” for mining Bitcoin, which have no criminal trace;
• The activities of Lazarus Group – a North Korean state-backed hacker group known for large-scale cryptocurrency theft and cybercrime.

Another alarming trend is the use of Telegram, artificial intelligence, and deepfake technology to bypass client verification procedures at VASPs.

Given these challenges, Ukraine must strengthen its legal framework for virtual asset regulation and ensure continuous training for judges and law enforcement officers to respond promptly to emerging threats.

We thank the National School of Judges of Ukraine for the invitation and productive cooperation.