Ukrainian Ministry of Economic Development Initiates Crypto-Legalization

Ukrainian Ministry of Economic Development Initiates Crypto-Legalization

After months of uncertainty, Ukraine starts the process of digital coins regulation in the country. This week, its Ministry of Economic Development and Trade announced it is promoting the adoption of the Concept of the State Policy in the Field of Virtual Assets. The Ukrainian authority believes it will establish clear conditions for carrying out activities with cryptos as assets and means of payment.

Ukraine’s Keeping Up With Eastern European Countries 

Almost a year ago Belarus, the northern non-EU neighbour of Ukraine, adopted a decree by which it legalized cyber-coins, mining and crypto-transactions. Even Russia, who also started looking for patterns of adopting cryptos, decided to halt its pace until 2019. Ukraine, in the meantime, found itself at the crossroads — rush or not to rush?

This year March Ukraine announced it would recognize mining as economic activity, while crypto-enthusiasts went on to propose their bills for crypto-adoption. And, finally, this week, the country’s Ministry of Economic Development stole the show, saying it is starting the adoption of cryptos.

Four-Year Plan to Implement the Crypto-Concept

On the authority’s site with reference to the Office of Effective Regulation, it is stated that last year Ukraine was among 10 countries where the number of crypto-users was the highest. According to «expert estimations» mining domain in Ukraine involves over $100 million per year. That is why the Ministry dared to bring the market out of «shadow» and start the process of regulating cryptos. 

Ukraine will implement the offered program in two phases before 2021. At the first phase in 2018-2019, the regulators want to come up with the definition for cryptos, while in the next two years they will recognize providers of crypto-services and activities, and the elaboration of crypto-laws. 

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