Cryptocurrencies and regulations for them have puzzled most the globe, the list of countries that are indecisive about the digital assets also include Ukraine; but not for long. According to Ukrainian news outlets, the country will legalize cryptocurrencies by 2021.
In order to correctly regulate the cryptocurrency ecosystem in Ukraine, the nation’s regulators are looking forward to some policies that will mostly be applied by 2021. The news was also confirmed by the nation’s state information and news outlet ”Ukrinform” on October 26. According to the official state announcement, the country will ”initiate the adoption of the concept of state policy in the field of virtual assets”. These policies will be aimed at legalizing cryptocurrencies in the country.
Reportedly, Ukrainian government will employ the plan in two separate stages. The first one includes granting the virtual assets and the Ukrainian cryptocurrency-related ventures legal status. Following this, Ukraine’s Ministry of Economic Development and Trade will further prepare a set of comprehensive regulations to define the outline of the cryptocurrency ecosystem in the country.
Notably, the official announcement also mentions that basic cryptocurrency-related terms such as ”virtual currency”, ”virtual assets”, ”ICO/ITO”, ”mining”, ”smart contract” and ”token” will be given a legislative definition. The press release states that these efforts are the government’s step to ”create understandable conditions for conducting activities in the field of virtual assets and virtual currencies”. According to the ministry, both the steps will be concluded within three years, and by 2021cryptocurrency will be fully legalized in Ukraine.
As per a report from ”U.today”, these measures are to boost cryptocurrency-related ventures in the Eastern European nation and to protect investors better. The crypto-mining business in the country is already worth over $100 million.
There has, however, been previous signs that Ukraine has been pondering legalizing cryptocurrencies. A member of the Ukrainian parliament, Alexei Mushak, released a supposed draft on cryptocurrency regulations through Facebook, earlier this year. The draft was concentrated at creating a ”free and transparent” digital asset market in Ukraine.
For several past months, the country has been pouring thoughts over the matter of cryptocurrency taxation. Observing the several proposed tax policies and the current announcement in regards to accepting cryptocurrency, it seems that the Ukranian government is ready to welcome the virtual assets with open arms.
Read more: China Can Now Accept Bitcoin Payments Legally, Decrees Court
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