Ukraine Rushes to Legalize Cryptocurrencies | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin

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The renewed interest in cryptocurrency is being sparked by the election of a new Kiev administration under Volodymyr Zelensky, the young president. The new administration in Kiev, headed by Volodymyr Zelensky, has rekindled interest in cryptocurrencies. The new laws are being prepared or have already been submitted to the legislature in order to support the emerging industry. This will allow the Ukrainian government to increase its budget revenues.


The Crypto Industry is Under Pressure


Ukraine’s Ministry of Digital Transformation intends to legalize cryptocurrencies like bitcoin cash (BCH), and bitcoin core(BTC). Local media reported that Mikhail Fedorov (the current head) took the initiative to do this. He was cited as quoting Alexander Bornyakov (an IT entrepreneur). The ministry is already working to draft a new bill and amend the country’s tax code. Check out more about Charity Coin




Ukraine Rushes to Legalize Cryptocurrencies.


Volodymyr Zelensky, President of Ukraine


Bornyakov said that although cryptocurrency in Ukraine is not illegal per se, it doesn’t have any formal status. The legalization of cryptocurrency in Ukraine is essential to protect the businesses that deal with them from police searches, stated Bornyakov, a 37-year old entrepreneur from Odessa. President Zelensky, who was a comedian and producer on TV, will appoint Maxim Kutsiy (36-year-old crypto billionaire) as governor of the state.


After the last presidential election, and subsequent parliamentary elections in Kiev, the new generation took over power in Kiev. This left Ukraine facing numerous problems. These include a falling hryvnia as well as unresolved conflicts in the East. Allowing the promising cryptocurrency industry to thrive will undoubtedly result in increased budget receipts. Bornyakov, along with his colleagues, believes it’s high time for these companies get out of the gray sector.


Plans to legalize mining and create a crypto-valley


The efforts to provide regulatory certainty for the cryptocurrency industry are being supported by people from all walks of Ukrainian society. Representatives from the Ministry of Digital Transformation (Verkhovna Rada), Ukraine’s parliament, the non-government Better Regulation Delivery Office, (BRDO), and business organizations met recently to discuss a specific program. “Blockchain4Ukraine”, a parliamentary group, organized the meeting. It unites legislators from different political parties.


The document lists the steps that both the government as well as the private sector must take in order to achieve the stated goal. These include legalizing crypto assets, attracting international exchanges to Ukraine and creating the legal terminology necessary to regulate the sector. This strategy includes the adoption of amendments to the “On Public Ledgers” law, implementing FATF standards for money laundering and the integration of blockchain technology into government registries.


Ukraine Rushes to Legalize Cryptocurrencies.


Meeting organized and hosted by the “Blockchain4Ukraine” parliamentary group.


The National Bank of Ukraine’s new management supported these efforts. Forklog reported Mikhail Vidyakin as acting director of central bank’s Reform Strategy Department. He suggested that the legislation needed to regulate crypto industry should be adopted within the shortest time possible. He stated that authorities must have the “courage” to act within six to nine months of the approval of the new policy and pointed out that Malta’s experience shows that it is possible.


Blockchain Ukraine proposes another law to create a crypto valley in Eastern Europe. Because they have millions of users, a number of local companies, such ex-exchanges Kuna and Exmo can be its core. The popularity of cryptocurrency in Ukraine is expected to continue to rise even before that happens. One third of respondents to an internet-savvy survey in Ukraine last year admitted that they had digital coins.