Ukraine Plans To Legalize Cryptocurrencies To Take Advantage Of Additional Tax Revenue

The Ukranian minister for Digital transformation has announced plans to legalize cryptocurrencies in the country. It is not that they are banned in the country, but rather cryptocurrency does not have official status in Ukraine.

The legalization is part of the efforts to modernize the country; an agenda by their new young president. The Ukranian deputy minister who is said to become the minister for digital transformation recently confirmed the claims. He said that legalizing crypto was among the top goals of the agency. According to him, they are also planning to transfer the state systems to a blockchain-based technology.

Cryptocurrency Regulation and Legalization

This new policy, however, is supposed to take effect by 2021. Throughout 2018 and 2019, the Ukrainian government integrated a regulatory framework that is supposed to regulate the cryptocurrency market. These policies will force crypto exchanges to execute a procedure (Know Your Customer) KYC and a system Anti-money Laundering (AML) to assist authorities to govern the market effectively.

A second step is planned to be rolled out in 2020 – 2021, after this, the government will now start crypto mining, taxation, and smart contract protocols. The main aim is to have cryptocurrencies recognized as a legal and real asset that is established in the industry.

The National Bank even plans on creating a Central Bank Digital Currency. The digital asset would be quite useful as it will enable cost-effective and quick fiat currency transfers in the country.

Regulations on Cryptocurrency around the World

Ukraine is obviously not the only nation that is looking to enhance controls on cryptocurrency. China is also regulating blockchain startups according to a release that was drafted a few weeks ago.

South Korea's Financial Supervisory Service has proposed extensive international cooperation between cryptocurrencies and regulators and also the initial coin offerings. Many countries are still looking to see how the regulations will do in the cryptocurrency world.

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Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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