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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    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


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.