⚡ Ukraine Set to Regulate Cryptocurrency by Year-End
posted 4 Apr 2024
The Memorandum of Economic and Financial Policy between Ukraine and the International Monetary Fund outlines Ukraine's commitment to regulate the cryptocurrency sector by the end of this year.
Deputy Minister of Digital Transformation Oleksandr Bornyakov emphasized that the regulatory vacuum in the sector poses a threat to price stability. He added that legalizing the crypto industry is expected to generate a turnover of billions of hryvnias and significantly benefit the national economy, a move that becomes even more critical amidst wartime conditions.
The Digital Transformation team consistently stresses the need to introduce state regulation in the crypto asset market. And for this, there is already sufficient legislative groundwork,the Deputy Minister remarked.
The Verkhovna Rada, Ukraine's parliament, is reviewing two bills aimed at the regulation of virtual assets. One, Bill No. 10225, is from the National Securities and Stock Market Commission; the other, Bill No. 10225-1, includes recommendations from the Ministry of Digital Transformation and cryptocurrency industry stakeholders.
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