The Ukrainian government confirmed its plans to establish regulatory milestones to legalize Bitcoin and the crypto-coins in the region. Accelerating adoption of Bitcoin is also the focus of the Ukrainian government
As part of an initiative to consider and recognize cryptocurrencies as an emerging technology, the Ministry of Economic Development and Trade of Ukraine has issued a new state policy to oversee various sectors related to cryptocurrencies. This will be put into effect by the end of 2021.
In announcing this new policy, the authorities outlined their goals, saying they want “to create understandable conditions for performing activities in the field of virtual assets and virtual currencies.”
Cryptocurrencies in Ukraine
They are also focusing on increasing levels of adoption of cryptocurrencies in Ukraine. With more transparency in the industry, the development of blockchain can be stimulated and help improve the lot of all the entities of the country that adopt this technology.
To date, Ukraine has been one of the global leaders in the adoption of blockchain technology. They have been attracting blockchain startups and cryptocurrency in the last two years. This is due to his open-minded attitude towards digital currency. However, the government was not legally recognizing cryptocurrencies. On the face of it, no regulatory framework has been established.
By moving to legalize cryptocurrencies at an official level, they will likely attract more and more startups to their country.
Race with Japan and South Korea
Singapore, South Korea, Japan, Switzerland, the United Kingdom and France have recently shown significant progress in terms of regulation and establishment of infrastructure to facilitate growing demand for the asset class.
Although local experts remain optimistic about Ukraine’s three-year plan, some expressed concern over the initiative’s timeline and that the three-year period could allow other emerging markets to have an unprecedented advantage over Ukraine’s plans, which take quiet some time.