Ukraine ranked number 1 in the world in the adoption of digital assets

Ukraine took first place in the use of virtual assets by the population. AboutThis is reported by the Ministry of Digital Transformation of Ukraine with reference to data from the analytical company Chainalysis.

The following criteria were used to calculate the index of the use of cryptoassets by the population:

• the cost of transferred cryptoassets (per capita);
• balances of cryptoassets at addresses for Internet users in Ukraine;
• the volume of p2p transactions, calculated at purchasing power parity;
• retail transaction volume (less than $ 10,000).

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The Ministry of Digital Development notes that Ukraine has highindicators in the virtual asset market due to one of the largest communities of blockchain developers (top 3) and a high level of digital literacy of the population (top 5 in terms of non-cash payments in the world). A “significant number” of small entrepreneurs mediate on international marketplaces and use virtual assets for settlements.

Ukrainians are using virtual assets due to a number ofrestrictions in more traditional areas (there is no stock market, limited access to the world capital market, a high threshold for entering the real estate market). Also, the country has legislative restrictions and restrictions on the banking system on international money transfers.

The ministry draws attention to the fact thatThe Ukrainian market for virtual assets has significant momentum even on a global scale, but most of it is in the "gray" zone, and this creates potential risks for the state, business and users. In this regard, the Ministry of Digital Industry continues to create a legal framework for regulating the virtual assets market and hopes that in September the profile draft law "On virtual assets" will be considered by the parliament.

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