April 23, 2024

Blockchain technology regulation memorandum signed in Ukraine

The Verkhovna Rada of Ukraine signed a memorandum designed to give the green light to blockchain technologies in the country.It is alleged that the legislative, executive branches of government and business for the first time were able to come to a "clear consensus."

The document was concluded between the Verkhovna Rada Committeeon issues of digital transformation, the Ministry of Digital Transformation, the inter-factional parliamentary association Blockchain4Ukraine, the Office of Effective Regulation (BRDO), a number of specialized associations, for example, the Association «Blockchain of Ukraine» and other market participants.

As the parties to the agreement hope, the signingThe memorandum will be the first step that will allow Ukraine to leave the gray zone in matters of regulating blockchain technology, as well as act within the framework of recommendations for cryptocurrency market participants adopted earlier this year by the FATF Financial Action Task Force.

Earlier, the Deputy Minister of Digital Transformation of Ukraine, Alexander Bornyakov, said that, among other things, changes will be made to amendments to the draft law “On public electronic registries”.

In addition, by the end of 2019, the Ministry of Digital Affairs shouldprepare a bill on the regulation of cryptocurrencies in Ukraine. In parallel, amendments will be made to the Tax Code and other laws and regulations.