On Monday, October 7, a meeting was held dedicated to the regulation of the cryptocurrency and blockchain industryin Ukraine. Representatives of the Ministry of Digital Transformation, the Verkhovna Rada, the Office of Effective Regulation (BRDO), as well as relevant associations and businesses participated in it.
The meeting was organized by the recently formed inter-factional parliamentary group Blockchain4Ukraine.
Among the main steps developed during the event:
- development of terminology for further regulation of the industry. In particular, through amendments to the law «On Public Registers»;
- legalization of mining;
- attracting international cryptocurrency exchanges to Ukraine;
- implementation of recommendations of the Financial Action Task Force (FATF);
- implementation of blockchain in state registries.
It is planned to allocate 2-3 years to study these issues.
In the near future, the Ministry of Digital Affairs plans to sign a memorandum with Blockchain4Ukraine, the Association of Blockchain of Ukraine, BRDO and others.
It is likely that the Ministry of Digital Development will be responsible for forming and monitoring the implementation of the developed rules. In September, the department was instructed to implement state policy in the field of digitalization.
Deputy Minister of Digital Transformation Alexander Bornyakov commented on the proposal to legalize mining:
«The plan is to ensure that those who are engaged in mining can do so without fear that they are in some kind of gray area».
The founder of the Kuna exchange, Mikhail Chobanyan, said at the meeting that Ukraine must implement the FATF recommendations “without options.”
Acting Director of the Departmentstrategy for reforming the National Bank, Mikhail Vidyakin noted on Facebook that the necessary legislation to regulate the crypto industry can be adopted in a short time:
«You need to have courage and acceptnecessary legislation (in accordance with the concept). The Maltese experience shows that only 6-9 months can pass between the development of the concept and legislative changes.
Also on Monday, the Blockchain Ukraine Association presented a bill on the creation of a «Ukrainian crypto valley».
The project of creating the Ukrainian Cryptodolina by ForkLog on Scribd
Earlier, the head of the Ministry of Digital Affairs, Mikhail Fedorov, proposed legalizing bitcoin and other cryptocurrencies.
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