February 20, 2024

Ukraine adopted a memorandum on the development of blockchain technologies

Ukraine adopted a memorandum on the development of blockchain technologies

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 is 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 of 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 move out of the gray area in matters of regulation of blockchain technology, as well as act within the framework of the recommendations for cryptocurrency market participants adopted earlier this year by the Financial Action Task Force (FATF).

Earlier, Deputy Minister of Digital Transformation of Ukraine Alexander Bornyakov reported that, among other things, changes would be made to the draft law “On Public Electronic Registers.”

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.