October 20, 2020

Ukraine plans to legalize cryptocurrencies and mining

Ukraine plans to legalize cryptocurrencies and mining

Ministry of Digital Transformation invites blockchain community to join legalization cryptocurrency market of Ukraine.

The Ministry of Digital Transformation yesterday, on October 7, held a meeting with government agencies involved in the regulation of the cryptocurrency and blockchain industry in Ukraine.

Offices working on the formation“Strategies for the development of the financial sector 2025”, we are ready to listen to the opinion of the players of the crypto industry. In the coming days, it is planned to conclude a cooperation agreement with the initiative deputy group Blockchain4Ukraine, the Office of Effective Regulation (BRDO) and the Blockchain Association of Ukraine (BAU), to create a regulatory legal field for cryptocurrency circulation in the country.

Participants in the cryptocurrency market can make their proposals for legislative regulation on the NBU website.

Following the meeting, the participants identified the main directions of the formation and implementation of state policy in the crypto industry for the next three years:

• Legalization and legislative consolidation of the terminology of the cryptosphere.

• Development of a taxation policy for cryptocurrency transactions and mining.

• Implementation of the FATF recommendation

• The legal framework for attracting international cryptocurrency exchanges to Ukraine.

The Ministry of Digital Affairs will coordinate interdepartmental work on the development of new digitalization rules and the withdrawal of the Ukrainian crypto market from the shadows.