August 6, 2020

Ukrainian cryptocurrency market is ready to get out of the shadow

Ukrainian cryptocurrency market is ready to get out of the shadow

The Verkhovna Rada Committee hosted the first public conversation about the blockchain and cryptocurrency market of Ukraine.

Round table of the newly created parliamentaryBlockchain4Ukraine group gathered crypto industry practitioners and experts, representatives of the IT community and blockchain projects to discuss the country's digitalization, the development of blockchain technology and the cryptocurrency detailing.

The cryptocurrency market already exists in the country andestimated by Ukrainian players at 3-4 billion dollars. At the moment, he works illegally and needs legalization and a clear legal framework.

The roundtable participants agreed thatthat in the first place, it is necessary to determine the status of cryptocurrency and tokens, to develop a classification of digital assets. Further, it is planned to make crypto assets a legitimate object of civil and economic relations, which will allow introducing taxes on cryptocurrency transactions, bleaching the market and protecting it from raiding.

In addition, given obligations to the EU inIn the field of monitoring cryptocurrencies to combat money laundering and the financing of terrorism, by June 2020 Ukraine should implement the latest FATF recommendations.

The outcome of the first meeting was an agreement onthe beginning of work on a single bill that will define the basic concepts of the crypto industry, will remove the cryptocurrency market from the shadows and will allow attracting foreign crypto investors who show considerable interest in Ukraine.