September 27, 2020

Ukrainian government plans to legalize cryptocurrencies

Ukrainian government plans to legalize cryptocurrencies

The Ukrainian government plans to legalize cryptocurrency. This was stated by the Deputy Minister of incoming Digital Transformation Alexander Bornyakov.

Bornyakov stressed that cryptocurrencies are currentlytime is not illegal in Ukraine, but do not have a legislative framework. In turn, the adoption of measures to legalize cryptocurrencies will benefit Ukraine and its government through the introduction of taxation. According to Bornyakov, “people who [are engaged in cryptocurrencies] should leave the gray zone and start paying taxes.” In the future, he sees that Ukraine will be able to "earn on cryptocurrencies."

As digital relationships evolveThe Ministry of Digital Transformation of Ukraine seeks to simplify work with the Ukrainian government. According to the politician, interaction with the government should be “convenient and unobtrusive ... like the process of placing an order with Uber, Booking or Airbnb”.

Under this plan, Ukraine will also transfer public registries and documents to a public distributed register managed by the government.