Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of this year.
Strategy for Crypto Market Development Adopted in Ukraine
As a country where cryptocurrencies have enjoyed a growing popularity, Ukraine now also has a strategy to develop its virtual asset market within the next three years. The plan has been presented by officials from the Ministry of Digital Transformation, other government institutions and representatives of the private sector, Forklog reported.
The roadmap envisages various regulatory, educational and infrastructural activities. Participants in the initiative have already established almost a dozen working groups to achieve a set of goals. One of the key areas they intend to focus efforts on is the introduction of a relevant legal terminology and the adoption of necessary by-laws.
To do that, however, Ukraine has to first adopt comprehensive legislation to govern its crypto industry. A draft law “On Virtual Assets” was voted through at the first reading in the Ukrainian parliament in December. Since then, the bill which aims to regulate cryptocurrency transactions in the country has been revised and in June the parliamentary Committee on Digital Transformation recommended its final adoption.
The authors of the development strategy hope this will happen by the end of the year. Ukrainian lawmakers will have to prepare rules for crypto taxation and approve an anti-money laundering (AML) policy for cryptocurrency exchanges and their users.
Other priorities in the roadmap include promotion of real asset tokenization as well as the launch of a pilot fiat-crypto gateway. Officials and entrepreneurs also want to create educational materials on cryptocurrencies and establish a sandbox for projects in the crypto ecosystem.
The Digital Transformation Ministry and the industry members aim to bring Ukraine into the top 10 countries with the highest level of cryptocurrency integration. They estimate that the roadmap will be successfully implemented if by 2024 at least 47% of Ukrainians use digital currencies, 10% of Ukrainian companies tokenize or employ tokenized assets, and the country’s educational institutions have launched a master’s program in decentralized finance.
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