The Kiev government intends on legalizing cryptocurrencies as part of a new public policy implemented by the economy ministry. This process is set to take up to three years to be completed and will be implemented in two stages. By the end of this year the legal status of cryptocurrencies, trading platforms and other entities relevant to digital assets will be determined. The second stage will begin in 2020-2021 where Ukraine will legally recognize cryptocurrency wallet service providers
The first three drafts from two years ago were intended to regulate the circulation of these digital coins, rouse the cryptocurrency market and make relevant changes to the Ukrainian tax code. Many other countries in the world are grappling with the development of cryptocurrency policy, Ukraine has become a trendsetter.
The government will begin by defining the key terms in the crypto space which will provide developers and blockchain founders with parameters for operating in the space. There are have been crypto regulation cropping up for months in Ukraine and the law will be developed to fight fraud such as theft, terrorism financing and money laundering. The government will be focused on creating clear conditions for cryptocurrency related businesses in the country. Ukraine is believed to be among the top 10 countries in the number of virtual currency users. According to experts, companies in the country have raised an estimated $100 million through the initial coin offerings. The crypto currency trading volumes in the country are over $2 million.
The government’s official documents on crypto currency outlined a 5% tax payable to individuals with cryptocurrency holdings which is a lot lower than regions like France and the UK. The document will create a free and transparent digital market in the Ukraine. Since it has been posted, the draft legislation has seen overwhelming comments from Ukrainian leaders. Blockchain development is believed to be fostered across sectors of the economy whilst the crypto holders will be protected from crime associated with underground crypto.
BUY Bank is the first Ukrainian service for Bitcoin exchange cash or withdrawal to a card of any bank. At the time of order creation, the exchange rate is set for 30 minutes to purchase and thereafter to sell. You will not need your ID as the service is completely private. Bank card details that are provided are not stored and the payment gateway meets all the security requirements of the standard PCI DSS level 1.
The future of Cryptocurrency
Ukraine is not the only country that is working on regulations for cryptocurrency. China and South Korea are both introducing cryptocurrency regulations. Many countries will be watching these countries, to see how this new policy performs. However, the blockchain sector regulation policy is still unclear in most countries around the world. Ukraine has made bold steps and this places them ahead of many other states across the globe regarding crypto currency and its implementation.