Ukraine is among the nations of the world where cryptocurrency isn’t thriving. However, the storm will soon be over since news coming from Ukrainian media (Ukrinform) say that the government in Kiev plans to make cryptocurrency a lawful commodity by the year 2021.
This will be achieved by the following two steps; firstly, crypto related ventures within Ukraine will be granted their legal states likewise decentralized virtual resources.
Once this is done, Ukraine’s MEDT (Ministry of Economic Development and Trade) will be in charge of regulating the crypto sector with fair laid down rules and regulations which will apply to all parties involved.
In the same light, the ministry is going to be tasked with the definition of several crypto-related terminologies. Based on the official statement, words such as “token”, “virtual currency”, “virtual assets”, “smart contract”, “ICO/ITO” etc, will all get a legal characterization.
Furthermore, the major reason for the regulation of cryptocurrencies is for there to be a comprehensible condition for carrying out activities that have to do with virtual currencies and virtual assets.
The Ministry of Economic Development and Trade have projected that these two stages would be achieved in three years, thus ensuring that crypto will be legalized fully in the year 2021.
The legalization of cryptocurrency has assisted in boosting all crypto-related business or ventures within Eastern European nations, likewise increasing protection for investors.
At the moment, Ukraine’s mining business is reported to be valued at over $100 million. In the past, there was always that hope that one day Ukraine would consider the legalization of cryptocurrency.
Sometime early this year, Alexei Mushak, a Ukrainian parliament member released a draft on crypto regulations via social media giant Facebook. The contents of the draft were targeted at the creation of a free and fair digital asset marketplace within the nation.