According to Ukraine’s Deputy Minister of Digital Transformation for IT Industry Development, the International Monetary Fund (IMF) has pushed the nation to complete its crypto legislation. “We must take advantage of every opportunity and create new economic sectors in the face of war,” he said, going on to say that “legalizing the cryptocurrency sector can have a powerful economic effect, generating billions of dollars in turnover.”
Two Crypto Bills Are Being Examined in Ukraine
The International Monetary Fund (IMF) has recommended Ukraine to complete its cryptocurrency legislation, according to a Facebook post made on Thursday by Alex Bornyakov, the country’s deputy minister of digital transformation for IT industry growth.
Bornyakov stated: “The relevant condition was fixed in the Economic and Financial Policy Memorandum signed between Ukraine and the IMF, as the current situation with the lack of regulation of the new industry creates threats to price stability and efficiency of monetary transmission.” The International Monetary Fund has urged Ukraine to complete the update of virtual asset legislation by the end of 2024.
“We have to exploit the full range of opportunities and develop new sectors of the economy in the face of war,” the Ukrainian official said.
Legalization of the cryptocurrency industry has the potential to be extremely profitable, bringing in billions of dollars.
He emphasized that “there is already enough legislative work” and emphasized the necessity of “introducing state regulation on the crypto assets market.”
President Volodymyr Zelenskyy signed the “On Virtual Assets” law in March 2022 with the intention of regulating the cryptocurrency business in Ukraine. Member of the National Securities and Stock Market Commission of Ukraine Yuriy Boyko announced in April of last year that Ukraine plans to put the regulations governing the cryptocurrency market that the European Parliament has authorized into effect.
Bornyakov emphasized that the Ukrainian parliament has received two proposals “aimed at regulating the circulation of virtual assets.” The National Securities and Stock Market Commission introduced Bill No. 10225, which the Ukrainian parliament approved for discussion on November 7, 2023. It offers guidelines for taxing digital assets. According to Bornyakov, Bill No. 10225-1 “represents the concept of the Ministry of Digital and Crypto Business Representatives.” On November 18, 2023, this bill—which also establishes guidelines for the taxation of virtual assets—was approved by parliament.
According to the deputy minister
I think it’s critical to establish the fundamentals of virtual asset regulation and taxation as soon as feasible. This will support economic expansion and increase foreign partners’ confidence in Ukraine.
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