A strategy has been developed by government and business representatives have produced a roadmap to transform Ukraine in to a leader in cryptocurrency integration. By 2024, the authors of the new strategy anticipate that half of Ukrainians will be using digital currencies. By the end of the year, the East European region is expected to have regulated its cryptocurrency.
Ukraine Adopts a Crypto Market Development Strategy
Ukraine currently has a strategy to build its virtual asset market during the next three years, as a country where cryptocurrencies have grown in popularity. Officials from the Ministry of Digital Transformation, other government agencies, and corporate sector representatives presented the concept, according to Forklog.
Various regulatory, educational, and infrastructure efforts are included in the roadmap. The initiative's participants have already formed over a dozen working groups to fulfil a set of objectives. One of the main areas on which they want to concentrate their efforts is the development of appropriate legal terminology and the approval of essential by-laws.
However, Ukraine must first pass complete legislation to control its crypto economy before it can do so. In December, the Ukrainian parliament passed a draught law titled "On Virtual Assets" in its first reading. The measure aimed at regulating bitcoin transactions in the country has since been updated, and the parliamentary Committee on Digital Transformation recommended its final adoption in June.
This, according to the authors of the development strategy, should happen by the end of the year. Legislators in Ukraine will need to draught crypto taxation guidelines as well as establish an anti-money laundering (AML) strategy for cryptocurrency exchanges and their users.
Promotion of actual asset tokenization, as well as the launch of a prototype fiat-crypto gateway, are among the other priorities on the agenda. Officials and entrepreneurs also aim to develop teaching materials on cryptocurrencies and create a sandbox for crypto initiatives.
The Ministry of Digital Transformation and industry members want Ukraine to be among the top ten countries with the most cryptocurrency integration. They believe that by 2024, at least 47% of Ukrainians will be using digital currencies, 10% of Ukrainian enterprises would tokenize or use tokenized assets, and the country's educational institutions will have launched a master's degree in decentralised finance.
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