The new administration in Kiev, headed by the young president Volodymyr Zelensky, has brought renewed interest in cryptocurrencies. Fresh energy is now being injected into efforts to legalize decentralized digital money and regulate related economic activities. New draft laws have been proposed or are under preparation to accommodate the nascent industry, from which the Ukrainian government expects increased budget revenues.
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Push to Regulate the Crypto Industry Intensifies
Ukraine’s Ministry of Digital Transformation plans to legalize cryptocurrencies such as bitcoin cash (BCH) and bitcoin core (BTC). Тhe initiative to accomplish this comes directly from its current head, Mikhail Fedorov, local media reported recently, quoting his deputy and IT entrepreneur Alexander Bornyakov. The ministry is already working on a new bill that should be ready by the end of the year and preparing amendments to the country’s tax code.
Bornyakov pointed out that although cryptocurrencies in Ukraine are not banned per se, they currently don’t have any official status. Their legalization is necessary in part to protect businesses dealing with coins from police searches, emphasized the 37-year-old entrepreneur from Odessa. President Zelensky, a former popular comedian and TV producer, is preparing to appoint a new governor of the province this week, 36-year-old crypto millionaire Maxim Kutsiy.
The new generation of politicians that took over power in Kiev after the last presidential and parliamentary elections, inherited a country facing numerous challenges. These include a depreciating hryvnia, and an unresolved military conflict in the East. Allowing the promising crypto industry to flourish will undoubtedly translate into increased budget receipts. Bornyakov and his colleagues think it’s time for these companies to come out of the grey sector.
