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Ukraine Moves Forward To Legalize Crypto

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ADA (Cardano) ATM in Japan (2017)

The government of Ukraine is moving forward with a process to legalize cryptocurrency and wants the framework to be in place by 2021.

“The Economic Development Ministry initiates the adoption of the concept of state policy in the field of virtual assets, the purpose of which is to create understandable conditions for conducting activities in the field of virtual assets and virtual currencies (cryptocurrency),” the press service of the Economic Development and Trade Ministry of Ukraine reports.

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The concept proposes to define at the legislative level the key terms related to virtual assets, such as “virtual currency” (“cryptocurrency”), “virtual assets”, “ICO / ITO”, “mining”, “smart contract”, “token.”

The concept is expected to be implemented in two stages up to 2021, wrote Ukraine’s state media agency, UA TV.

As of mid-October, a dedicated working group within the Ministry of Finance has reportedly been working to elaborate the framework for crypto taxation. In parallel, the National Bank of Ukraine (NBU) is considering a state digital currency tied to the local fiat currency, the hryvnia, which would be centralized and remain under government control, reported Cointelegraph.com

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