Ukraine Reveals Roadmap for Cryptocurrency Integration by 2024

Azeez Mustapha
23 July 2021 | Updated: 23 July 2021

Being a county where cryptocurrencies have thrived, Ukraine has now announced its plans to develop its virtual asset market within the next three years. According to Forklog, an Estonia-based blockchain magazine, the new roadmap was presented by officials from the Ministry of Digital Transformation, including other government institutions and representatives of the private sector.

The proposed roadmap includes several regulatory, educational, and infrastructural campaigns. Already, participants in the undertaking have established about twelve working groups to achieve several objectives. One of the critical areas of focus for these groups is developing relevant legal terminology and integrating necessary by-laws.

To achieve this, the Ukrainian government has to start by adopting comprehensive legislation to govern its crypto industry. In December last year, the Ukrainian parliament (Supreme Council of Ukraine) voted through the First Reading of a draft law “On Virtual Assets.” This bill, intended to regulate cryptocurrency transactions in Ukraine, got revised recently, and, in June, the parliamentary Committee on Digital Transformation green-lighted its final adoption.

Ukraine Lawmakers Need to Approve Guidelines for Crypto Industry

The authors of the development strategy have expressed hopes for full implementation by the end of the year. That said, Ukrainian lawmakers now have to develop rules for cryptocurrency taxation and ascend an anti-money laundering (AML) policy for crypto exchanges and their users.

Other crucial tasks on the roadmap include the promotion of real asset tokenization and the launch of a pilot fiat-crypto gateway. Involved parties in the project also aim at establishing educational materials on cryptocurrency and developing a sandbox for projects in the crypto ecosystem.

The Digital Transformation Ministry and other involved parties plan to put Ukraine on the top ten list of countries with the highest levels of cryptocurrency integration. The authorities noted that the roadmap implementation protocol would get initiated if a minimum of 47% of the population uses cryptocurrency by 2024, 20% of Ukrainian companies engage in tokenized assets, and the country’s educational institutions have launched a master’s program in decentralized finance.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.