Ukraine Announces Plan to Legalize Cryptocurrencies, Will "Create Understandable Conditions"

Ukraine is one of many countries in which cryptocurrencies are in murky regulatory waters. Now it looks as if it might change soon, as Ukrainian news.

The news that ukraine is also corroborated by the nation's "ukrinform" on October 26.

According to the official state announcement, Ukraine will "initiate the adoption of the concept of state of the art in the field of virtual assets" with the ultimate aim to legalize cryptocurrencies in the country.

This will be reportedly done in two separate stages. The first one will consist of granting Ukrainian cryptocurrency-related legal ventures, as well as decentralized virtual assets.

Following this, Ukraine's Ministry of Economic Development and Trade will then take over. Specifically, the ministry will prepare a set of comprehensive regulations that determine exactly how cryptocurrencies should be regulated.

Moreover, the ministry will also define basic cryptocurrency-related terms. According to the official announcement, "virtual currency", "virtual assets", "ICO / ITO", "mining", "smart contract" and "token" will all receive a legislative definition.

Furthermore, the official press release stresses that the underlying reason for this push towards regulating cryptocurrencies is to "create understandable conditions for conducting activities in the field of virtual assets and virtual currencies".

The ministry also proposes that these two steps should be concluded within three years, with 2021.

According to a report of "U.today", legalizing cryptocurrencies is reportedly thought to help in boosting cryptocurrency-related ventures in the Eastern European nation, as well as increasing investor protection. Currently, the mining business in Ukraine is reportedly already worth over $ 100 million.

There has been some evidence that Ukraine has been pondering legalizing cryptocurrencies.

Earlier this year, a member of the Ukrainian parliament – Alexei Mushak – released what appeared to be a draft on cryptocurrency regulations through Facebook. This draft was aimed at creating a "free and transparent" digital asset market in the country.

Moreover, Ukraine has seen a lot of attention in the past.

Several different cryptocurrency taxes have been proposed so far, and the announcement that it is more of a reality.

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Rasmus Pihl is a writer for Toshi Times and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor's Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he is not writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely to be caught up in postgraduate studies.