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Ukraine and its Intentions of Becoming World’s Top Cryptocurrency Jurisdiction

By J.Austine Oct. 28, 2021, 5:58 p.m.
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Ukraine is striving to be the world’s friendliest cryptocurrency jurisdiction. For instance, it is enacting legislation that provides enticing prospects to digital firms. If the legislation gets implemented, crypto firms will interact directly with banking systems.

This got confirmed by Ukraine’s deputy minister of Digital Transformation.
In fact, the confirmation came in an open letter. Moreover, the letter had gotten published in Fortune.
Oleksandr Bornyakov believes that the goal is to construct a high-tech state. Further, the state ought to possess a digital economy while simultaneously fulfilling three roles. The roles include; experimentation, regulation, and promotion.
“In the next 50 years, our objective is to establish the most pleasant user-friendly nation in the world. To support the emerging digital economy, we are also establishing a top jurisdiction for cryptocurrency and blockchain firms.”

Virtual Assets in the country

Generally speaking, virtual assets have legal standing in Ukraine. The reason is, parliament enacted the Virtual Assets Bill in September. As a result, cryptocurrencies and other digital assets got legalized. The country has the world’s most comprehensive regulatory framework for digital assets.
Consequently, Bornyakov says that Ukraine overcame a major barrier to crypto adoption. The barrier is the development of governmental infrastructure.
In addition, the government introduced a paperless system in September 2021. So then, public officials wouldn’t demand paper documentation from the citizens. Also, Ukraine gets regarded as one of Europe’s most technologically advanced nations.  The reason being, it has the world’s fourth-highest cashless payment integration.
Further, popular firms like Grammarly got founded in Ukraine. Moreover, the country has a solid blockchain development ecosystem. For example, one of the top Ukrainian blockchain businesses is Bitfury. It is a prominent supplier for the Bitcoin network, Hacken, and Poppy.
The Ukrainian Virtual asset market gives significant turnover. Even so, most transactions take place in the “gray region.”

Digitalization in Ukraine

Ukraine makes efforts to regulate and legalize the business process through digitalization. Hence, it assists real enterprises in expanding their operations. Indeed, digital procedures are a successful strategy in Ukraine’s fight against corruption.
Bornyakov supports the improving of the Virtual Assets Regulation Act. It incorporates the Financial Action Task Forces standards on terrorist funding and Money Laundering. By doing so, it preserves the nation’s image in the Bitcoin industry.
Likewise, crypto such as Bitcoin and Monero get used in the dark web. The dark web has various dark markets with various commodities. So, vendors in the darknet prefer crypto transactions as they are anonymous. Also, a special browser called Tor browser gets used to access the darknet.
Now, the September bill has four provisions which are:
The construction of a permit system
Definitions of core concepts
Kinds of provider services
The resolution of financial monitoring difficulties
The policy intends to be technology-neutral. For instance, it majors on regulating commercial ties and virtual asset service providers.
Still, the government faces a major challenge. This is selecting the body that would pioneer the area. This happened after the Ukraine president returned the bill to parliament. It included his ideas for reforming market regulators.

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