The Ukrainian government has begun a state policy to make digital currencies legal and effectively manage and oversee the FinTech sector as a trigger of a new public policy created by the Ministry of Economic Development and Trade. The exercise may require like 3 years to execute but eventually, businesses formed around cryptos would be a fruitful part of the nation's market.
The idea aims to establish at the parliamentary level the major terms related to virtual assets such as "token, cryptocurrency, smart contracts, ICO, mining."
In Ukraine, there exist a rightful pickle on projects related to digital currencies and their legal standing, the possibility of signing smart contracts, and taxation of transactions.
The latest regulatory policy will be run in two steps. The constitutional standing of digital currencies, exchange platforms plus other objects managing cryptos must be properly defined in this and next year. After all this, the Ukrainian government will pore over the business to apprehend movements and useful concerns to raise satisfactory schemes to efficiently regulate the whole industry.
The release further adds that:
“The state, in turn, lacks taxes and foreign exchange earnings. It has no opportunity to carry out financial monitoring in this area due to lack of statistical information. As a result, foreign investments and opportunities for creating new high-paying jobs are being lost. Market participants will have the opportunity to use banking services, to officially attract foreign investments, to conduct ICO/ITO as Ukrainian companies, to conclude smart contracts and to carry out barter transactions for the exchange of goods (services) into virtual currencies.”
It also elaborated that the Ukrainian government will be able to gather funds to the budget and increase the inflow of foreign currency to Ukraine. This will produce fresh high-paying jobs and get correct analytical information on the field of cryptocurrencies.
This key policy will help to spoor the increase of e-commerce, innovative projects and digital economy. The Ministry of Economic Development strives to present high qualitative law in the crypto landscape in accordance with modern standards. The ministry has gone ahead to invite experts in the industry of cryptos, entrepreneurs plus other willing parties to debate the matter.