In a Facebook post on Thursday, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation for IT Industry Development, disclosed that the International Monetary Fund (IMF) had recommended that the nation complete its cryptocurrencycurrency laws.
Bornyakov wrote “The Economic and Financial Policy Memorandum signed between Ukraine and the IMF fixed the relevant condition, as the current situation with the lack of regulation of the new industry creates threats to price stability and efficiency of monetary transmission,” Bornyakov added “The International Monetary Fund has urged Ukraine to complete the update of virtual asset legislation by the end of 2024.”
“In the face of war, we have to exploit the full range of opportunities and develop new sectors of the economy,” the Ukrainian official said.
The cryptocurrencycurrency industry has the potential to generate billions of dollars in revenue if it is legalized.
There is already enough legislative effort, he emphasized, adding that it is necessary to “introduce state regulation on the cryptocurrency assets market.”
The goal of the law “On Virtual Assets,” which President Volodymyr Zelenskyy approved in March 2022, is to control the cryptocurrencycurrency sector in Ukraine. Member of the Ukrainian National Securities and Stock Market Commission Yuriy Boyko announced in April of last year that Ukraine plans to put the regulations governing the cryptocurrencycurrency market into effect that have been approved by the European Parliament.
Bornyakov explained that two proposals have been presented in the Ukrainian parliament that are “aimed at regulating the circulation of virtual assets.” On November 7, 2023, the Ukrainian parliament approved Bill No. 10225, which had been put out by the National Securities and Stock Market Commission. It offers guidelines for virtual asset taxes. Bornyakov stated that the Ministry of Digital and Crypto Business Representatives is represented by Bill No. 10225-1. On November 18, 2023, the parliament approved this measure, which also establishes guidelines for the taxation of virtual assets.
As stated by the deputy minister:
I think that as soon as feasible, the rules governing the regulation and taxation of virtual assets need to be established. This will boost international partners’ confidence in Ukraine and aid in the expansion of our economy.
