Bitcoin industry in Ukraine named a driver of the digital economy

The cryptocurrency industry should become a powerful driver of Ukraine’s digital economy, said Oleksandr Borniakov, Deputy Minister of Digital Transformation for IT development, during the Diia Summit forum.

He said that by the end of 2021 the market for digital assets had grown fivefold.

“I am not aware of any other sectors of the economy that grow at such a pace. $33 billion invested in the blockchain ecosystem,” said Borniakov.

He added that, with regulation of the cryptocurrency market, Ukraine could become an attractive base for multi-billion-dollar companies from around the world, boosting investment and startup activity.

In September, Ukraine passed the Law on Virtual Assets (VA). The document regards VA as intangible property, classifying them into secured and unsecured. The President returned the law for reconsideration.

In late January 2022, it emerged that the Binance exchange was working on launching a cryptocurrency-denominated payment card in Ukraine.

Earlier, ForkLog reported that the British fintech company Revolut became a resident of Ukraine’s Diia City special regulatory regime.