Ukraine unveils three-year strategy to develop the cryptocurrency market through 2024

On 21 July, the Ministry of Digital Transformation of Ukraine, together with representatives of other agencies and the business sector, unveiled a three-year strategy to develop the virtual assets market. The document is in ForkLog’s editors’ possession.

The road map includes regulatory, educational and infrastructural initiatives across various spheres. To implement them, the project has formed 10 working groups. Among the tasks:

• development of terminology and subsidiary acts;
• promotion of tokenisation of real assets;
• creation of educational materials at basic, higher and sectoral levels;
• launch of a pilot fiat-to-crypto gateway and the organisation of bread purchases with tokens;
• creation of a sandbox for virtual asset ecosystem projects and others.

The authors of the initiative expect that by the end of 2021 Ukraine will have enacted a law on virtual assets and rules for their taxation, as well as AML policies for Bitcoin exchanges, exchangers and their customers.

Over the course of three years, by May 2024, the project participants intend to place Ukraine in the top 10 countries for cryptocurrency adoption. In their assessment, if the road map is implemented successfully by that time:

• 47% of Ukrainians will use digital currencies;
• at least 10% of businesses will tokenise assets or apply them in their activities;
• universities will launch a master’s programme in decentralised finance.

“The ecosystem of virtual assets requires rules that establish a balance between freedom and security. Only in this way will the virtual assets sphere bring positive changes to the economy, society and each individual citizen,” said the authors of the strategy.

The first meeting of the participants of the “Foresight of the Virtual Asset Market” project took place in Kyiv on 9 March 2021.

On 2 December 2020, the Verkhovna Rada of Ukraine in the first reading took the bill “On Virtual Assets” as a basis, regulating cryptocurrency transactions within the country.

In late June, the Committee on Digital Transformation recommended adopting the updated draft bill in the second reading.

A detailed analysis of the new draft of the document can be read on ForkLog:

“Ukrainian financial regulators criticized the updated draft bill on virtual assets”

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