Ukraine’s Ministry of Digital Transformation to draw up a roadmap for the development of the cryptocurrency market

Ukraine’s Ministry of Digital Transformation, together with representatives from other agencies and business, began developing a strategy for the development of the cryptocurrency market.

On 9 March in Kyiv, the first meeting of participants in the ‘Forecast for the Virtual Asset Market’ project took place. They identified the trends of the cryptocurrency industry and potential scenarios for its integration into the country’s economy.

“The foresight will form a community of those who will help turn the ministry’s ambitious plans into reality,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development.

In a ForkLog interview, the official said that a developed ecosystem of virtual assets would benefit business, the state, and broaden citizens’ financial opportunities.

“Providing access to a wide range of modern services and new financial instruments can qualitatively improve the general standard of living of citizens. Especially considering that other financial instruments, for example stocks, are underdeveloped in our country,” Bornyakov said.

As a result of the discussions, within three months the ministry will present a roadmap for the development of the sphere of innovative activity through 2031.

“The ministry’s global objective by 2031 is to be a top jurisdiction on the international map of the virtual assets market, where there will be clear and comfortable conditions for working with the regulator, attractive taxation for business, and an environment for innovations within the country,” the deputy minister added.

One of the foresight sponsors, Kuna exchange founder Mikhail Chobanian says that a sound business is impossible without clear rules of the game. According to him, the main problem of Ukraine’s cryptocurrency market is that most civil servants do not understand the topic of discussion.

“95% of officials do not understand what crypto is. Accordingly, it is unrealistic to expect from them the necessary positive ideas and actions. The solution is educational seminars and foresights,” added Mikhail Chobanian.

On 2 December 2020, the Verkhovna Rada of Ukraine in the first reading adopted as the basis the draft law “On Virtual Assets,” regulating cryptocurrency operations in the country.

In January 2021, the public association “Virtual Assets of Ukraine” proposed to implement asset tokenization at the state level and proposed to President Volodymyr Zelensky to issue a national token.

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