Ukraine to establish a regulatory sandbox for Web3 projects

The Ministry of Digital Transformation of Ukraine is working on creating a regulatory sandbox for innovative projects. This was disclosed by Deputy Minister Oleksandr Bornyakov.

The sandbox will focus on projects whose activities do not fall under existing regulation in Ukraine, including artificial intelligence, Web3 and cryptography.

To best meet entrepreneurs’ needs, the Ministry launched a targeted survey.

According to Bornyakov, companies will be able to test their product on the sandbox and refine their business model for subsequent market rollout and attracting investment.

It will also create a regulatory framework for technological developments in Ukraine.

Earlier, the Ministry announced a blockchain focus in the fight against corruption.