Ukraine Introduces Plan for Legalization of Cryptocurrencies

Ukraine is mulling over getting digital assets out of a legal grey zone by 2021, a local media outlet reports. The Concept of state policy defines crypto terms

Thu, 25/10/2018 - 20:25

Ukraine Introduces Plan for Legalization of Cryptocurrencies

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Ukraine is mulling over getting digital assets out of a legal grey zone by 2021, a local media outlet reports. The Concept of state policy in the realm of cryptocurrencies defines such pervasive crypto terms as “virtual assets,” “ICO,” “mining,” etc.

There will be two stages of legalizing cryptocurrencies. First, decentralized digital assets, as well as local crypto-oriented businesses, will be granted legal status. During the next stage, the Ministry of Economic Development will draft a set of rules defining how cryptocurrencies should be regulated.

This move will supposedly help to enhance investor protection and increase crypto-related revenues in Ukraine. It has been estimated that the mining business in Ukraine is worth more than $100 mln.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.