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 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.