The International Monetary Fund (IMF) has recommended that Ukraine complete its cryptocurrency regulations, as disclosed by Ukraine’s Deputy Minister of Digital Transformation for IT industry development. Amidst conflict, the minister highlighted the importance of harnessing every available opportunity to foster economic growth, noting the significant potential impact of the crypto sector’s legalization.
IMF Calls for Ukraine to Finalize Crypto Regulations
Alex Bornyakov, in a recent Facebook post, shared that the IMF has emphasized the need for Ukraine to wrap up its crypto legislative updates by the end of 2024. This directive was outlined in a memorandum between Ukraine and the IMF, highlighting concerns that the current unregulated state of the cryptocurrency industry poses risks to monetary stability and policy effectiveness.
Bornyakov elaborated on the necessity of delving into new economic avenues during wartime, stating, “Legalization of the crypto sector can have a powerful economic effect, generating billions of dollars in turnover.” He also underscored the urgency of establishing governmental oversight of the crypto market, mentioning that substantial legislative groundwork has already been laid.
In March 2022, Ukrainian President Volodymyr Zelenskyy ratified the “On Virtual Assets” law, setting the stage for crypto market regulation within the country. Further aligning with international standards, Yuriy Boyko, from the National Securities and Stock Market Commission, announced plans to adopt crypto market regulations approved by the European Parliament.
Bornyakov highlighted two significant legislative proposals currently in the Ukrainian parliament, aimed at overseeing virtual asset transactions. Bill No. 10225, initiated by the National Securities and Stock Market Commission and reviewed by parliament in November 2023, focuses on virtual asset taxation. Similarly, Bill No. 10225-1, reflecting the Ministry of Digital and Crypto Business Representatives’ viewpoint and also considering taxation rules, was brought before parliament later that month.
The Deputy Minister voiced his support for swiftly defining the regulatory and taxation framework for virtual assets, asserting, “This will contribute to the growth of our economy and strengthen trust in Ukraine from international partners.”
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