The International Monetary Fund (IMF) has urged Ukraine to finalize its crypto legislation, the country’s Deputy Minister of Digital Transformation for IT industry development has revealed. “In the face of war, we have to exploit the full range of opportunities and develop new sectors of the economy,” he stressed, adding that “Legalization of the crypto sector can have a powerful economic effect, generating billions of dollars in turnover.”
IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals
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2 Crypto Bills Under Consideration in Ukraine
Ukraine’s Deputy Minister of Digital Transformation for IT industry development, Alex Bornyakov, revealed in a Facebook post on Thursday that the International Monetary Fund (IMF) has advised the country to finalize its crypto legislation.
“The International Monetary Fund has urged Ukraine to complete the update of virtual asset legislation by the end of 2024,” Bornyakov wrote, adding: “The relevant condition was fixed in the Economic and Financial Policy Memorandum signed between Ukraine and the IMF, as the current situation with the lack of regulation of the new industry creates threats to price stability and efficiency of monetary transmission.”
The Ukrainian official continued, “In the face of war, we have to exploit the full range of opportunities and develop new sectors of the economy,” adding:
Legalization of the crypto sector can have a powerful economic effect, generating billions of dollars in turnover.
Emphasizing the need to “introduce state regulation on the crypto assets market,” he stressed that “there is already enough legislative work.”
In March 2022, President Volodymyr Zelenskyy signed the law “On Virtual Assets” which aims to regulate the crypto market in Ukraine. In April last year, Yuriy Boyko, a member of the National Securities and Stock Market Commission of Ukraine, revealed that Ukraine intends to implement the crypto market rules approved by the European Parliament.
Bornyakov clarified that two bills “aimed at regulating the circulation of virtual assets” have been introduced in the Ukrainian parliament. Bill No. 10225 was proposed by the National Securities and Stock Market Commission and accepted for consideration by the Ukrainian parliament on Nov. 7, 2023. It provides rules for the taxation of virtual assets. Bill No. 10225-1 “represents the concept of the Ministry of Digital and Crypto Business Representatives,” Bornyakov described. This bill also provides rules for the taxation of virtual assets; it was accepted by parliament for consideration on Nov. 18, 2023.
The deputy minister opined:
I believe that it is necessary to define the principles of regulation and taxation of virtual assets as soon as possible. This will contribute to the growth of our economy and strengthen trust in Ukraine from international partners.
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