Ukraine wants to boost the new digital economy and build a top crypto jurisdiction

Ukraine wants to boost the new digital economy and build a top crypto jurisdiction

BUSINESS/ECONOMY | OCT 24, 2021 | WOZINGA NEWS

Ukraine wants to boost the new digital economy and build a top crypto jurisdiction

  • Ukraine is establishing itself as a premier jurisdiction for crypto and blockchain businesses.
  • They were among the first countries to take a comprehensive approach to establishing a quality regulatory framework for the virtual asset market.

By Elah Mae Ariate Wozinga Staff

Ukraine wants to boost the new digital economy

Ukraine has implemented a paperless regime that will last until September 2021. According to
Fortune
, “paperless” means that public authorities will not demand paper documents from Ukrainians.

Ukraine’s goal for the next 50 years is to build the most comfortable and user-friendly country in the world.

Boosting the new digital economy

According to the report, they are also constructing a top jurisdiction for crypto and blockchain companies to boost the new digital economy.

Ukraine took another significant step last month when it granted legal status to virtual assets. In September, the Ukrainian Parliament passed legislation making cryptocurrency and also other virtual assets legal.

They were among the first countries to take a comprehensive approach to establishing a quality regulatory framework for the virtual asset market. The development of state infrastructure is a critical issue.

Ukrainians are well-versed in technology. Ukraine ranks first in the world in terms of the percentage of cashless payments. They have a sizable blockchain developer community. Teams from Ukraine founded startups such as Bitfury, Hacken, and Propy.

From 2017 to 2019, Ukrainian crypto startups received $171.4 million in investment. Ukraine leads the world in crypto adoption, so citizens are already familiar with crypto assets.

Digitalization in Ukraine has proven to be an effective tool against corruption

Bribes aren’t accepted by the computer, after all. The state budget can save billions of hryvnias by digitizing services. The law governing virtual assets incorporates FATF recommendations on money laundering, crime, terrorist financing, and proliferation prevention.

Strengthening legislation will help them maintain their reputation as a better place to do crypto business.

In addition, the bill defines fundamental concepts, classifies service providers, establishes a permit system, and addresses financial monitoring concerns. It’s important to note that our regulation is technology-agnostic, focusing solely on economic relations.

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