The Russia-Ukraine war has shown the positive side of cryptocurrencies. Especially for Ukraine, crypto has been a boon as it helped them raise funds from across the world. Therefore, it makes sense that Ukraine reaffirms its positive regulations for cryptocurrencies and aims to become one of the top 5 crypto-friendly nations. An official from the country said that crypto has total support from the government and president, Volodymyr Zelenskyy.
Ukraine reaffirms its positive steps toward cryptocurrency regulation
Alexander Bornyakov, the Deputy Minister of Digital Transformation of the country, said they aim to be among the top 5 for the best crypto legislation in any country. The industry will also get full support from the government which is very rare. He also added that NFTs intrigue him and the Ukrainian government. They think that the true purpose of NFTs is to document history as Russia tries to erase theirs.
These comments were made in a recent panel discussion between the country’s NFT community and the Ministry of digital transformation. Vitalik Buterin’s father, Dmitriy Buterin, also took part in the discussion and talked about the opportunities crypto could bring to the nation. Dmitriy said that he personally wants Ukraine to become a world leader in crypto.
To make it possible, he advised the authorities to make Ukraine a place where crypto projects can work freely. If companies come to the nation, it could bring a lot of business opportunities to them and contribute to the economy. This is especially important as the war has already strained the country.
The positive crypto regulations
Ukraine has introduced a proper framework for cryptocurrencies and has allowed foreign and national crypto exchanges to operate legally. They have also asked banks to open accounts for crypto companies so they can do transactions. The country’s securities regulator will have the main regulatory power over crypto in the nation. They will also be issuing licenses to businesses working with crypto and monitor them as well. The country has now received over $100 million in donations which explains why they are adopting such a friendly approach towards the industry.
What are your thoughts as Ukraine reaffirms its positive regulations for cryptocurrencies? And do you think they will be able to become a leader in the space or at least take a spot in the top 5? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.