Ukraine is in the focus of our daily cryptocurrency news section, this time for developing its crypto-related policy which has made the country a first mover in the field. The eastern European country, known for its political crisis which began in 2013, recently unveiled a new path for adoption of cryptocurrencies.
The Ministry of Economic Development and Trade started the process of regulation of virtual assets, one that is projected to take three years and be completed by year 2012. As the official announcement reads:
“The Economic Development Ministry initiates the adoption of the concept of state policy in the field of virtual assets, the purpose of which is to create understandable conditions for conducting activities in the field of virtual assets and virtual currencies.”
The organization, ran by the government, will set out and define key terms in the cryypto space such as “virtual currency/cryptocurrency, virtual assets, mining, smart contracts, tokens, ICO/ITO” and others, as reported by a local news outlet.
Ukraine is not new to the idea of legalizing crypto. One member of the PArliament named Alexei Mushak, this spring revealed that the path to legalization was in the works – and at the time was urging feedback from other market participants. He then wrote a post on Facebook in which he confirmed that transparency is needed, and that crypto holders would be protected from “unsubstantiated criminal prosecutions.”
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