Ukraine is ranked as the world’s leader in the Global Crypto Adoption Index 2020, according to a research published by Chainalysis earlier this fall. Despite this, cryptocurrencies still remain a gray area in the economy. Since 2014, Ukrainian authorities have been trying to implement crypto legislation that would transform the country into a competitive jurisdiction for running crypto-related businesses, but the efforts did not yield any results. Finally, just a few months ago, the Ukranian government presented a new bill on digital assets to legitimize the sector — and this time, the attempt may well be successful.
The fintech strategy of the Ukrainian central bank, or NBU, pledged to legalize activities using cryptocurrencies. According to the document, by 2025, crypto assets will fully enter the legislative field and a transparent infrastructure will be created to allow it to operate on the market.
The first steps on this path were taken in late 2019. Since then, parliament members have passed a law on implementing the Financial Action Task Force’s standards for combating money laundering and the financing of terrorism. Among other things, the standards contain the concept of digital assets.