Ukraine Presents Road Map for Developing the Digital Assets Industry

The Ministry of Digital Transformation hopes to see 47% of Ukrainians using digital assets by 2024.

AccessTimeIconJul 22, 2021 at 3:06 p.m. UTC
Updated Sep 14, 2021 at 1:29 p.m. UTC
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Ukraine’s Ministry of Digital Transformation presented a plan, created with input from the local crypto community, for developing the country's digital assets industry.

The Eastern European country, which is a global leader in cryptocurrency adoption according to Chainalysis, is trying to become the jurisdiction of choice for crypto startups and is one of the few nations in the world to present a strategy for developing its digital asset industry.   

The report (in Ukrainian) entitled “Virtual Assets of Ukraine – 2030,” reflects the results of research conducted between March and June by the ministry together with crypto exchanges, miners and other crypto-community participants.

According to the report, to provide an optimal environment for the digital asset market to develop, the government needs to tackle legal and educational goals.

Among them:

  • Provide an appropriate legal framework.
  • Ensure a stable taxation regime for the next 3-5 years.
  • Allow crypto companies to open bank accounts.
  • Issue a central bank digital currency (CBDC).
  • Reform the courts to enhance the protection of private property.

The road map also says the bill on the digital assets now before parliament should be passed this year. Tokenized assets, it says, should become part of the existing financial system, and there should be an official way to buy virtual assets for fiat money.

Education also features in the plan, with the development of programs dedicated to blockchain and virtual assets starting with school-aged children. There should be a special program for members of parliament and a master’s course on decentralized finance.

The 11 working groups that compiled the report included examining a way for people to “buy bread for tokens,” the launch of a “fiat-to-crypto gateway,” establishing a regulatory sandbox for crypto ecosystem projects and creating new policies for regulating the digital assets market. 

The report predicts that if its recommendations are followed, by May 2024 Ukraine should become of the top 10 crypto nations, with 47% of the population using digital assets and 10% of businesses having their assets tokenized.

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