The Ukrainian Lawmakers are drafting a state policy that will lead to the legalization of the blockchain-based cryptocurrencies in the country. The announcement got public in a press release that came from the Ministry of Trade and Economic Development. The country and the government is focusing on expanding its financial technology or fintech sector lately.
The public state policy will allow the Ukrainian Government to regulate their country’s crypto market and their financial technology sector. The room for innovation will help the country’s government to bring efficiency to their operations. Furthermore, the government is planning to enact the policy in the course of three years. They will fully enforce it by the year 2021.
More about the State Policy
The state policy being drafted and conceptualized gets enforced with two courses of actions. To regulate their fintech market, the government will identify the state of the legality of businesses working in the trade. That is, they will determine the legality of cryptocurrency, the firms and companies actively involved in cryptocurrency related trade and businesses like crypto exchange. This would be done until the year 2019 ends, that is in the span of the year 2018 and 2019.
Moreover, this would require the government to properly specify the jargons of the crypto verse in order to create a law. They will cover everything from “Cryptocurrency” to “Initial Coin Offering (ICO)” and “Smart Contracts“. This would help the government get a proper idea in order to put forward any bill to regulate the market.
The Economy Ministry is also expecting crypto firms to benefit from the regulatory status of the Ukrainian Market. By proper regulations, the crypto companies can earn more from initial coin offerings or token sales. Furthermore, they expect that country would receive the attention of foreign investors and would help the country develop in the digital and financial technology sector in the future.
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