Ukraine’s MDT Aims to Revitalize Crypto Legislation
Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine, stressed that crypto assets do not hinder the country’s financial stability.
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Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine, stressed that crypto assets do not hinder the country's financial stability.
He noted that the Parliament is currently considering two pivotal bills for crypto regulation: one from the National Securities Commission, and another from the Digital Transformation Ministry.
Both bills propose that virtual assets, either cash or non-cash backed by the hryvnia, could be used as a form of payment in Ukraine. The National Bank of Ukraine (NBU) should oversee this regulation.
Bornyakov is advocating for continued efforts to pass legislation concerning virtual assets, as he believes it could positively influence business growth, create new employment opportunities, and establish a basis for tax revenue.
His remarks follow the recent comments made by the National Bank of Ukraine's Deputy Governor Kateryna Rozhkova. She pointed out that the NBU does not recognize crypto assets as a payment method and is keen on developing cryptocurrency laws in partnership with the International Monetary Fund.
This stance suggests a reluctance on the part of the NBU to position Ukraine as a forerunner in crypto regulation, seeming instead to favor introducing such measures only once they become globally established.
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