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BTC · 4w

Ukraine wants to build a top crypto jurisdiction, not the Wild West

In Ukraine, we are building a high-tech state by performing several roles at once: experimenter, regulator, and promoter. Ukraine is the first state in the world in which digital passports in a smartphone have become full legal counterparts of paper documents and the fourth country in Europe with digital driving licenses. We have the world’s fastest business registration—two seconds.

From September 2021, Ukraine has put a paperless regime in place. “Paperless” means that public authorities will not be able to demand paper documents from Ukrainians. Our goal is to build the most comfortable and user-friendly country in the world in the next 50 years.

To boost the new digital economy, we are also building a top jurisdiction for crypto and blockchain companies. Last month, Ukraine took one more important step by granting legal status to virtual assets. In September, Parliament passed a bill that makes cryptocurrency and other virtual assets legal in Ukraine. We became one of the world's first countries to take a comprehensive approach toward establishing a quality regulatory framework for the virtual asset market, in which the creation of state infrastructure is a key issue.

Ukrainians are tech-savvy. We're top-five ranked by the percentage of cashless payments in the world. We have a strong blockchain developer community. Startups like Bitfury, Hacken, and Propy have been founded by teams originally from Ukraine. Ukrainian crypto startups attracted $171.4 million in investments from 2017 to 2019. Ukraine leads global crypto adoption, so our citizens already know how to work with crypto assets.

The virtual assets market in Ukraine has a significant turnover, even on a global scale, but most of it is concentrated in a gray area. This creates potential risks for all players: the state, businesses, and users.

While some companies are not interested in working legally and contributing to the country's economy, there are also companies ...

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