HIGHLIGHTS
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- The International Monetary Fund (IMF) has urged Ukraine to complete the update of its virtual assets legislation by the end of 2024.
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- Deputy Minister of Digital Transformation, Alexander Bornyakov, stated that there is already sufficient legislative groundwork in place.
The International Monetary Fund (IMF) has called on Ukraine to finalize the update of its legislation on virtual assets by the end of 2024. This was reported on his Facebook page by Alexander Bornyakov, the Deputy Minister of Digital Transformation for IT development.
He noted that this requirement was recorded in the Memorandum of Economic and Financial Policies signed between Ukraine and the IMF. Bornyakov added that the current situation, with the absence of Regulation in the new industry, poses threats to price stability and the efficiency of monetary transmission.
According to him, the Ministry of Digital Transformation’s team notes the need to introduce state regulation in the crypto asset market, and for this, there is already enough legislative work done.
“In wartime conditions, we must use the full range of possibilities and develop new economic sectors. The legalization of the crypto sector can have a powerful economic effect, generating billions of hryvnias in turnover,” — Bornyakov wrote.
It was previously reported that Cryptocurrency regulation became part of the €50 billion Ukraine Facility reform plan.
Also, at the end of 2023, it was reported that the National Securities and Stock Market Commission and the National Bank of Ukraine would conduct a joint assessment of the “On Virtual Assets” law with the IMF.
