Ukraine is ready to legalize cryptocurrencies
Russia wants to ban the circulation of crypto assets
Will Ukraine be able to become a cryptoasis?
International consortium of news organizations developing transparency standards.
While the State Duma is discussing a new bill “On digital payment assets”, the adoption of which will actually destroy the country’s crypto industry and force investors and exchanges to go into the shadows, Ukrainian politicians are making efforts to quickly adopt a regulatory framework for the legalization of crypto business.
Ukraine – for, Russia – against!
Recently, the Verkhovna Rada of Ukraine received a draft law “On virtual assets”, which will actually legalize cryptocurrencies and the activities of cryptocurrency companies in the country, as well as provide citizens and residents of Ukraine with the right to freely buy, sell and exchange crypto coins for fiat money. At the same time, Russian officials see a real threat to the ruble from cryptocurrencies and, on the contrary, are trying to limit the circulation of cryptoassets in the country as much as possible. The bill submitted to the State Duma even provides for imprisonment for a period of 7 years for the use of cryptocoins. How the balance of power in the crypto business will change if both bills are adopted and whether Ukraine can become a “cryptoasis” of Eastern Europe, BeInCrypto asked the experts.
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Sergey Zhdanov, CEO of EXMO cryptocurrency exchange:
– Looking back at the experience of countries such as Great Britain, Switzerland, Japan, you can see that after the cryptocurrency business moved to the legal plane, there were positive changes in the economy, and the region began to attract businesses in the cryptocurrency field from all over the world. Therefore, taking into account the experience of states that have passed the path of legalizing cryptocurrencies, it can be assumed that the legalization of cryptocurrency business in Ukraine will create favorable conditions for further building the market..
It will also attract additional investment, which will primarily have a positive effect on the country’s economy. In addition, the adoption of this bill can serve as additional legal protection for users and will give an impetus to the growth of confidence in the crypto industry as a whole..
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Gleb Kostarev, Head of Binance Russia and CIS:
– The adoption of legislation in the field of cryptocurrencies in Ukraine will allow blockchain companies to come out of the shadows, legally open offices, create jobs, pay taxes and invest in the local economy, and users in case of any disputes will have the opportunity to go to local courts. Thus, the bill is able to positively affect the Ukrainian economy and attract additional capital to the country..
Binance, like many other international exchanges, strives to comply with the FATF guidelines, as well as to combat money laundering and the use of cryptocurrencies for financial crime..
As for “cryptoasis”, in the event of legalization, many blockchain startups from other countries, where the authorities are wary of cryptocurrencies, will be happy to move to Ukraine and continue working, without fear of being closed. This applies to a greater extent to the countries of the post-Soviet space, since in Europe there are many jurisdictions with loyal legislation to cryptocurrencies, for example, Switzerland, Malta, Estonia and others.
Alex Altgauzen, CEO of the StormGain cryptocurrency exchange:
– Of course, for the Ukrainian cryptocurrency market, the prospect of giving it a legal status is very positive. If the bill is adopted and the rules for regulating the market are clearly spelled out, this will attract foreign investors and cryptocurrency platforms to Ukraine, which, for example, cannot fully operate in Russia and other CIS countries..
To some extent, this will be able to put Ukraine in a row with the Baltic countries, which successfully attract investors and companies that are going to hold an ICO. In the event that a favorable investment climate for cryptocurrency trading is created in Ukraine, this will undoubtedly make it the very “cryptoasis” among countries hostile to digital assets..
Natalia Drik, Executive Director of the Blockchain Association of Ukraine:
– The adoption of the law will have a beneficial effect, first of all, on the financial system. Turnover will increase and new cash infusions will appear in the fairly dry bed of the financial river. Banks at many points have delegated their functions to payment systems. The Ukrainian banking system is traditionally very conservative in terms of innovation. With the adoption of the law, the financial system will follow an evolutionary path. The very definition says that virtual assets are not finance, but a commodity. And if where to wait for development in the first place – it is in the commodity exchanges.
However, there are a number of problems. The first is anonymity, it ends exactly at the moment when you want to receive the service. The entire financial system of the world is built on this. If you want to send money to a friend from your independent wallet to his, then no one will control you. Moreover, if you use non-costodial services. But if you want to use platforms that have access to your funds – exchanges, for example, then the question is not about cryptocurrency, but about a service that is very clearly regulated in the world. It should be noted that the AML system is only a monitoring that measures risks in operations. And only in super-obvious situations it informs law enforcement officers that there is a suspicion of financing illegal actions. With the adoption of new rules, banking secrecy no longer exists in the world, but in order to find out the data, it is necessary to prove the fact of the violation. Many exchanges already have AML systems, as they work with countries where they have already been introduced.
What do you think, will Ukraine become a “cryptoasis”?
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