Ukraine brings cryptocurrencies and tokens out of the shadows

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CONTENT

  • Ukraine seeks to legalize cryptocurrency

  • The adoption of cryptocurrency at the state level will help to get additional income to the treasury

  • Russia and Ukraine will start tokenizing goods and raw materials

International consortium of news organizations developing transparency standards.

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Ukrainian parliamentarians adopted the draft law “On virtual assets”, which will actually legalize cryptocurrencies and allow tokenize assets of legal entities.

Ukrainian politicians supported the draft law “On virtual assets”, which is designed to legalize the circulation of cryptocurrency in the country. If in the second reading the legislators also support this initiative, then in 2021 Ukraine will become one of the first states on the territory of the CIS to legalize the use of digital assets..

Ukraine prepares to accept cryptocurrency

Bill No. 3637 “On Virtual Assets” regulates several important issues related to the circulation of digital coins:

  • gives a clear definition of cryptocurrencies;
  • allows you to open bank accounts to carry out operations with cryptocurrencies;
  • gives users of digital assets the right to go to court in case of disputes;
  • legalizes the work of cryptocurrency exchanges in the country;

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The Ukrainian cryptocurrency business has been waiting for the adoption of this law for a long time. Onn legalizes cryptocurrency exchanges and other companies that are now forced to operate in the gray zone.

The volume of cryptocurrency transactions in Ukraine reaches $ 150-200 million per day, and the total capitalization of the cryptocurrency market in the country exceeds $ 2 billion. Due to the lack of relevant legislation, the state treasury does not receive a single hryvnia of tax deductions. The legalization of cryptocurrency will attract additional payments to the budget, which is extremely important for the Ukrainian economy, which has been in a state of crisis for the past 6 years..

What is blockchain tokenization? The term tokenization has been around for quite some time. In the broadest sense, a “token” is a certain unit designed to represent a certain value within … More Read in our article.

In addition, the bill will allow businesses to tokenize their assets and sell rights to a particular product in digital form. There is a similar practice in other countries of Europe and the CIS.

Russia is exploring the possibility of tokenizing oil, gold and diamonds

Ukraine brings cryptocurrencies and tokens out of the shadows

Tokenization The term tokenization has been around for quite some time. In the broadest sense, a “token” is a certain unit designed to represent a certain value inside … More, or transferring ownership of a certain asset into a digital coin format, can be a real solution to the problem of falling commodity markets in Russia, increasing the sales of “black gold” on the international market. This opinion was expressed by Sergey Gorkov, General Director of Rosgeologia.

In addition, the Huobi cryptocurrency exchange and Rosgeologia are currently working on tokenizing gold and diamonds..

“Russia has 3000 licenses for the extraction of minerals, including palladium and platinum. These are specific assets that have good market liquidity. We started a project with Huobi to create a stable token platform based on diamond and gold mining. This will help geological exploration in our country and will play a significant role for our economy, ”explained Gorkov.

Earlier, the editorial staff of BeInCrypto reported that tokenized diamonds are already being sold on the OpenSea platform.

Norilsk Nickel previously announced the tokenization of metals. President of PJSC MMC Norilsk Nickel Vladimir Potanin reported that the introduction of a blockchain platform and the issuance of tokens, backed by the cost of the metal, will allow the company to sell 20% of all manufactured products. 

Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More Norilsk Nickel claims to be a new alternative currency, since they can pay not only for the volumes of purchased metals, but also purchase tickets from Nordstar, as well as exchange them for ski passes at the Rosa Khutor ski resort. Vedomosti reports.

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Ukraine brings cryptocurrencies and tokens out of the shadows
Ukraine brings cryptocurrencies and tokens out of the shadows
Ukraine brings cryptocurrencies and tokens out of the shadows

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