|Oct 29, 2018 12:02 AM||By: Jinia Shawdagor | 1857 Views|
The Ukranian government has announced that it intends to fully legalize cryptocurrencies and properly regulate the sector as part of a new public policy developed by the Ministry of Economic Development and Trade of Ukraine.
If everything goes according to plan, the whole process is expected to take around three years. But by the end, cryptocurrencies will be a legitimate contributor to the Ukranian economy.
As Bitcoin.com reports, the plan will be implemented in two phases. Throughout 2018 and 2019, the legal status of cryptocurrencies, trading platforms and other crypto-related entities that deal with digital assets will be determined. By the end of next year, the government is expected to have analyzed and identified market trends and issues to better understand how to regulate the industry.
The following stage, from 2020 to 2021, involves recognizing cryptocurrency wallet providers and custodial platforms as “subjects of primary monitoring.” Typically, traditional financial institutions like banks are granted this status.
Ukranian lawmakers are expected to draft and implement regulation on ICOs and the use of smart contracts during this time. A number of bills have already been filed with Ukraine's parliament, but very little progress has been made.
The ministry of economy has expressed its confidence in crypto companies gaining access to traditional financial services, and the regulated tokens will allow crypto companies to attract more capital through token sales.