Ukraine cooperates with Currency.com for hepl developing laws on IT and cryptocurrency regulation

The Ukrainian Ministry of Digital Transformation signed a memorandum of cooperation with the Belarusian company Currency.com for help developing Ukrainian laws on IT and cryptocurrency regulation. Currency.com is the world’s first regulated securities and cryptocurrency exchange.

Screenshot of Currency.com

A team working from the Ministry of Digital Transformation, together with Currency.com experts, will work on drafting legislative proposals that use Belarus’s experience to create successful laws governing IT from the start.

Ukraine wants to inquire from Belarusian experience in regulating cryptos

While only established in August of this year, the Ministry of Digital Transformation has been very active in the cryptocurrency sector.

On August 29, 2019, the Ministry of Digital Transformation was a government ministry in Ukraine that was established when Mykhailo Fedorov was appointed Minister of Digital Transformation within the Government of Honcharuk. Its current and first minister is Mykhailo Fedorov.

The most important project of the ministry is the so-called “state of the smartphone” project, so that 100% of all government services will be available online, with 20% automatically provided by 2024. Moreover, it has no official intervention, and an online fill-form out to receive a service pack “in any life situation”.

For example, it recently partnered with Binance to work on new cryptocurrency rules together. However, the ministry also wants to learn from its neighbors.

On Wednesday, the Ministry of Digital Transformation signed a cooperation agreement with a cryptocurrency exchange, Currency.com. It is a Belorussian service that is arguably the first regulated exchange in the region of the Independent States (CIS) to support cryptocurrencies, fiat assets and tokens, as reported by Online information portal of the Government of Ukraine. Besides, Ukraine is also part of the CIS.

The cooperation between the Ukrainian government and Belarus’s cryptocurrency exchange will be based on IT law, including the regulation of cryptocurrency assets. Ukraine wants to apply Belarus’s experience in managing cryptocurrency space within the legal framework.

Mr. Alexander Bornyakov

Mr. Alexander Bornyakov, Deputy Minister of Digital Conversion of Ukraine, said that “the Republic of Belarus is showing great success in the development of the domestic IT market. The more we study the country’s experience, the more we understand the work that has been done and the results achieved. We are happy to work with the Currency.com team to develop Ukrainian legislation”.

Belarus welcomes crypto adoption

Belarus – President Alexander Lukashenko has been in power since 1994, holding cryptocurrencies and blockchain.

Two years ago, we reported that Belarus is about to provide legal incentives and tax breaks for those willing to trade cryptocurrency. The government wants to exempt taxes and profits from crypto transactions between 2023. But it is not clear whether this method will be adopted by Ukraine.

Lukashenko said:

“Belarus will become the first government in the world to open up vast opportunities for the use of blockchain technology. We have every opportunity to become a regional center in this area”.

Blockchain-based businesses will also be legalized in this country. In addition, the decree details the methods that will be taken to streamline the venture capital process between Belarus and other countries. This new law paves the way for Belarus to become an international center for ICOs.

Judging from Belarus’s view of cryptocurrencies, it is likely that Ukrainian regulations will be blockchain-friendly.

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