Ukraine’s Ministry of Digital Transformation has signed a memorandum of cooperation (MoC) with the Belarusian crypto exchange Currency.com.
Ukraine Wants to Learn from Belarusian Experience in Regulating Cryptos
While Ukraine’s Ministry of Digital Transformation was only established in August of this year, it has been very active in the crypto field. For example, it recently partnered with Binance to jointly work on new crypto rules. However, the ministry wants to learn from its neighboring countries as well.
On Wednesday, the Ukrainian Government’s online portal reported that the Ministry of Digital Transformation partnered with crypto exchange, Currency.com, a Belarusian service that is allegedly the first regulated exchange in the Commonwealth of Independent States (CIS) region to provide support for cryptocurrencies, fiat, and tokenized assets. On a side note, Ukraine is also part of the CIS.
The cooperation between the Ukrainian government and the Belarusian crypto exchange will touch upon IT legislation, including regulating crypto assets. Ukraine wants to adopt the Belarusian experience in managing the crypto space within a legal framework.
Alexander Bornyakov, Deputy Minister of Digital Transformation, commented:
The more we study the experience of this country, the deeper we understand how much work has been done and what results have brought it. We are pleased to work with the Currency.com team for the development of Ukrainian legislation.
Belarus Welcomes Crypto Adoption
Belarus, whose President Alexander Lukashenko has been in power since 1994, is embracing cryptocurrencies and blockchain.
Two years ago, we reported that Belarus was about to provide legal incentives and tax reliefs for those willing to trade in cryptocurrencies. The government wanted to exempt taxes for revenue and profits from crypto trades for a period until 2023. It’s not clear whether this approach will be adopted by Ukraine.
Lukashenko said back then:
Belarus will become the first government in the world that opens wide opportunities for the use of blockchain technology. We have every chance of becoming a regional center in this area.
Judging by Belarusian position on cryptocurrencies, the chances are the Ukraine’s regulation will be blockchain-friendly.
What do you think about the potential crypto regulation in Ukraine? Share your thoughts in the comments section!
Image via Shutterstock
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