Редакція dev.uaCrypto
10 February 2025, 11:48
2025-02-10
Legalization of cryptocurrency in Ukraine: what is the difference in vision of the development of the crypto industry between business and the authorities?
Ukraine may receive legislative regulation of the cryptocurrency market in the first half of 2025, said the head of the Verkhovna Rada tax committee Danylo Getmantsev during the New Economy conference. At the event, representatives of the authorities and crypto business discussed the problems of creating a regulatory framework. CEO Trustee Plus Vadym Grusha speaks about the gradual adaptation of legislation, which will allow the market to grow organically. Crypto business also emphasizes that the complication of the draft law on digital assets may hinder the development of the industry.
Ukraine may receive legislative regulation of the cryptocurrency market in the first half of 2025, said the head of the Verkhovna Rada tax committee Danylo Getmantsev during the New Economy conference. At the event, representatives of the authorities and crypto business discussed the problems of creating a regulatory framework. CEO Trustee Plus Vadym Grusha speaks about the gradual adaptation of legislation, which will allow the market to grow organically. Crypto business also emphasizes that the complication of the draft law on digital assets may hinder the development of the industry.
Cryptobusiness development and taxation of this industry: is balance possible?
The conference "New Economy: Crypto, OnlyFans & CBD" was held in Kyiv, where representatives of the government and crypto business discussed the problems of creating a regulatory framework in Ukraine.
During the discussion about the adoption of a law on the regulation of crypto assets in Ukraine, disagreements arose between representatives of the government and business, Crypto News writes .
The founder of the Mister projects said that the Ukrainian leadership should pay more attention to the development of the crypto industry, and not to the desire to tax it. He noted that in our country there is a "yellow crypto casino" called Binance, which is unlikely to have paid much tax to the country's budget. And at the same time, the authorities do not allow purely Ukrainian companies to work, hindering their integration and complicating the draft law related to digital assets.
Authorities deny this approach. According to them, they are trying to find a balance between the development of businesses in the cryptocurrency sector and taxation. People's Deputy Yaroslav Zheleznyak emphasized that the future law must fully comply with European MiCA standards.
Trustee Plus CEO Vadym Grusha, for his part, noted that in the current conditions it is impossible to move the company's headquarters to Ukraine due to the lack of legislation. At the same time, if a strict version of the draft law on cryptocurrencies is adopted, such an opportunity will not arise. According to him, the authorities need to provide liberal conditions for crypto companies, which will become a powerful impetus for the development of innovations in the country and significantly strengthen the stability of the Ukrainian financial system.
Creating ideal conditions for the development of crypto business in Ukraine: how to do it
Trustee Plus CEO Vadym Grusha believes that the main mistake of the Ukrainian authorities in the development of crypto business in Ukraine is trying to change everything at once.
“If you want to cover too much, you may not achieve anything,” Vadym Grusha noted during the New Economy: Crypto, OnlyFans & CBD conference in Kyiv. He also emphasized the importance of soberly assessing opportunities and gradually implementing changes.
Gradual introduction of changes in legislation - the example of Lithuania
The CEO of Trustee Plus suggested focusing on European experience, in particular the example of Lithuania, where the first crypto companies appeared back in 2013. There, regulators gradually adapted the legislation, which allowed the market to grow organically. In his opinion, this is the approach that would ensure the stable development of the industry in Ukraine.
It is necessary to analyze the problems of the Ukrainian crypto market
In addition, Grusha believes that the state is currently not paying enough attention to analyzing the specific problems of the crypto market. The authorities are trying to blindly implement the provisions of MiCA without analyzing the specifics of the local crypto asset market.
"I don't see any active work on identifying clear problems that need to be solved," Grusha added.
Therefore, the CEO of Trustee Plus calls for a phased development of the market, which will allow for a more effective response to challenges and contribute to the creation of a stable regulatory environment for crypto business.
Ukraine may become one of the first countries to officially introduce a cryptocurrency reserve
During the event, People's Deputy Yaroslav Zheleznyak said that the country is preparing a regulatory decision that provides for the formation of a cryptocurrency reserve.
This initiative is still being discussed in parliamentary circles and there is no official public assessment from the National Bank or any other government bodies.
In addition, the details of the bill are unknown, but experts suggest that the cryptocurrency reserve could be used to store part of the state's resources in digital assets or to support the financial system in times of instability.
