Ukraine is Approaching Cryptocurrencies Positively

While the discussion of cryptocurrencies between countries has not ended lately, Ukraine is approaching cryptocurrencies positively.

While some countries are cautious about cryptocurrencies and impose some bans, some countries prefer to view cryptocurrencies positively. In Ukraine, the government is taking an approach to encourage domestically legalized cryptocurrency operations. Ukraine's stance on cryptocurrencies appears to be at odds with Russia, where authorities have imposed regulatory barriers against the ownership and use of digital currencies. Some countries with CBDC projects, such as China and Nigeria, are known to support anti-crypto regulations. Global financial institutions such as the Bank for International Settlements also support nations to use CBDCs to suppress the spread of "private" cryptocurrencies. At the beginning of September, the Ukrainian Parliament announced that it had passed the bill called “On Virtual Assets”. The law means the official recognition of digital currencies in the country. In addition, the new law was based on standards set by the Financial Action Task Force (FATF). Therefore, the guidelines in the new regulations must comply with anti-money laundering protocols. Foreign exchanges operating legally in Ukraine can be useful for incorporating overseas investment into the country's economy. With strict regulatory rules emerging in several jurisdictions, Ukraine's recognition of cryptocurrencies could drive blockchain businesses into the country.