While many countries are still left wondering what to do about blockchain and cryptocurrency, Ukraine is getting ready to legalize these decentralized digital assets, it seems.
This news comes to us via Ligamedia, a Ukrainian publication. There, they report that Mikhail Fedorov, the Digital Transformation Minister, is the one who plans to commit the legalization. The country announced this at a presentation recently.
However, it’s important to note that cryptocurrencies aren’t necessarily illegal in the country, but rather they are committing this legalization to help the government when it comes to tax purposes regarding citizens that participate in cryptocurrency trading.
Simplifying the process
“People who do this (cryptocurrency – ed. ) Should get out of the gray zone and start paying taxes,” was part of the presentation.
Also, there isn’t clarification on what this means for cryptocurrency mining. Regarding that, the space wants to consider the fact that they can earn from miners, and may incorporate that into the legalization policy.
Overall, the goal here is to make the process of buying, trading, and using cryptocurrencies to be a smooth one for both citizens and the government. It doesn’t matter which side, legalization should make everything easier for both parties, it seems.