The IMF called on Ukraine to make the transition to new legislation on virtual assets
Date: 2024-04-05 Author: Oliver Abernathy Categories: IN WORLD
The International Monetary Fund is stressing the need to complete the update of virtual asset legislation by the end of 2024, introducing policy changes that could have a significant impact on the country's economic stability.
Legislative measures: from Memorandum to regulation
Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development, emphasized that the IMF has enshrined the corresponding condition in the Memorandum on Economic and Financial Policy, calling for the completion of the update of legal norms. He emphasized that the lack of regulation in the field of crypto assets poses serious challenges to macroeconomic stability and the efficiency of financial mechanisms.
New opportunities for the economy
Bornyakov noted that the introduction of state regulation in the field of crypto assets can create a powerful economic impulse, stimulating a turnover of billions of hryvnia. In conditions of geopolitical instability, it is important for the country to use all available resources to develop new sectors of the economy and increase competitiveness.
Steps towards reform
Regulation of cryptocurrencies became part of the overall €50 billion Ukraine Facility reform plan, designed to stimulate the country's development. The assessment of the Virtual Assets Law, conducted jointly with the IMF, highlights Ukraine's commitment to progressive and effective legal regulations in the field of digital assets.
