According to the digital minister at Davos, Ukraine will have the best crypto laws with new tax regulations

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The minister in charge of the nation’s digital transformation claimed that Ukraine will emerge as the greatest jurisdiction in the world for crypto assets. In a media interview at the World Economic Forum in Davos, Mykhailo Fedorov lauded the cryptocurrency industry’s assistance to his war-torn country.

Crypto Donations Have Been Critically Helpful to Ukraine Amid Invasion, Fedorov Says

Cryptocurrency donations were “critically useful to Ukraine” during the initial stages of Russia’s armed invasion, the nation’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov told media in Davos, Switzerland.

Fedorov highlighted that despite the financial restrictions imposed by the martial law, Ukraine was still able to quickly acquire what it needed for its armed forces with the help of the worldwide cryptocurrency community during a press conference on the sidelines of the World Economic Forum (WEF).

Aside from that, the high-ranking official highlighted that the government is creating the appropriate legislative framework with a thorough strategy to fully legalise cryptocurrencies. The Ukrainian parliament, the Verkhovna Rada, approved a bill “On Virtual Assets” in the middle of February.

The Tax Code must also be changed for this legislation to take effect fully. Fedorov maintained that once they are implemented, Ukraine will have the best crypto jurisdiction in the entire world, adding:

Ukraine is a prospective member of the EU. Considering the methods and suggestions of the IMF and the World Bank, we must conform to European legislation.

Minister Wants to Be Paid in Ukraine’s Digital Currency, E-hryvnia

The Ukrainian official also noted the advancements made in the creation of a digital currency by the Ukrainian central bank (CBDC). He referred to the experiment that is being carried out in association with Stellar and a private bank by saying, “Two weeks ago, I observed a pilot of electronic hryvnia.

According to Mykhailo Fedorov, the National Bank of Ukraine (NBU) plans to put out legislation in 2024 to implement the CBDC. I intend to use it as its first test user and get paid in e-hryvnia, he said.

The Kyiv government has a “quite ambitious strategy” to make Ukraine the most digitally advanced nation in the next two years, despite the ongoing conflict with Russia. “Digitalization will serve as the building block for reconstruction. These changes are being made when the

The vice prime minister also emphasised the assistance G7 nations like the United States and Japan are providing his country in the form of resources and experience as it moves toward digitalization. He also urged the maintenance of tech restrictions against Russia, which he claimed was still purchasing components through middlemen and virtual assets.

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