Ukraine Set to Become World’s Best Crypto Jurisdiction, Minister Says

• Ukraine is set to become the world’s best jurisdiction for crypto assets, according to Digital Minister Mykhailo Fedorov.
• Donations made through cryptocurrency were “critically helpful” to Ukraine during the early stages of the Russian military invasion.
• The government is developing the necessary legal framework to fully legalize cryptocurrencies, and amendments to the Tax Code are needed for this legislation to come into full force.

Ukraine is making great strides towards becoming the world’s best jurisdiction for crypto assets, with the country’s Digital Minister Mykhailo Fedorov expressing his commitment to making this a reality. Speaking at a press conference on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, Fedorov praised the support from the crypto community for his war-struck nation.

During the early stages of Russia’s military invasion, donations through cryptocurrency were „critically helpful to Ukraine,“ said the Vice Prime Minister and Minister of Digital Transformation. With currency restrictions imposed by martial law, cryptocurrency donations enabled the country to quickly purchase the necessary supplies and equipment needed for its armed forces.

The government is now taking steps to ensure the full legalization of cryptocurrencies, with the Verkhovna Rada, the Ukrainian parliament, passing the „On Virtual Assets“ law in mid-February. However, for this legislation to come into full force, amendments to the Tax Code are also needed. Once these are adopted, Fedorov believes that Ukraine will have the best crypto jurisdiction in the world, further pointing out that the country is a candidate for EU membership, and must therefore harmonize with European law.

The Ukrainian official has also expressed his desire to be paid in the country’s digital currency, the e-hryvnia, in the near future. The e-hryvnia is the world’s premier attempt at a state-backed cryptocurrency, and is a project that the government is actively working on. With the commitment and dedication of the Ukrainian government, the country is on track to become the best crypto jurisdiction in the world, and the crypto community is looking forward to seeing the results.