The IMF has emphasized the importance for Ukraine to swiftly enact legislation concerning virtual assets by the conclusion of 2024, citing regulatory uncertainties and economic opportunities.
According to Oleksandr Bornyakov, a deputy minister of digital transformation in Ukraine, this directive was communicated via a Facebook post, highlighting concerns outlined in the Memorandum of Economic and Financial Policies signed between Ukraine and the IMF. The IMF has expressed worries about the absence of regulatory frameworks in the emerging sector, emphasizing potential risks to price stability and monetary transmission effectiveness.
Bornyakov noted that the Ministry of Digital Transformation is actively advocating for state regulation within the crypto asset market. He mentioned that groundwork for this has been laid with the introduction of two bills (bill 10225 and bill 10225-1) currently under consideration in Ukraine’s Parliament.
The urgency to establish regulatory and tax principles for virtual assets was stressed by Bornyakov, who believes that proper regulation will not only stimulate economic growth in Ukraine but also bolster trust among international partners.