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Oleksandr Bornyakov, Ukraine’s Minister of Digital Transformation, seeks to enforce a law that legalizes cryptocurrencies.

According to Digital Transformation Minister Oleksandr Bornyakov, Ukraine will soon become another government that recognizes cryptocurrencies as legal cash.

The Ukrainian newspaper MinFin interviewed Oleksandr Bornyakov about the new bill, which is being drafted in parliament for the second reading, and the country’s aspirations to legalize cryptocurrencies.

As Minister of Digital Transformation, Oleksandr Bornyakov sees only positives in the adoption of this law, which he believes include, for example, that if something serious happens in the country, cryptocurrency owners will at least be able to protect their wealth in virtual property, and that he also expects an increase in services that accept crypto.

In terms of how the country intends to regulate the legality of enterprises that provide crypto services, O. Bornyakov stated that licenses will not be required in Ukraine and that a work permit will suffice. The basic requirements that every firm must meet are demonstrating that it has sufficient money and that no persons on the sanctions lists are among the founders.

However, the new law calls for establishing a new regulatory organization, the National Service for the Regulation of Virtual Assets (NSVA), to oversee cryptocurrency businesses in Ukraine.

Other attractions being planned by the Ministry of Digital Transformation include proposals to cut the cryptocurrency tax from 19.5 percent to 5% and the development of a national CBDC named E-Hryvnia.

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